The Connecticut NAACP formally petitioned for a public discussion about the upcoming merger between a New Haven bank and an out-of-town lender.
The request was filed with federal bank regulators and announced in a Friday press release from Scot X Esdaile, president of the Connecticut State Conference of NAACP Branches.
The NAACP is pressing for a hearing on the merger between New Haven’s New Alliance Bank and New York-based First Niagara Bank. That deal, announced in August, has been met with cries of “betrayal” as New Haveners mourn the loss of a local institution.
Esdaile wrote in his Friday release that the NAACP is concerned about declining Community Reinvestment Act (CRA) performance at both New Alliance and First Niagara. The CRA is designed to encourage lending to low and moderate income borrowers and eliminate discrimination against low-income neighborhoods.
“We do not believe that the merger application contains a substantial discussion about how the bank’s CRA and fair lending performance will improve,” Esdaile wrote. “The Connecticut NAACP and many other leaders in the minority community lacks assurances that First Niagara will maintain its commitment to CRA programs tailored specifically for the New Haven and Hartford areas and other Connecticut jurisdictions after the merger.
“We demand a public hearing for community groups and other community stakeholders to engage in a substantial discussion with these banks concerning their CRA and fair lending performance.”
Why waste time.Speak to these two own Minority
Banks on how you can get banks like these to open up branchs in the community.
http://thecommunitysbank.com/aboutTCB.aspx
https://www.carverbank.com/home/home