Inner City Reporter's Bank Beat: Mergers, Community Reinvestment Act, Antitrust, Revolving Doors

On Cameroon, IMF's Superficial Answer, After Telling ICP Internet Cut Off A Financial Risk

Amid a mounting fight against Wisconsin based Associated (it would close 36 branches if allowed to acquire Bank Mutual, list here) we note that "there were 60 U.S. bank mergers and acquisitions completed in the second quarter of 2017, and Wisconsin accounted for 10 percent of them."

There are also evasions and negative fall-out from proposed mergers, like "236 people being laid off by Sterling Bancorp following the completion of its merger with Astoria Financial Corp." Associated Bank's announcement it would . There's been more such negative consolidation fall-out of the type we in NCRC can and should monitor, collect and amplify, organize around, using social media.

Sept 25, South Carolina: First Reliance Bancshares, Inc. proposes to acquire Independence Bancshares;

Sept 21, 2017, Tennessee: F&M Bancshares Inc., the parent bank holding company of Centennial Bank, proposes to acquire Merchants & Planters Bancshares Inc;

Sept 21, Massachusetts: Brookline Bancorp, Inc. (NASDAQ:BRKL)(“Brookline”) proposes to merge with First Commons Bank, NA;

Sept 20, Oklahoma: American Bancorporation, Inc., the holding company for American Heritage Bank, headquartered in Sapulpa, Okla. proposes to acquire Highland Ban-Corp, Inc.

ICP Asks IMF of Talks with "Money Launderer" in Congo, Pakistan Minister Dar Charged

UNITED NATIONS, September 28 – When the International Monetary Fund held its biweekly embargoed briefing on September 28, Inner City Press asked among other things about the IMF negotiating with a reputed money launder in Congo-Brazzaville, and about corruption charges against Finance Minister Ishaq Dar of Pakistan, also in IMF talks. On the former, IMF Deputy Spokesman William Murray said the IMF is again in Brazzaville, for the third time, having a “series of contacts” on financial assessment. He declined to confirm or deny the IMF is talking with Orion Oil's Lucien Ebata, but this is widely known, as is his dealings in cash, via the Panama Papers. We'll have more on this. Inner City Press' Pakistan question was and is: “On Pakistan, it is reported that “the IMF said it had been told by Pakistani officials that the restrictions [on luxury imports] would be removed within a year but Mr Abbasi now says his government was planning to impose more.” Also, what is the IMF comment on the corruption charges against Finance Minister Ishaq Dar?” But when re-submitting through the IMF's online form, with allows only 300 characters, Inner City Press took out “[on luxury imports]” thinking the IMF would know what restrictions were being referred to, since they imposed them. They did not, and did not address the Ishaq Dar corruption allegations. Yet. Watch this site. When the International Monetary Fund re-started its biweekly embargoed press briefings on September 14, Inner City Press submitted questions about Hurricane Irma and moratoria, Mozambique, DR Congo and Ghana: "what is the IMF's response to civil society saying 'the Finance Minister, in particular, is facing conflict of interest investigation with USA SEC, Ghanaian SEC and the Commission on Human Rights and Administrative Justice (CHRAJ) in Ghana... We are losing hope as the IMF seems not concerned about all these developments”? The first two got answered, during the briefing, then this on Ghana, from an IMF Spokesperson: "We are aware of the allegations raised in Parliament and the related debates that have been reported on by the media. The Minister of Finance testified before Parliament to clarify the issue. Since the approval of the ECF arrangement we have been working with the authorities on strengthening debt management and improving governance and transparency of government operations. The enactment and ongoing implementation of the Public Financial Management Act, along with the implementation of the debt management strategy, indicate progress in these areas." Inner City Press asked: "On Antigua and Barbuda, and Hurricane Irma impacted countries more generally... will there be no moratoria? What is the IMF doing?" IMF spokesperson Gerry Rice said, "There's a question from Matthew Lee on moratorium... on that, I would refer to what Mme Lagarde said a few days ago, of course the IMF has tremendous sympathy. She also said we stand ready to help. There are a number of options we can look at in that context. At the moment we are still trying to make an assessment. As a factual member, none of our members including Antigua and Barbuda have formally requested assistance from the Fund." Oh. On Mozambique, he called again for the publication of the full audit. Inner City Press also asked, "On the DR Congo, what is the IMF's response to civil society requests it has received that the Fund end its dealings with the National Petroleum Company of the Congo (SNPC), specifically that “if the IMF obtained the dissolution of Cotrade, a subsidiary of the SNPC, it can also demand and obtain the dissolution of the SNPC and the major works”? Watch this site and see IMF's July 20, 2017 transcript: , with Inner City Press' question at that time: "Ghana President, Nana Akufo-Addo, on Tuesday said the country will not extend its three-year aid program with the IMF beyond April 2018. The IMF had urged it to do so to give it time to complete the program’s goals. Did the IMF so urge? A step back real quick for some context. Right now, we’re in the process of completing the fourth review of Ghana’s ECF program. We’ve made significant progress in program discussions, and we expect to reach understandings in all remaining issues in the coming days. The discussions are going to continue and as a result of these continuing discussions, a Board discussion to complete the fourth review probably won’t take place until late August. Again, Media Relations will get back to everyone on the exact timing. But it’s probably late August when Ghana’s fourth review will be taken up by the Executive Board.
Now, the question that was just posed was regarding a comment about extension of the ECF next year when it’s scheduled to expire. The President made it clear that he would like to move Ghana beyond aid. And successful completion of the IMF-supported program could be instrumental in achieving this goal by restoring macroeconomic stability in Ghana. A request for program extension is essential for our ability to complete the review of this program overall. And given the significant fiscal slippages from last year, it will also take longer to bring debt onto a clearly declining path, which explains the need for the program to cover performance into later next year. This was something that was outlined in a press release issued by the finance minister on July 18th. Mozambique: the IMF’s Mr. Lazare, our mission chief, has said that, quote, “critical information gaps remain unaddressed regarding the use of loans, proceeds”, close quote. Please be more specific about what the IMF sees as the information gaps, and how they can be filled, with what information and in what detail? First of all, we welcomed and continue to welcome the fact that the delivery of an international forensic audit on three companies to the office of the public prosecutor of Mozambique has taken place. We commend Mozambique public prosecutor for undertaking this important audit and for releasing the summary of the report. Transparency and good governance are key conditions for sustainable, inclusive growth, and that applies to all countries. Now we look forward to the publication of the entire audit report in due course. At that point, we will be able to provide an informed view on the audit and its implications. Still UNanswered: "On Zambia, Fitch has “said the key risk stemming from the current political tension if it escalated could jeopardize an IMF aid package as well as other lender's willingness to provide the southern African nation with external financing” and that “progress towards an IMF program has remained slow and may be delayed further by domestic political events, adding that expectation of an IMF program was key to Zambia's B/negative sovereign rating.” Please comment on if progress is slow and on these risks. In Sri Lanka, Joint Opposition’s Parliamentarian Bandula Gunawardana on July said that the country's Inland Revenue Act, in accord with the agreement arrived at with the IMF, is “an attempt to sabotage all forms of tax relief provided by former President Mahinda Rajapaksa during his tenure as the Finance Minister, and clarified that state-sponsored relief was also included under the new Act.” Is that the IMF's understanding of the Inland Revenue Act? Please comment. If there is an updated view about the Internet cut off (lifted only after 94 days) and other restrictions in the Anglophone regions of Cameroon injuring “Silicon Mountain." Back on June 22 Inner City Press submitted questions about Zambia, Cameroon and Haiti, where it was. During the embargoed briefing, IMF Spokesperson Gerry Rice read out Inner City Press' Zambia question and said, "implementation of the remaining actions in the next few weeks will enable us to present the authority's request for an Extended Credit Facility arrangement to the Board, and we expect that to be in August of this year." But this Haiti question has yet to be answered: "Chris Walker said reconstruction from the effects of Hurricane Matthew, and investments in health, education, and social services... will be achieved in part through the elimination of excessive subsidies, including subsidies for retail fuel sales. Please specify the IMF's thinking on time timing and range of subsidy elimination and ideas for EDH utility." On this and Cameroon (see below), we'll have more. On Cameroon, Inner City Press has repeatedly asked for the IMF's "updated view about the Internet cut off (lifted only after 94 days) and other restrictions in the Anglophone regions of Cameroon injuring 'Silicon Mountain.'" Watch this site: we'll stay on this. The next IMF briefing is July 13. From the IMF's May 11 transcript, of its Deputy Spokesperson Willam Murray: "I’ve got a question from Inner City Press on Sri Lanka. Do recent government moves on the Inland Revenue Act make it more likely the IMF Board will act on the request for completion of the second loan review in June and make a third disbursement? Again, it’s a question about Sri Lanka and the Inland Revenue Act and the likelihood of completing the second review. We had a staff level agreement in Sri Lanka on May 3rd, last week. We noted in announcing that agreement that it’s subject to completion of a prior action by the authorities, which is submission of the Inland Revenue Act to Parliament. And that was a prior action that was agreed earlier this year. Our legal experts are still analyzing the content of the new draft bill, and are in discussions with the Sri Lankan authorities. That’s where we stand at the moment on Sri Lanka." The answer's appreciated. Back on April 12 when at its Spring Meetings the IMF held its Middle East and Central Asia press conference, Inner City Press submitted this question: "Please describe the IMF's view and possible plans on Yemen, given the crisis there, including on President Hadi's proposed moving of the Central Bank out of the capital to Aden. What is the IMF's view of and any assistance to the Central Bank's performance?" After the briefing, the IMF provided this answer: "The humanitarian and economic impact of the conflict has been devastating; it has caused many deaths, depressed economic activity, and destroyed much of Yemen’s infrastructure. There is now even a tangible risk that the conflict could lead to famine in some parts of Yemen. Yemenis food supply relies largely on imported staples, like wheat and rice. Yemen needs urgently foreign exchange grants from donors to pay for imported food. But Yemenis also need to be able to buy the food that is imported. Resuming paying public salaries and social assistance grants in all of Yemen is therefore also urgently needed. Given these needs, the Central Bank of Yemen (CBY) could be the pivotal player for facilitating food imports and for resuming paying public salaries and social assistance grants in all of Yemen. But to play this humanitarian role, the central banks in Aden and Sana’a need urgently to find a way to cooperate in the interest of providing sufficient food to all Yemenis. Fund engagement is currently limited. We support the Yemeni authorities and the international community to the best of our abilities.The Fund stands ready to re-engage more fully as soon as the conflict is resolved to help rebuild economic institutions, jumpstart growth, and stabilize the economy."

BB&T continues: in PA: it will close its Robesonia branch office in Heidelberg Township on Dec. 1 and will shutter its Shartlesville branch in Upper Bern Township on Dec. 8. The closures are part of 140 BB&T branch closures planned by the bank across its 15-state footprint in 2017, according to BB&T CEO Kelly S. King, who addressed investors on Sept. 12.

Sept 6, Montana: Eagle Bancorp Montana, the holding company of Opportunity Bank of Montana, proposes to acquire Ruby Valley Bank, Twin Bridges Montana;

Sept 1, Nebraska: Central Bancshares, based in Cambridge, Nebraska, proposes toacquire United Republic Bank;

August 25, Pennsylvania: Mid Penn Bancorp proposes to acquire The Scottdale Bank & Trust Company;

and last but far from least, August 16, Alabama into Florida: Alabama-based National Commerce Corp. proposes to acquire Florida's FirstAtlantic Financial Holdings.

Talk about picking around the edges: "The Federal Reserve Board on Tuesday announced it is prohibiting Daniel X. Brennan, a former Mortgage Production Manager at Regions Bank, Birmingham, Alabama, from participating in the banking industry after determining he engaged in improper practices regarding residential mortgage origination.
The Board found Brennan engaged in unsafe and unsound practices, or breached his fiduciary duties to Regions Bank, by making payments by personal check to a Regions Bank loan processor who processed and approved certain mortgage loans originated by Brennan in violation of Regions' policies. Brennan consented to the enforcement action by the Federal Reserve."

Update on a merger we're watching: "Associated Bank plans to close 28 Bank Mutual branches, including a dozen in the Milwaukee area, as part of its $482 million acquisition of Bank Mutual. In addition, eight Associated branches in Wisconsin are slated to be consolidated into nearby Bank Mutual branches...."

We're looking at Birmingham, Alabama-based National Commerce Corp proposing to acquire FirstAtlantic in Florida...

Charm city: "Howard Bancorp, Inc. (Nasdaq:HBMD) (“Howard”) and 1st Mariner Bank (“1st Mariner”) jointly announced today the signing of a definitive agreement and plan of reorganization whereby Howard will acquire 1st Mariner. Upon the closing of the transaction, 1st Mariner will merge with Howard’s wholly owned bank subsidiary, Howard Bank, and the combined organization will operate under the Howard Bank name and be headquartered in 1st Mariner’s existing Baltimore city location. Howard is the parent company of Howard Bank headquartered in Ellicott City, Maryland. Howard Bank operates a general commercial banking business through its 13 branches located throughout the Greater Baltimore Metropolitan Area. At June 30, 2017, it had consolidated assets of approximately $1.1 billion, portfolio loans of approximately $880 million and deposits of approximately $855 million. Following the acquisition and after branch consolidation, Howard will have 21 well-located offices in the Greater Baltimore Metropolitan Area, with pro forma assets of $2.1 billion, portfolio loans of $1.5 billion and deposits of $1.6 billion based on financial data as of June 30, 2017."
August 14, 2017

August 6, Ohio, Indiana & Kentucky: First Financial Bank Corporation and MainSource Financial Group propose to merge;

August 2, CT - Pennsylvania: BBN Financial Corp proposes to merge with Atlantic Community Bancshares;

July 26: Washington State: Heritage Financial Corporation announced a plan to acquire Puget Sound;

July 25, Ohio-Indiana: MainSource Bank announced that it will merge with First Financial Bank, moving its headquarters to Cincinnati;

July 18: KS into OK: Kansas-based Equity Bancshares proposes to acquire Tulsa-based Patriot Bank

Wells Fargo Stole 25,000 Cars By Imposing Unneeded Insurance, CRA Downgrade Should Continue

We're looking at Associated Bank's July 20 proposal to buy Bank Mutual, having noticed "There are a lot of duplicative branches, clearly.”

So Royal Bank of Scotland settled on the cheap with FHFA for $5.5 billion on its predatory lending and MBS sales - but look for more from the DOJ...

UN Sends to Greece Nimetz, Adviser to Firm Invested in Greek Bank Saxo, Conflict, No Breakthrough

ICC Slams South Africa For Not Arresting Bashir, IMF Cites “Weakening Governance,” Corruption

Like UN's Haiti Impunity, ICP Asks of New Srebrenica Decision, BNP on Rwanda, Shell on Ogoni 9

UNITED NATIONS, June 29 – Days after UN cholera victims told Inner City Press in Haiti that the "community projects" UN Secretary General Antonio Guterres described to the Press would be useless to them, Inner City Press asked Guterres' spokesman Stephane Dujarric about a court decision that UN Peacekeepers bore responsibility for deaths in Srebrenica as well, and about human rights cases against UN Global Compact members BNP Paribas and Shell. From the UN transcript: Inner City Press: the decision in The Hague by Netherlands appeals court confirming that the partial responsibility of the Dutch battalion of UN peacekeeping in the deaths in Srebrenica. And people are angry because it’s reduced the damages to 30 per cent; it’s basically saying they might have been killed otherwise. But what is the UN’s response, given that the Dutch battalion was, in fact, a UN peacekeeping battalion. What’s been learned to it, and what do you have any to say about that?

Spokesman: Obviously, we’re aware… I think, first of all, our thoughts need to be with the victims of the massacres that took place in Srebrenica and with the relatives of the victims and the survivors and all of those who perished in the atrocities committed throughout the Former Yugoslavia. As you know, the UN was not a party to this court case, which was in a national court in the Netherlands. We will study the judgment carefully, but, at this point, we’re not going to make any further comment, because our… my understanding, at least, is that it will be appealed to a higher court. And as you know, the UN issued years ago a rather exhaustive report on its failings, the Organization’s failings in Srebrenica.

Inner City Press: But isn’t it not a party because it cited immunity early in the case? I mean, I’ve seen the lawyer even of this current case saying that that’s why the UN’s not…

Spokesman: Well, the fact is we’re not a party.

Inner City Press: Two related. One, there’s a case also in The Hague against Royal Dutch Shell by, it’s called the Ogoni nine, but it’s a case basically tying corporate responsibility to a military crackdown. Separately, there’s a case now just begun against the Banc Nationale de Paribas [BNP Paribas] about the Rwanda genocide. I don’t expect… you can say obviously these are not UN related, but since both seem to be members of the UN Global Compact, I wanted to know, does the UN track such high-profile human rights corporate cases? And, if so, what… are… are the institutions expected to respond?

Spokesman: My understanding is that these cases are all ongoing, and the Global Compact, as you know, has a mechanism to deal with its own members. So I will leave it at that...

Inner City Press: On the Burundi thing, have you run the names through?

Spokesman: As soon as I have something on it, I will share it.

Nothing. Dujarric dodged questions about what the victims said, from Inner City Press. This while Guterres is recruiting a "victims' advocate" - on every issue except those the UN killed? Video here. So on June 28 Inner City Press asked Dujarric if Guterres' supposedly "new" approach to the cholera the UN brought to Haiti meant he will continue to seek impunity. From the UN transcript: at least two federal court cases about the UN having introduced cholera to Haiti. In this case that's in Brooklyn, where they're arguing that… that the UN essentially waived the immunities that it's claiming by having a mechanism to deal with negligence, which I think most people would say this was, as opposed to intentional, is there anything in the new Secretary-General's new approach to cholera that will be reflected in a response, or is it the UN's continuing response that it bears no legal responsibility at all?

Spokesman: Our legal position is unchanged. The UN's effort as outlined by the Secretary-General is focusing on preventing the spread or resurgence of cholera in Haiti and helping communities in a first instance.

Inner City Press: And what's the status of his discussions with countries about the $40 million that…?

Spokesman: I've nothing more to say than what the Secretary-General himself announced.

ICP Asks IMF About Zambia, August Answer, Nothing Yet on Haiti From Which ICP Questioned

Wells Fargo Quoted UN IFAD Official In Its Press Release, IFAD Tells ICP No Partnership

UNITED NATIONS, June 17 – On the important issue of remittances, the UN agency IFAD (the International Fund for Agricultural Development) has partnered with none other than Wells Fargo, fresh off its exposure for setting up dummy accounts without customers' consent, which had led for example New York City to stop doing new business with Wells. Not the UN - IFAD's Adolfo Brizzi appears in Wells Fargo's press release. Inner City Press asked IFAD President Gilbert Houngbo, himself a long time UN system official, about the lack of due diligence. He promised to look into it, while saying something about the UN having to respect the sovereignty of governments. Periscope video here. More than 24 hours later, IFAD in writing told Inner City Press: "Dear Matthew, I am the communications officer with IFAD at yesterday's noon briefing. I am writing with the follow up as promised. IFAD does not have a partnership with Wells Fargo. As part of the Global Forum on Remittances, Investment and Development, numerous companies as well as civil society and policymakers recognize the importance of the International Day of Family Remittances. One of our key objectives remains to do everything we can to lower remittance transfer fees to a maximum of 3% (SDG target 10.c) and to do that, we must be in dialogue with all actors involved. I noticed you already published, so I would hope that you would print the facts above in your next edition. Katie Taft
Senior Management Communications, Via Paolo di Dono 44 00142 Rome, Italy."

So IFAD didn't approve Wells Fargo putting its name, and official's quote, in Wells Fargo's press release? Companies can blue-wash themselves at will? Houngo also cited "transparency" - Inner City Press previously reported that while at UNDP Houngbo declined to make even basic public financial disclosure. Now the form showing his refusal has itself been taken off line. This is the UN.

After FFW Protested on Cabela, Synovus Snail Mails & Withholds Response, Here, ICP FOIAs

Regulators Said Sterling's CRA Data Unreliable, Fed Expedites Now Delays ICPs FOIA, OCC Cover Up

NEW YORK, June 3 – Sterling Bank, which is applying for approvals to acquire Astoria Bank, is known by its regulators to have filed unreliable Community Reinvestment Act data from at least 2014 through 2016, a documentobtained by Inner City Press shows. The story, and outrage, has been picked up by the American Banker newspaper here, by Paul Davis and Allison Prang, crediting Inner City Press - and Sterling Bank had no comment. Instead, Sterling's outside counsel Wachtel Lipton chose to snail-mail its response to the wrong address, and not e-mail it to Fair Finance Watch. Via here, with envelope re-submitted to Fed and OCC. This while the Federal Reserve has granted Inner City Press' request for expedited treatment of its FOIA request for all records, promising the responsive documents by June 1. But now the Fed, in a June 1 letter, has unilaterally extended its time to June 22: "Dear Mr. Lee, This correspondence is to provide you with an update on the status of your FOIA request. The search for records is being completed and staff is beginning to review the search results for responsiveness and releasability. We will continue to process your request as quickly as possible. Accordingly, the Board hopes to be able to respond to your request, or provide a status update, on or before June 22, 2017. Very truly yours, Jeanne M. McLaughlin Manager, Freedom of Information Office." Why expedite and then extend? Why did the OCC rush a cover-up "Satisfactory" rating? We'll have more on this. First Fed letter on Scribd, here.

Merger proposals we are watching: Sandy Spring Bancorp proposal to pay $489 million to WashingtonFirst...

ICP Asks IMF About Saudi - Blackstone Deal, and Possible Extension for Ghana, Cameroon

UNITED NATIONS, May 25 – When the International Monetary Fund resumed its biweekly embargoed press briefings on May 25, Inner City Press asked about Saudi Arabia (and Blackstone), Ghana and again Cameroon.IMF Spokesperson Gerry Rice read out Inner City Press' question, "On Saudi Arabia, what is the IMF's view of the interaction between the country's sovereign wealth fund's deal with Blackstone and the warning that rapid cuts to the government’s budget deficit could damage the economy?" Rice replied that the IMF views the Blackstone deal as an attempt to diversity internationally, and not related to domestic deficit reduction (transcript will be on IMF's website. Inner City Press also asked, "amid reports that Ghana will agree to extend the IMF program in return for a bigger credit facility, what is the IMF's position on the government's speed in meeting the objectives of the program?" Rice acknowledged that the IMF and Ghana are discussing an extension but said it would require a formal request by the country; he said a key objective is to key public debt on a continuing downward path. On Cameroon (and Yemen and the UN's "Financing for Development" outcome documents), no answers yet. Watch this site. From the IMF's May 11 transcript, of its Deputy Spokesperson Willam Murray: "I’ve got a question from Inner City Press on Sri Lanka. Do recent government moves on the Inland Revenue Act make it more likely the IMF Board will act on the request for completion of the second loan review in June and make a third disbursement? Again, it’s a question about Sri Lanka and the Inland Revenue Act and the likelihood of completing the second review. We had a staff level agreement in Sri Lanka on May 3rd, last week. We noted in announcing that agreement that it’s subject to completion of a prior action by the authorities, which is submission of the Inland Revenue Act to Parliament. And that was a prior action that was agreed earlier this year. Our legal experts are still analyzing the content of the new draft bill, and are in discussions with the Sri Lankan authorities. That’s where we stand at the moment on Sri Lanka."

From Steve Mnuchin's Senate Q&A, two things jumped out: he said Trump already has a permanent Comptroller of the Currency in mind. And he said the biggest banks may not be too big to fail, but too big to succeed...

ICP Asks IMF About Sri Lanka Inland Revenue Act, Here, and For Cameroon Silicon Mountain Update

UNITED NATIONS, May 11 – When the International Monetary Fund resumed its biweekly embargoed press briefings on May 11, Inner City Press asked about Sri Lanka and Cameroon, among others. From the IMF's transcript, of its Deputy Spokesperson Willam Murray: "I’ve got a question from Inner City Press on Sri Lanka. Do recent government moves on the Inland Revenue Act make it more likely the IMF Board will act on the request for completion of the second loan review in June and make a third disbursement? Again, it’s a question about Sri Lanka and the Inland Revenue Act and the likelihood of completing the second review. We had a staff level agreement in Sri Lanka on May 3rd, last week. We noted in announcing that agreement that it’s subject to completion of a prior action by the authorities, which is submission of the Inland Revenue Act to Parliament. And that was a prior action that was agreed earlier this year. Our legal experts are still analyzing the content of the new draft bill, and are in discussions with the Sri Lankan authorities. That’s where we stand at the moment on Sri Lanka."

May 4: Tenn. based First Horizon National Corp proposes to acquire Charlotte NC-based Capital Bank Financial Corp. in a $2.2 billion deal;

May 1: First Bank, with 100 branches in SC and NC, says it will buy Asheville Savings Bank in NC;

April 28: Cali (small) - Central Valley Community Bank has announced a merger agreement with Folsom Lake Bank near Sacramento;

April 27: VA/NC: TowneBank says it is acquiring Raleigh’s Paragon Commercial Corporation, the parent company of Paragon Commercial Bank;

April 27: SC/NC (& GA, VA) South State Corporation (NASDAQ: SSB) and Park Sterling Corporation (NASDAQ: PSTB) jointly announced today the signing of a definitive merger agreement;

April 26: Penn-based CBT Financial Corp. says it will merge with the Riverview Financial Corporation, the parent company of Riverview Bank, Halifax Bank, Marysville Bank, Citizens Neighborhood Bank and Riverview Financial Wealth Management.

April 25: Mid-America Financial Corp., parent company of Golden Belt Bank, announced a proposal to buy Morgan Financial Corp., the holding company for Morgan Federal Bank in Colorado;

April 24: National Commerce Corporation of Birmingham, Alabama proposes to acquire Patriot Bank, headquartered in Trinity, Florida;

A merger we are looking at: Columbia, S.C.-based South State Corp. says it will acquire Charlotte, N.C.-based Park Sterling Corp for $690.8 million to create a new company with $14.5 billion in assets, $11.5 billion in deposits and $10.4 billion in loans. We'll see.

UNITED NATIONS, April 21 – When at the International Monetary Fund's Spring Meetings the IMF held its Middle East and Central Asia press conference, Inner City Press submitted this question: "Please describe the IMF's view and possible plans on Yemen, given the crisis there, including on President Hadi's proposed moving of the Central Bank out of the capital to Aden. What is the IMF's view of and any assistance to the Central Bank's performance?" After the briefing, the IMF provided this answer: "The humanitarian and economic impact of the conflict has been devastating; it has caused many deaths, depressed economic activity, and destroyed much of Yemen’s infrastructure. There is now even a tangible risk that the conflict could lead to famine in some parts of Yemen. Yemenis food supply relies largely on imported staples, like wheat and rice. Yemen needs urgently foreign exchange grants from donors to pay for imported food. But Yemenis also need to be able to buy the food that is imported. Resuming paying public salaries and social assistance grants in all of Yemen is therefore also urgently needed. Given these needs, the Central Bank of Yemen (CBY) could be the pivotal player for facilitating food imports and for resuming paying public salaries and social assistance grants in all of Yemen. But to play this humanitarian role, the central banks in Aden and Sana’a need urgently to find a way to cooperate in the interest of providing sufficient food to all Yemenis. Fund engagement is currently limited. We support the Yemeni authorities and the international community to the best of our abilities.The Fund stands ready to re-engage more fully as soon as the conflict is resolved to help rebuild economic institutions, jumpstart growth, and stabilize the economy."

Also looking at this merger, and Wells Fargo branch closings: New Jersey: Sussex Bancorp proposes to buy Community Bank;

RECEIPT 3/20/2017 BRANCH CLOSINGS - 294989 WELLS FARGO BANK, N.A. CARLTON BRANCH 110 THIRD STREET CARLTON MN CARLTON COUNTY

RECEIPT 3/20/2017 BRANCH CLOSINGS - 294991 WELLS FARGO BANK, N.A. PASADENA BRANCH 910 FAIRMONT PARKWAY PASADENA TX HARRIS COUNTY

RECEIPT 3/20/2017 BRANCH CLOSINGS - 294992 WELLS FARGO BANK, N.A. ARKANSAS OFFICE 3615 EAST 9TH STREET TEXARKANA AR MILLER COUNTY

RECEIPT 3/20/2017 BRANCH CLOSINGS - 294993 WELLS FARGO BANK, N.A. OCALA MAIN OFFICE 109 WEST SILVER SPRINGS BOULEVARD OCALA FL MARION COUNTY

RECEIPT 3/20/2017 BRANCH CLOSINGS - 294994 WELLS FARGO BANK, N.A. LAWNCREST DRIVEIN 5918 RISING SUN AVENUE PHILADELPHIA PA PHILADELPHIA COUNTY

RECEIPT 3/20/2017 BRANCH CLOSINGS - 294995 WELLS FARGO BANK, N.A. OLMOS PARK 4014 MCCULLOUGH SAN ANTONIO TX BEXAR COUNTY

RECEIPT 3/20/2017 BRANCH CLOSINGS 2017-LBBRANCHCLOSING- 294996 WELLS FARGO BANK, N.A. UPTOWN MB 1102 REYNOLDS STREET AUGUSTA GA AUGUSTA RICHMOND COUNTY

RECEIPT 3/20/2017 BRANCH CLOSINGS - 294997 WELLS FARGO BANK, N.A. SINGER ISLAND 1100 E BLUE HERON BLVD RIVIERA BEACH FL PALM BEACH COUNTY

RECEIPT 3/22/2017 BRANCH CLOSINGS 2017-LBBRANCHCLOSING- 295034 WELLS FARGO BANK, N.A. WESTMINSTER RETIREMENT CENTER BRANCH 12191 CLIPPER DRIVE LAKE RIDGE VA PRINCE WILLIAM COUNTY

RECEIPT 3/23/2017 BRANCH CLOSINGS 2017-LBBRANCHCLOSING- 295046 WELLS FARGO BANK, N.A. COLORADO MESA UNIVERSITY 1455 N. 12TH STREET GRAND JUNCTION CO MESA COUNTY

Fair Finance Watch and others opposed Capital One buying the deposits and credit card business of Cabela's bank -- but now it's said Synovus of Columbus, Georgia might take the deposits and immediately transfer the credit card business to Capital One without any CRA review. Meanwhile the Federal Reserve quietly reduced the time of its review of mergers for financial stability, and denied a request for reconsideration. A deal that had stalled out has been revived: Canadian Imperial Bank of Commerce has "sweetened its bid" for PrivateBancorp - there are predictions of more Wall Street mergers, as well as a strange bipartisan move to limit the size of the largest banks... Some mergers we are looking at:

March 29, Pennsylvania: Mid Penn Bancorp, Inc. proposed to merge with the Scottdale Bank & Trust Company;

March 27, Arkansas into Florida: Home BancShares, parent company of Centennial Bank proposes to expand by buying Stonegate Bank in Pompano Beach, Florida

After Capital One Failed on Cabela, Synovus Scam Emerges, To Evade CRA, FFW Opposes

NEW YORK, March 30 – Two months after Inner City Press reported Capital One failing in its proposal to acquire Cabela's "World's Foremost Bank," now a way to try to avoid the regulators and Capital One's Community Reinvestment Act record has emerged. The scam would involve Synovus buying the bank then passing one the credit card receivables to Capital One, while keeping the deposits, so Capital One wouldn't be reviewed under CRA. The Fair Finance Watch will oppose this, trying to ensure that another bank merger challenged by Fair Finance Watch fails. In December it was Astoria's proposed take over by NY Community Bancorp, here. Soon, Sterling.

In January, disparate lender Investor Bancorp, on which Fair Finance Watch previously got a condition imposed saw its proposal with Bank of Princeton fall apart.

And now it's Capital One - Cabela, on which Inner City Press commented: "In the New York City MSA in 2015, the most recent year for which HMDA data is available, for conventional home purchase loans Capital One denied the applications of whites 23% of the time, while denying African Africans fully 45% of the time, and Latinos even more, 46% of the time. This is unacceptable.

Meanwhile, Capital One is “closing branches in Laurel, Gaithersburg, Frederick and Merrifield.”

ICP Asks IMF About Belarus Letters & Talks, Cameroon Silicon Mountain Internet Cut

UNITED NATIONS, March 23– When the International Monetary Fund held its biweekly embargoed press briefing on March 23, Inner City Press asked Spokesperson Gerry Rice about Belarus, Cameroon and other issues. On Belarus, Inner City Press asked: "requests have been publicly made to write to head IMF mission to Belarus Peter Dolman and advisor of the IMF mission in Minsk Julia Lysko to NOT give loans to the government. Has the IMF received such letters? If so, how many, and what weight does it give them and the issues raised in them?" Rice read out the question, then said he's not aware of any letters being received, but is aware of a petition from press reports. He said the IMF met Belarus' presidnet on March 16 and talks about a program will continue up to the IMF's Spring Meetings in April.

After FFW Protest, Fed Sends Community Bank System Lending Qs, CEO Tryniski Trashed CRA

NEW YORK, March 13 – At what point does bank executives' spin to investors and the media become more than misleading? Take Community Bank System (NYSE: CBU), which has now received on March 13 consumer lending questions on top of the nine earlier questions from the Federal Reserve on its proposal to acquire Merchants, after its CEO derided issues Fair Finance Watch raised about the proposal.

On March 13, the Fed asked CBU: "In connection with the application by Community Bank System, Inc. (“Community”), DeWitt, parent company of Community Bank, National Association (“Community Bank”), Canton, both of New York, to merge with Merchants Bancshares (“Merchants”), and thereby acquire Merchants Bank, both of South Burlington, Vermont, pursuant to section 3(a)(5) of the Bank Holding Company Act of 1956, 12 U.S.C. § 1842(a)(5), Federal Reserve staff requests the following additional information:

1. Provide an update on Community Bank’s Community Reinvestment Act (“CRA”) activities and efforts since its July 27, 2016 CRA Performance Evaluation. In your response, address the activities in the bank’s assessment areas under each of the lending, investment, and service tests.

2. Regarding consumer lending products:

a. reconcile page iv of the Bank Merger Act (“BMA”) application, which states that Merchants Bank currently offers consumer loans, with page xiv of the BMA application, which states that Merchants Bank does not currently offer consumer lending products and services; and

b. explain how the consumer lending products and services offered by Community Bank, including overdraft lines of credits, are enhanced compared to Merchants Bank’s offerings."

On its last proposal, CBSI bad-mouthed a Community Reinvestment Act protest even as it had to delay its Oneida deal. First, CBSI's "Hal Wentworth said that Inner City Press is not a local group and pointed out that letter was the only one filed on the Oneida deal. 'This activist does not do business with either Oneida or Community Bank, but nonetheless made vague allegations regarding Community,' Wentworth said. 'These allegations were entirely without merit and will be fully addressed by Community Bank and Oneida Savings in the application process.'" Then the deal was significantly delayed, with CBSI pushing the date back.

More spin: CFO Scott Kingsley told the media that FFW's protest "is not the sole reason. We have other things that have to sequentially happen to get to the technological conversion in July. When we did not have a definitive answer from the Fed or other parties last week, that put the technological conversion at risk, so we opted not to go ahead.”

Mergers we are looking at (beyond Sterling - Astoria), followed by IMF on Cameroon:

March 1, Louisiana into Florida for $1 billion: IBERIABANK Corporation proposes to acquire Sabadell United Bank, N.A. from Banco de Sabadell, S.A. for $1.025 billion;

March 1: Louisiana into Texas: First Guaranty says it proposes to acquire the parent of Synergy Bank in Waco, Texas;

February 17, Indiana: First Merchants Corporation proposes to acquire Independent Alliance Banks, Inc;

February 13: Iowa into Colorado: Dubuque, IA-based Heartland Financial USA, Inc. proposes to buy Aurora, CO-based Citywide Banks of Colorado, Inc;

February 8, Tennessee: FB Financial Corporation proposes to acquire Clayton Bank and Trust and American City Bank (collectively “Clayton Banks”);

February 6, Illinois: First Busey Corporation says it proposes to acquire First Community Financial Partners, Inc. the holding company for First Community Financial Bank

IMF Tells Inner City Press Risks In Cameroon in 2017 Include "Events" in Anglophone Areas

UNITED NATIONS, March 9– When the International Monetary Fund's spokesperson Gerry Rice took questions at the IMF's biweekly media briefing on March 9, Inner City Press asked about Cameroon, specifically the crackdown in the northwest and southwest of the country. Inner City Press asked, "On Cameroon, after the mission led by Corinne Delechat, what is the status of talks for a program, and since the IMF cited “civil unrest in the neighbouring Central African Republic,” please state the IMF's awareness of civil unrest and arrests in Northwest and Southwest Cameroon, also known as the Anglophone areas, and their impact." Rice read out the question and then said, among other things, that the risk factors for 2017 include a continuation of the "social and political events" in the "so-called Anglophone" areas of Cameroon. Interim video here. On IMF site, here, from 34:56. IMF transcript:

"There is a question of Cameroon, from Matthew Lee, "After the Mission what is the status of talks for a program; and since the IMF cited civil unrest in the neighboring Central African Republic, please state the IMF's awareness of civil unrest and arrests in Northwest and Southwest Cameroon? And also known as the Anglophone areas, and their impact?"

So, the background here is, I think important the context. So, the Fund's engagement here in the CEMAC Region, CEMAC is the six Central African Economic nations that comprise the Central African Economic and monetary community. They met in Yaoundé on December 23rd. The Managing Director was there. And in that meeting, heads of state discussed the economic situation, the severe shocks that have hit that CEMAC region in recent years, including the sharp decline in oil prices, and decided to act collectively and in a concerted manner. And the heads of state requested the assistance of the IMF to design economic reforms needed to reestablish macroeconomic stability in each country and in the region as a whole.

So, again, context: I can tell you that the funders already sent missions to Gabon, Republic of Congo. And a reminder to you, that we already have programs with Central African Republic and Chad. Okay?

Now, we also have sent a mission to Cameroon, which is the question. And we did issue a press statement, which the question referred to, just on Tuesday. That was the Corrine Delechat reference.

So, the specific question, to turn to that. We are indeed aware of the events in the so-called Anglophone regions of Cameroon. The macroeconomic impact of any event that could affect production and/or consumption, is typically felt with a certain lag. So, these events started in November last year, and thus are likely to have not had a significant impact on production in 2016.

For 2017, the risks to our growth outlook include a combination of external and domestic factors, including continuation of the sociopolitical events in the northwest and southwest regions of Cameroon. And as our press release the other day indicated, our view is that the medium-term outlook for the Cameroonian economy remains positive, subject to the implementation of appropriate policies."

In Indiana, "Another Fort Wayne bank is being swallowed. Independent Alliance Banks Inc., the holding company of iAB Financial Bank, is being acquired by First Merchants Corp. of Muncie in a deal worth about $250 million...It’s unclear how many local jobs could be lost in the consolidation of back-office operations." We'll see.

UNITED NATIONS, February 9– When the International Monetary Fund's spokesperson Gerry Rice took questions at the IMF's biweekly media briefing on February 23, Inner City Press asked about the alarm sounded the day before by UN Secretary General Antonio Guterres about humanitarian crises in South Sudan, Nigeria, Somalia and Yemen. Rice answered Inner City Press, specifically on South Sudan and Nigeria.

Inner City Press asked, "On February 22 the United Nations appealed for $4.4 billion for humanitarian crises in Nigeria, South Sudan, Somalia and Yemen. Please state what the IMF is currently doing with regard to these four countries. In Nigeria, Finance Minister Kemi Adeosun has said the country will not apply for an IMF program. What does this say about Nigeria, the UN's appeal, or the IMF?"

Rice confirmed that there are no negotiations with Nigeria for a program - this while the UN says there is a humanitarian crisis there. He cited the upcoming 2019 elections. Rice said the UN is offering help to the South Sudan authorities, and that famine would exacerbate suffering. From the IMF's February 23 transcript:

Heartland Financial's Denver-based Centennial Bank is proposing to acquire Aurora's Citywide Banks ....

Fall-out: The buyer of Delaware County Bank says 58 jobs will be eliminated at the Lewis Center bank’s headquarters as the companies prepare to merge operations. Pennsylvania’s First Commonwealth Financial Corp., which last year agreed to a $106 million purchase of Delaware County Bank parent DCB Financial Corp. (OTC PINK: DCBF), is planning two rounds of job cuts at 110 Riverbend Ave., according to a required disclosure with the Ohio Department of Job and Family Services.

The branch closing are coming fast and furious. Scandal plagued Wells Fargo is set to close 400 by 2018; the Huntington closures are looming, starting with 39. FFW protested the latter and will the former - watch this site. Here are other mergers we are looking at:

February 1, Maryland: Old Line Bancshares announced a proposal to acquire DCB Bancshares and Damascus Community Bank;

January 31, Pennsylvania / NJ: Bryn Mawr Bank Corporation announced a proposal to acquire Royal Bancshares and Royal America;

January 30, Texas: Vista Bancshares announced a proposal to acquire Hamlin Financial Corporation and Hamlin National Bank;

January 27, Florida: HCBF Holding Company announced a proposal to acquire Jefferson Bank of Florida, Oldsmar;

January 25, Ohio: First Merchants Corporation announced a proposal to acquire The Arlington Bank;

January 23: California into Washington State: Hope Bancorp, which is closing or consolidating nine branches, announced a proposal to buy UniBank;

January 23, Arkansas into Texas: Simmons First National Corporation announced a proposal to acquire First Texas BHC;

January 22, Tennessee into NC: Pinnacle Financial Partners announced a proposal to acquire BNC Bancorp for $1.9 billion;

After Fair Finance Watch got a CRA condition imposed on Investors Bancorp when it bought Roma, now Investors next proposal, to buy Bank of Princeton, has fallen apart.

Simmons First replies to Fair Finance Watch that it will consolidate HCIC branches, but doesn't say which ones..

January 11, Missouri: Southern Missouri Bancorp proposes to acquire Tammcorp, Inc. and its Capaha Bank;

December 19, Indiana into Kentucky: MainSource Financial Group proposes to acquire Louisville-based FCB Bancorp Inc., the parent of The First Capital Bank of Kentucky;

December 15, California: Bay Commercial Bank proposes to acquire First ULB Corp. and its wholly owned subsidiary United Business Bank;

December 14, Arkansas into Oklahoma: Simmons First National Corporation proposes to acquire Southwest Bancorp;

December 14, Virginia: McLean-based Southern National Bancorp. of Virginia proposes to acquire Richmond-based Eastern Virginia Bankshares...

As noted, the $2 billion proposed merger of New York Community Bancorp and Astoria Financial was called off, citing regulatory delay / community opposition. But TheStreet was quick to argue "Don't Expect Scrapped Astoria Merger to Stop Trump-Era Bank Deals... Expect the Fed to OK mid-sized bank deals in the coming months." We'll see.

Capital One's application to buy Cabela's grandiosely named "World's Foremost Bank," subject to comments and requests for extensions, is a strange one: Inner City Press is informed that Cabela's announced that Capital One said that they didn't think they could get OCC approval before early October 2017. We hope to have more on this.

So Bank of Hope operates 85 full-service branches in California, Washington, Texas, Illinois, New York, New Jersey, Virginia, Georgia and Alabama - it's closing nine, it says...

On behalf of Inner City Press/Fair Finance Watch (ICP), this is a timely first comment opposing and requesting an extension of the OCC's public comment period on the Application by CAPITAL ONE NA to acquire the “WORLD'S FOREMOST BANK”

In the New York City MSA in 2015, the most recent year for which HMDA data is available, for conventional home purchase loans Capital One denied the applications of whites 23% of the time, while denying African Africans fully 45% of the time, and Latinos even more, 46% of the time. This is unacceptable.

Fair Finance Watch joins in the comments on NCRC, and will submit further comments in the extended comment period. On the current record, Capital One's application(s) should be denied.

Nov 30, Texas: Harlingen-based Texas State Bankshares, Inc. and Blanco-based Blanco National Holdings, Inc. announced a proposal to merge Blanco National Bank with Texas Regional Bank;

Nov 21, Texas: Independent Bank Group announced a proposal to acquire Carlile Bancshares, Inc. and its subsidiary, Northstar Bank, Denton, Texas;

Nov 17, Montana into Oregon: First Interstate Bancorp. announced a proposal to buy Bank of the Cascades' parent company for $589 million - they've made some public commitments, here;

Nov 17, Arkansas into Tennessee: Simmons First National Corporation announced a proposal to acquire Hardeman County Investment Company, headquartered in Jackson, Tennessee, and its wholly-owned bank subsidiary, First South Bank;

Nov 14, Mississippi into Alabama: Trustmark Corp. announced a proposal to acquire RB Bancorporation;

Federal Reserve:

Chair: Janet L. Yellen, Term Expires February 3, 2018 (as Chair), January 31, 2024 (as Gov.)
Vice Chair: Stanley Fischer, Term Expires June 12, 2018 (as Vice Chair), January 31, 2020 (as Gov.)
Governor: Daniel K. Tarullo, Term Expires January 31, 2022
Governor: Jerome H. Powell, Term Expires January 31, 2028
Governor: Lael Brainard, Term Expires January 31, 2026
2 Governor Seats Currently Vacant

ICP Asks IMF About Guinea Bissau's Bank Bailouts, No Deadline to Unwind

By Matthew Russell Lee

UNITED NATIONS, December 8 -- When the International Monetary Fund held its biweekly briefing on December 8, Inner City Press submitted a number of questions, including this one about Guinea Bissau:

"On Guinea-Bissau, by when does the IMF expect authorities to entirely unwind the bailouts of Banco da Africa Ocidental and Banco da União?"

Not at the briefing, but ten hours later, an IMF spokesperson provided this answer, which we publish in full:

"The question of the legality of the bailout contracts is currently with the courts in Guinea-Bissau and there is no deadline by which the courts have to pronounce their verdict. IMF staff are monitoring these developments. As such, at this stage it would be speculative for us to make any statements about the estimated timing for the complete unwinding of the bailouts. Overall, IMF staff welcome the authorities’ resolute stance in unwinding the bank bailouts. Following through on all steps until the bailouts are irreversibly unwound will be important to safeguard public finance. To strengthen the banking sector, it will also be necessary to implement remedial actions that are being elaborated through regional banking supervision and to enforce existing prudential norms.’"

Inner City Press also asked about Egypt:

"In Egypt, is it the IMF's understanding that none of the first tranche will be used to pay off old loans? Also, any comment on the arrest of Azza Soliman, amid the crackdown on civil society and the media?"

IMF Spokesman Gerry Rice lumped most of the online questions together - with the exception of Reuters, which he named in order to offer a defense of “Madame Lagarde” - and on Egypt's recent tariff increases said these are NOT part of the IMF's program.

Rice blamed the tariff increases, rather, on the World Trade Organization. He added that the IMF's staff report and other documents should be released very soon, in the next few days. We'll have more on that.

Rice and the IMFdid not answer, or even take, this Inner City Press questions:

At the UN the Group of 77 and China has said of the IMF that “a new quota formula is needed that further shifts quota shares to developing countries while protecting the quota share of the poorest countries.” Does MD Lagarde agree?

We'll have more on this in the near future.December 5, 2016

For once, looking (far) overseas: possible merger between Kazakhstan’s two largest lenders, Halyk Bank and Qazkom would control around 40 percent of the sector. Uh, antitrust? Monopoly?

Ah, slides: http://seekingalpha.com/article/4025589-independent-bank-group-ibtx-merger-carlile-m-call-slides

They're at it again: last week Trustmark Corp -- holding company for Trustmark National Bank, which has a presence in Alabama, Florida, Mississippi, Tennessee and Texas — announced a proposal to acquiere RB Bancorporation and Reliance Bank....

November 4, Florida: Seacoast Banking Corporation of Florida announced a proposalto acquire GulfShore Bancshares, the parent company of GulfShore Bank;

November 4, Wisconsin: Nicolet Bankshares Inc announced a proposal to acquireFirst Menasha Bancshares;

November 3, Virginia: Bank of Lancaster and Virginia Commonwealth Bank announced a proposed "strategic merger of equals;"

October 31, Iowa into California: Iowa-basd Heartland Financial USA, Inc. announced a proposal to buy San Luis Obispo, CA-based Founders Bancorp (note: Heartland has branches in Iowa, Illinois, Wisconsin, New Mexico, Arizona, Montana, Colorado, Minnesota, Kansas, Missouri, Texas and California);

October 24, Virginia: Access National Corporation and Middleburg Financial Corporation announced a proposal to merge;

October 20, Massachusetts: Independent Bank Corp, parent of Rockland Trust Company, announced a proposal to buy Island Bancorp, Inc., parent of The Edgartown National Bank;

October 18, Mississippi: The First, a National Banking Association, announced a proposed merger with Gulf Coast Community Bank. A resulting bank would have operations in Mississippi, Louisiana, Alabama and Florida.

This week, looking "non-bank" - China Oceanwide Holdings offering $3.8 billion to buy U.S. insurer Genworth Financial, which would require approvals including from "fegulators in Delaware, New York, North Carolina and Virginia, as well as in Australia, Canada, China, Mexico and officials at mortgage-finance companies Fannie Mae and Freddie Mac must sign off on the transaction for it to be completed. In addition, the transaction must be reviewed by the Committee on Foreign Investment in the U.S." -- we'd be there...

ICP Asks IMF of Hadi's Bid to Move Yemen Central Bank, Spox Calls It Complex

By Matthew Russell Lee

UNITED NATIONS, October 27 -- When the International Monetary Fund held its biweekly briefing on October 27, Inner City Press asked three questions including:

"On Yemen, what is the IMF's view and monitoring of President Hadi's action to move the Central Bank to Aden, including impact on the humanitarian situation?"

IMF spokesperson Gerry Rice read out the question and then said moving the bank is complicated, that the bank has done a good job. Beyond the Vine video of complete answer here.

He did NOT say that Hadi may be on his way out, even under UN envoy Ismail Ould Cheikh Ahmed's most recent proposal. So by what right would Hadi further help starve Yemenis? We'll have more on this.
October 24, 2016

Looking at: "First Bancshares of Hattiesburg said Friday that it would acquire Iberville Bank of Plaquemines, Louisiana, and Gulf Coast Community Bank of Pensacola, Florida. The moves will give the parent company of The First bank 48 offices and $1.6 billion in assets in Mississippi, Louisiana, Alabama and Florida."

October 7, Iowa into Illinois: TS Banking Group of Treynor, Iowa has announced a proposal to acquire First National Bank and Trust in Clinton;

October 5, Wisconsin: Heritage Bank and Stratford State Bank have announced a proposed merger;

October 5, Pittsburgh: Dollar Bank announced a proposal to merge with with Pittsburgh-based Progressive-Home Federal Savings and Loan;

October 4, Indiana into Ohio and Delaware: First Commonwealth Financial Corporation announced a proposal to merge DCB Financial into First Commonwealth, with new branches in Ohio and Delaware;

September 29, Tennessee:Apex Bank announced a proposal to merge with American Patriot Bank of Greeneville;

September 27, California: Citizens Business Bank and Visalia-based Valley Business Bank have announced a plan to merge;

September 26, NC into Tennessee: HomeTrust Bank has announced a proposal to acquire TriSummit Bank based in Kingsport, Tennessee

NEW YORK, October 5 -- The lack of seriousness in US bank regulation grows from the relatively smaller to the largest banks like Goldman Sachs - down to People's United Bank now trying to buy Suffolk County National Bank while barely lending to people of color in New York. Inner City Press / Fair Finance Watch on August 13 challenged this application and People's United, as it did Bancorp South in 2014, which led to redlining charges by the Department of Justice and Consumer Financial Protection Bureau.

This is even more true upon review of the just-released 2015 Home Mortgage Disclosure Act data. Inner City Press has now commented to the Federal Reserve:

"in 2015 in the New York City MSA, People's United made 110 home purchase loans to whites and only ONE to an African American and only four to Latinos... In 2015, for refinance loans in the New York City MSA, People's United made 103 loans to whites, only five to African Americans and only two to Hispanics.

People's United record is scarcely better on Long Island, where it snapped up Bank of Smithtown and Citizen's Bank as it now proposes to do to Suffolk County National Bank. In 2015 for home purchase loans on Long Island People's United made 49 home purchase loans to whites, only four to African Americans and only four to Latinos. For refinance loans it mad 70 loans to whties, only one to an African American and only four to Latinos. Again, this is systematic redlining; this proposed acquisition could not legitimately be approved and People's United should be referred for prosecution for redlining by the Department of Justice and CFPB."

The September 29 hearing in the House made clear Wells Fargo's CEO should step down. As one example, first he said he couldn't remember if he's read the LA Times (Reckard) story in 2013 - then he said the board considered it. He's the chairman of the board....

September 9, Ohio: United Community Financial Corporation, the parent company of Home Savings and Loan, announced that it has entered into a merger agreement with Premier Bank and Trust.

Aug 23, also Ohio: First Defiance Financial Corp. announced a proposal to acquire Commercial Bancshares, Inc. (And some history, here, from... 1920);

Aug 24 Maryland (rare shareholders' denial) "The planned merger of Woodsboro Bank and Middletown Valley Bank was not approved by shareholders, so each bank will continue to operate independently"

August 18 - "Regional bank United Bankshares Inc. proposes to buy fellow bank Cardinal Financial Corp. for about $912 million in a push to expand in the Washington, D.C., metro area" - there are already securities litigation firms looking at this proposal.

A proposed merger we're watching: " United Bankshares has signed an agreement to acquire its rival Tysons Corner, Virginia-based Cardinal Financial in a deal worth $912 million... Cardinal offers banking services through its subsidiary bank, Cardinal Bank, which has a network of 30 branches throughout Virginia, Maryland and Washington, D.C."

ICP Asks IMF of Yemen Central Bank, Zim & Mozambique, IMF Staff Moves In

By Matthew Russell Lee

UNITED NATIONS, September 1 -- When the International Monetary Fund held its biweekly briefing on September 1, Inner City Press asked five questions including:

"On Yemen, IMF Mission Chief Albert Jaeger has urged the Central Bank and the government to cooperate. What is the IMF's view of President Hadi's proposal to move the Central Bank to Aden, and his complaints against the Central Bank and its Governor?" IMF video here, from Min 41:54.

IMF Spokesperson Gerry Rice read out the question -- without the name of Albert Jaeger or Inner City Press -- and offered praise of the Central Bank governor, citing the Bank's public letter. (Click here for UN envoy's in-person answer to Inner City Press on August 31.)

Inner City Press asked, about Mozambique: "On Mozambique, outgoing IMF Representative Alex Segura has been quoted that IMF insists on international audit of Mozambique’s public debt. Please confirm, and describe the goals of this month's IMF mission to Mozambique."

Rice said there will be a mission in Maputo on September 22.

Inner City Press also asked, "On Zimbabwe, what is the status of the government's moves to clear its arrears to the IMF?"

Rice said there is NO financial program under discussion and can't be until arrears are cleared.

UNanswered were these two:

In Serbia, Energy Minister Aleksandar Antic said the 3.8 percent electricity price increase to comply with conditions set by the IMF in return for a $1.34 billion loan was the “smallest possible increase, half the amount the IMF asked for.” Is that the case?

In South Sudan, the government has adopted a budget for the 2016/17 fiscal year which nearly tripled spending at $520 million; Finance Minister Stephen Dau said “it contains reform measures that were advised by the IMF in their consultation when they came here last May.” Is that the case? Please describe the IMF's work with South Sudan, as the UN Security Council prepares to visit there."

At the September 1 briefing, IMF Spokesperson Gerry Rice said the IMF board expects to take up Ukraine in the second half of September. He confirmed that an IMF staff member was just named the governor of the Central Bank of Mozambique -- shades of the film "Our Brand Is Crisis" -- while saying he'd look into whether the ex-IMF staffer in Greece worked for the Fund in 2010 or after.

August 29, 2016

Chickens coming home to roost: "Astoria Financial Corporation (NYSE: AF) (“Astoria” or the “Company”), the holding company for Astoria Bank, today announced that its Board of Directors, at the August 24, 2016 Board Meeting, established December 21, 2016 as the date for the 2016 Annual Meeting of Shareholders (the “2016 Annual Meeting”), and set October 28, 2016 as the voting record date.

The 2016 Annual Meeting had been delayed due to the pending merger of Astoria with New York Community Bancorp, Inc. (the “Merger”). However, since the regulatory approvals required to complete the Merger have not yet been received, Astoria has decided to schedule its 2016 Annual Meeting to be held on December 21, 2016 in order to comply with New York Stock Exchange corporate governance requirements. If the closing of the Merger occurs prior to December 21, 2016, the 2016 Annual Meeting will not be held.

Because the date of the 2016 Annual Meeting has been changed by more than 30 days from the anniversary of the Company’s 2015 Annual Meeting of Shareholders, the Company has set a new deadline for the receipt of any shareholder proposals submitted pursuant to Rule 14a-8 under the Securities Exchange Act of 1934, as amended (“Rule 14a-8”), for inclusion in the Company’s proxy statement and proxy card relating to the 2016 Annual Meeting. Any such shareholder proposal must be submitted in writing and received by the Secretary of Astoria at One Astoria Bank Plaza, Lake Success, New York 11042 no later than 5:00pm on September 9, 2016."

For BancorpSouth, which Inner City Press has challenged for some time, the other shoe has dropped. It announced: "As a result of the retroactive downgrade of the bank’s CRA rating, the company and the bank likely will be unable to obtain the necessary Federal Reserve or FDIC regulatory approvals to complete the two pending mergers with Ouachita Bancshares Corp. and Central Community Corporation and their respective affiliated banks until such time as the bank’s CRA rating is improved to “satisfactory.” The company presently understands that the FDIC expects to begin its next CRA evaluation of the bank later this year and to complete that evaluation during the first quarter of 2017; however, the company cannot make any assurances as to the timing or outcome of its next CRA evaluation."

Hidden impacts: from NC it is reported, "Three High Point Bank locations are slated to close this fall as its acquisition by Bank of North Carolina is finalized. Branches at 3015 East River Way in High Point, 515 Pineview Drive in Kernersville and 536 S. Stratford Road in Winston-Salem will close Nov. 4." We'll see.

So Texas-based Strategic Growth Bancorp proposes to merge with Kansas-based Sunflower Financial Inc., and create "a super-community bank" that would have more than 60 offices in New Mexico, Colorado, Kansas, Missouri and Texas...

On Zimbabwe, ICP Asks IMF of Arrears, If Any Program, UN of UNrest, #ThisFlag

By Matthew Russell Lee

WASHINGTON, July 28 -- When the International Monetary Fund held its biweekly briefing on July 28, Inner City Press asked questions including on Zimbabwe, to Deputy Spokesperson William Murray, as transcribed by the IMF:

"This is from Matthew Lee. It’s a question on Zimbabwe. Matthew Lee from Inner City Press. 'On Zimbabwe with the U.K. saying it would veto any IMF program, what is the status of the IMF’s program and discussions with Zimbabwe?' Thanks, Matthew, for that question. I think some of this will sound familiar to many of you, but let me comment.

"There is no financing program under discussion with Zimbabwe at this point; however, the authorities have announced a plan to clear their arrears with the IMF and other international financial institutions as part of their re-engagement with the international community. Once the arrears are cleared and the IMF Executive Board approves the normalization of relations with Zimbabwe, the authorities request for a financing program could then be considered. Beyond that, I don’t really have any guidance in terms of timing or when a program would be possible or likely."

At the UN on July 27, Inner City Press asked Secretary General Ban Ki-moon's spokesman Farhan Haq, Vine here, UN transcript here:

Inner City Press: there is quite a bit of turmoil in Zimbabwe and many people have written open letters, and I don't know if they have written direct letters to the UN, I wanted to know, DPA [Department of Political Affairs] or any portion of the UN, have they… are they aware of this increasing… well, This Flag, unrest and does the UN see any role for itself through DPA or its country team in trying to maintain peace and security and democracy in the country?

Deputy Spokesman: We are aware of the recent reports in Zimbabwe. We are monitoring the situation. This is not something in which the UN has been directly involved.July 25, 2016

So Yadkin tries to sell itself to F.N.B. even before swallowing - and closing a dozen of - the NewBridge branches. What sense would this make?

ICP Asks IMF of Jordan & Lebanon, Reply Here, S Sudan & Yemen Not Yet

By Matthew Russell Lee

WASHINGTON, July 14 -- When the International Monetary Fund held its biweekly briefing on July 14, Inner City Press asked four questions including this one:

Inner City Press: On Lebanon, Jordan and other formally “middle income” countries with refugee issues, the World Bank has reportedly shown flexibility. Is the IMF still banning them from concessionary financing?

Spokesperson Gerry Rice read out the question and said the IMF has shown flexibility in Jordan to provide fiscal space on the refugee issue and encouraging donors to provide concessionary financing. Inner City Press has asked the UN's Sigrid Kaag about Lebanon, as previously reported. Two other questions Inner City Press has asked the IMF:

On South Sudan, amid the fighting on July 9 President Salva Kiir said his gov is working with IMF to resolve the economic crisis. Please describe that work, and state whether IMF is evacuating or trying to evacuate its staff from Juba;

In Yemen, there has been a significant decline in foreign currency reserves, causing a significant devaluation in the Yemeni Rial. What if anything is the IMF doing on this?July 11, 2016

July 8, Washington State: Bank of Tacoma proposes to merge with Olympia’s Thurston First Bank;

July 6, Illinois: Wintrust Financial Corporation proposes to acquire First Community Financial Corporation;

June 28, Pennsylvania into Virginia: Dollar Bank proposes to acquire Virginia-based Bank @lantec;

So Chemical is gunning for U.S. Bank funds to buy Talmer, while trying to withheld the specifics. They sent to Inner City Press / Fair Finance Watch: "A copy of the financing proposal from US Bank dated June 22, 2016, which has been accepted by Chemical Financial Corporation, is attached in Volume 2 of this Supplemental Response as Confidential Exhibit E. "

On Talmer, the Fed has asked Chemical to "[p]rovide a copy of the loan commitment for up to $60 million which will be used to assist Chemical in financing a portion of the transaction purchase price. Any debt used to finance the acquisition should have a term commensurate with the long term nature of the investment."

ICP Asked IMF of Sri Lanka Airlines Resolution, Iraq & Mozambique

By Matthew Russell Lee

WASHINGTON, June 16 -- When the International Monetary Fund held its biweekly briefing on June 16, Inner City Press asked five questions including this one on Sri Lanka:

Inner City Press: On Sri Lanka, what is the IMF's view of the reported adoption of a capital gains tax, and what did Mission chief Todd Schneider mean by expeditious resolution of Srilankan Airlines' financial issues: how soon, and resolved how?

After the briefing, an IMF Spokesperson replied to Inner City Press: "We see the introduction of a capital gains tax as a positive development and in line with recommendations to broaden the tax base and raise tax revenue from its current low level.

"Regarding the issue of Sri Lankan Airlines, the three-year Extended Fund Facility (EFF) program recently agreed with the government and approved by the Executive Board of the IMF contains a structural benchmark for the Cabinet to approve a resolution strategy for Sri Lankan Airlines by September 2016."

Actually answered during the June 16 briefing:

Inner City Press: "In Belarus, finance ministry deputy Maxim Ermolovich this week said that "All the preliminary conditions that were discussed by the government have been implemented. We expect an appropriate response from the IMF and the start of a new program.” Does the IMF agree? What is the timing?"

IMF spokesperson Gerry Rice read out the question - without naming minister Ermolovich - and said that the IMF is visiting the country from June 21-30 then will have more to say.

Inner City Press also asked, on Mozambique: "In Mozambique, as the IMF mission began yesterday, the metical fell 10% and a coalition of 26 civil society groups say that $1.86B of loans were corrupt and should not be paid; experts cite anger among donor nations after the government ran up more than $2 billion in private debt deals behind their back. What is the IMF's thinking on the $1.86B in loans, and the currency decline?"

Rice answered this one in the DC briefing room, emphasizing that all undisclosed loans, whatever their purpose, should be transparently and publicly disclosed.

ICP Iraq: In Iraq, Abadi financial adviser Mudher Salih said the IMF has been informed of the approval of required measures. Is this the case, including the settling by the end of the year all arrears owed to foreign oil companies operating in Iraq?

Later in the morning, on Iraq, this was received:

"The Iraqi authorities and IMF staff are in close contact about the prior actions for the Stand-By Arrangement, two of which (circulation of revised fiscal program to Parliament, circulation of revised spending plan to line ministries) still need to be met. Payment of all arrears to international companies by end-2016 is part of the program."

This question, along with Inner City Press requests for updates on Yemen and Burundi, is still pending:

ICP: On Colombia, in the IMF's expansion this week to a Flexible Credit Line of $11.5 billion, what consideration was given to the government's near-peace with the FARC, and talks with the ELN? What are and would be the economic impact of these?

Watch this site.June 13, 2016

June 1, West Virginia: Summit Financial Group announced a proposal to acquire First Century Bankshares;

May 24, Michigan: Mackinac Financial Corporation, the holding company for mBank, announced a proposal to acquire Niagara Bancorporation;

May 20, NC into VA: First Citizens Bank & Trust Co. announced a proposal to acquire Bank of Virginia;

May 19, Georgia: State Bank Financial Corporation announced a proposal to acquire S Bankshares;

May 17, Wisconsin: Merrill Federal Savings and Loan announced a proposal to merge with Tomahawk Community Bank;

ICP Asked IMF of Protests in Suriname, IMF Today Supports Tariff Rise

By Matthew Russell Lee

WASHINGTON, June 2 -- When the International Monetary Fund held its biweekly briefing back on May 19, Inner City Press asked about protests against the IMF in Suriname:

"On Suriname, there have been protests of the rise in electricity prices. What is the status of the discussed two-year US$478 million stand-by arrangement? What is the IMF's response to the protesters linking the price rises hurting the poor to policies demanded by the IMF?"

Spokesperson Gerry Rice said that the Fund does support the Surinamese authorities' moves to eliminate to subsidies, to "open space." See the IMF's transcript, below. On June 2, Inner City Press has asked:

"In Suriname, opposition leader Chandrikapersad Santokhi has publicly complained that the IMF did not have discussions or contacts with the opposition prior to the recent loan. Is that true? How widely did the IMF consult in the country?"

This has not been answered...

This we like to see: "Thousands of employees of five associate banks of the State Bank of India staged protests across the State on Friday against the proposed merger ..."

ICP Asks IMF of Protests in Suriname, IMF Supports Cut of Subsidies

By Matthew Russell Lee

WASHINGTON, May 19 -- When the International Monetary Fund held its biweekly briefing on May 19, Inner City Press asked about protests against the IMF in Suriname:

"On Suriname, there have been protests of the rise in electricity prices. What is the status of the discussed two-year US$478 million stand-by arrangement? What is the IMF's response to the protesters linking the price rises hurting the poor to policies demanded by the IMF?"

Spokesperson Gerry Rice said that the Fund does support the Surinamese authorities' moves to eliminate to subsidies, to open space. From the IMF's transcript: