Inner City Press: Federal Reserve Beat (FOIA, FOMC, CRA, Predatory Finance)

As Peoples Bancorp Tries Buy Kentucky Bank It Blows Off Locals Opposing It So FFW Writes

FEDERAL COURT, June 12 – Peoples Bancorp of Ohio proposes to expand into Kentucky by buying Citizens Bank there - then dumping its securities business to game the system and stay under the $10 billion line and away from the defanged CPFB.

Fair Finance Watch, after the Federal Reserve refused to act to ensure public access to Home Mortgage Disclosure Act data, has commented to the Fed on the 2024 HMDA data of Peoples - and on the scam - and now, on Peoples Bancorp's contempt for local communities:

This is early opposition to the application of Peoples Bancorp Inc. of Marietta, Ohio to acquire Citizens National Corporation, and thereby indirectly acquire Citizens Bank of Kentucky, Inc., both of Paintsville, Kentucky.

What is most striking about this proposed acquisition, and calls for inquiry, hearing and denial, is the gaming of the system. The proposed acquisition would take Peoples over $10 billion - to avoid that, and fly under the radar, Peoples proposes to buy Citizens and then immediately sell off its securities portfolio and more.

Seemingly relatedly, Fair Finance Watch hereby entered into the record, at the earliest time, Peoples Bank's disparate records of lending in its home state, Ohio.

In 2024 in Ohio, People's Bank (LEI I70W3N0Z6KOX8FYIH023) made fully 981 mortgage loans to whites, while denying only 272 - meanwhile it made only 28 loans to African Americans, while denying fully 14.

Evidentiary hearings are needed on this application. There are consumer complaints, but the FRB has declared that even CFPB database complaints, no matter the volume, are not "substantive." We disagree - and ask for a hearing on these issues as well.

And on these - beyond Chair Warsh, it would seem that Governor Bowman should take a close listen to, for example

Sharon Collins, who worked at and is a shareholder in the target bank: "I am totally against this merger approved by the board . As a stockholder I am making my voice known. Every person in my community that I hear from is not pleased. Help us stop this unwanted merger in our community. Help the voice of the community be heard."

Angela Johnson: ""Citizens is not in any kind of financial trouble, so it makes no sense. As a shareholder of Citizens, I was not informed of this decision beforehand and have still not been permitted to vote on it. It is very disheartening to learn about this decision second hand and on social media."

Antitrust - Deborah Ferguson wrote, "customers will not have abundant amounts of choices when it comes to a bank because People’s bank will be too abundant in these areas. As a member of this area I wish you would please consider not letting this merger go through."

On June 8 the FRB of Cleveland provide a portion of the application - but withholding even Peoples current and "prospective" list of shareholders. Inner City Press immediately appealed, citing inter alia its FOIA lawsuit against the Fed on Enova, 26-cv-4556 (SDNY).

W.C. Rice, from the email address Casey Jones: "Some years back 2018 or in that area people's bank came into our small town buying a local bank "First Commonwealth" . I had accounts there. I kept them for a while after the merge of First Commonwealth but eventually decided I really just wanted to bank local and not with an out of state financial institution from ohio. So i decided to just close them out and keep my anchor accounts in the local bank, Citizens. Now I learn People's bank is now buying out/ merging yet with another hometown bank in my community ultimately forcing me to bank with them or switch out to find banking services with someone else. Then I see the ad in the local paper last week with the information for federal reserve. Unfortunately there was a typo in and I had a returned email as undeliverable which i caught by accident and looked into it so im guessing you may have had several more emails had they not put a hyphen in the email address."

[Note: the Fed has been known to reject public comments as purported spam - and has not come forward with any fix or safeguard as Fair Finance Watch requested]

Johnna Sloan: " I am a concerned citizen of Paintsville, Kentucky. I recently learned that People's Bank was acquiring Citizens Bank of Kentucky. This has me worried for our small town. Citizens Bank of Kentucky is a staple in our town and has been since the early 1900's when it began as Citizens National Bank. I was blessed to have worked for Citizens Bank for 15 years. I very much enjoyed my job as a teller. We worked hard to maintain a personal connection with our customers. We prioritized taking time to speak with our customers as friends and not just as a number. We took the time to get to know them, to ask how their families were doing. And , we sincerely cared how they were doing!! We celebrate the Johnson County Apple Festival the 1st Friday and Saturday in October each year. This festival all Started over 50 years ago when Mr Elmond Davis, an officer of the bank, allowed local farmers to bring their apples into town and sell them in the street in front of Citizens National Bank ( That's what the bank name was at that time) This act of kindness to the farmers resulted in the making of our town "Apple Festival that takes place the 1st weekend each October every year. This merger would devastate our community!! Jobs are scarce right now!! I ask you to please help our people to keep their jobs by allowing this merger to not be allowed."

Anthony Daniel: "I'm writing as a concern citizen of paintsville kentucky to block Peoples Bank for acquiring Citizens National Corp., This will have a negative effect on the town as well as cost major job loss in a already poor area. We have the right to have community based bank that has been in this town for 116 years . If you drive 20 mins up the road in prestonsburg Ky people's bank will have 3 locations within a mile radius . In paintsville this means people's bank will have multiple locations with mins from apart which isn't right."

Are Governor Bowman, and new chair Kevin Warsh, listening to this? Fair Finance Watch has written in again:

On June 11, 2026, Peoples Bancorp filed a response to the public comment letters with the Federal Reserve Bank of Cleveland. Its letter runs four pages. The 2024 HMDA data is dismissed as "narrow" and "misrepresentative," without any counter-analysis.

More striking: Peoples does not address a single community member by name. Sharon Collins, who wrote that every person in her community is opposed. Johnna Sloan, the 15-year Citizens Bank teller who fears for her job and her town. Anthony Daniel, who noted that Peoples already has three locations within a mile radius in Prestonsburg and doesn't need more. W.C. Rice, who was forced to bank with Peoples after it bought another local bank in 2018 and is now watching it happen again.

None of them merited a sentence in Peoples' response. What Peoples did address: its Forbes ranking. Its employee benefits package. Its 4,000 CRA volunteer hours. Its eleven consecutive years of dividend increases. These are the things Peoples chose to put before the Federal Reserve as its answer to a community saying: please don't take our bank. Fair Finance Watch has filed a detailed reply to the Federal Reserve, noting what Peoples said — and what it didn't.

Fed FOIA Denials for Predatory Enova Application Trigger Lawsuit by Inner City Press in SDNY

SOUTH BRONX/SDNY, June 1 – The Federal Reserve and OCC are entertaining applications by Enova, the parent of high cost lender CashNetUSA, to acquire Grasshopper Bank, already deeply engaged in AI banking.

Inner City Press requested documents including the Federal Reserve's communications with Enova, under the Freedom of Information Act. The Fed denied the request, then on Inner City Press' appeal provided entirely redacted pages and a denial, which said if you don't agree, you can sue.

Among with the denial, the Fed sent Inner City Press entirely redacted pages from its Additional Information letter to Enova, which we put on our DocumentCloud here

Inner City Press has now filed a FOIA lawsuit against the Fed for its communications with Enova - copy of complaint, which went live on PACER on June 1, on now on CourtListener, here. The Fed has 30 days to answer.

More on X for Subscribers here and Substack here

Revolut flying under the radar? The Fed has asked their law firm: May 29, 2026 Mr. C. Andrew Gerlach Partner Sullivan and Cromwell 125 Broad Street New York, NY 10004

Dear Mr. Gerlach: This refers to the applications filed by Revolut Group Holdings Ltd., London, United Kingdom, and Revolut Holdings US Inc., New York, New York, to become bank holding companies, pursuant to Section 3(a)(1) of the Bank Holding Company Act, in connection with the Interagency Chart

er and Federal Deposit Insurance Application to establish and operate Revolut Bank US, N.A., Stamford, Connecticut. Please provide a complete, detailed response to the following additional information item. Supporting documentation should be provided, as appropriate. 1. Provide Interagency Biographical and Financial Reports for Martin Gilbert and Bruce Wallace. Please provide your response within eight business days of the date of this letter. Any information for which confidential treatment is desired should be so labeled and separately bound in accordance with Section 261.17 of the Board of Governor’s Rules Regarding Availability of Information. As previously communicated, copies of the public portions of any response should be provided to the relevant agencies and commenter Matthew R. Lee, Esq., Fair Finance Watch

Green Dot Predatory Practices Covered Up by CommerceOne Redacted Answers So FOIA

SOUTH BRONX/SDNY, May 17 – Green Dot Bank, the subject of extensive consumer complaints, proposes to split itself with its bank going with CommerceOne and its fintech business to (related) Smith Ventures. Fair Finance Watch has filed opposition to the Federal Reserve.

"This is early opposition to the application of Compass Sub Northwest, Inc., Birmingham, Alabama "and others" to become a bank holding company by acquiring Green Dot Corporation, and thereby indirectly acquiring Green Dot Bank, both of Provo, Utah "and more." ... CommerceOne is a HMDA reporter - and lending only to whites, not to any African American...

There are extensive consumer complaints against the applicant(s) here; the FRB has taken the problematic position that even the CFPB complaint database is not "substantive." FFW objects, and requests a hearing.

Ten days later, Sullivan & Cromwell submitted an entirely dismissive response, to which FFW immediately replied, with 2025 HMDA data and more - including S&C being slammed for misusing AI in court.

And on May 7, the Fed asked CommerceOne / Compass Sub North questions, including "Describe specific actions New CommerceOne would take to strengthen and enhance Green Dot Bank’s complaints management program and to reduce the number of customer complaints the bank receives. Describe any new systems, additional staffing, and new operations New CommerceOne would implement at Green Dot Bank to strengthen and enhance its complaints management program. 6. Provide a detailed timeline New CommerceOne would expect Green Dot Bank to address each of the corrective actions of the Consent Order after the acquisition" and saying, "Please provide a copy of the public portion of your response to the commenter, Mr. Matthew Lee."

On Saturday, May 16 Sullivan & Cromwell sent Inner City Press a heavily redacted answer - information about Bill Smith removed, and any moves to address the predatory lending consent order. On Inner City Press' DocumentCloud here

Inner City Press immediately email a FOIA request to the Board, whose FOIA portal has been broken for weeks. What is happening at the Fed? Watch this site.

Fed OKs Stephen Calk Convicted of Manafort Loans in 2021 To Stay In Banking Who Is Next?

SDNY COURTHOUSE, May 13 – After months of preliminaries, the trial of Stephen Calk for conspiracy to trade his bank's loans to Paul Manafort for the Secretary of the Army position began. Inner City Press live tweeted, here, previous coverage here, podcast here

After mere hours, the jury found him guilty. Inner City Press verdict tweet here; in front of 40 Foley Square, Calk refused questions (including on his bank and desire of UN Ambassador position) and was whisked off in a black car. Video here. Sentencing was set. Podcast here.

Jump cut to 2026 - when the Fed found a way to let a convicted felon stay in banking. Who's next: SBF?

"The Stephen M. Calk 2025 Trust, Houston, Texas; to become a savings and loan holding company by acquiring National Bancorp Holdings, Inc., and thereby indirectly acquiring The Federal Savings Bank, both of Chicago, Illinois. 10 Chicago"

Can a convicted felon be part of the ownership structure of an FDIC insured bank? Does it being a trust change anything?

The Federal Reserve Bank of Chicago does not list an email address to request information or copies of applications. They should just be put on the Internet, Fair Finance Watch and Inner City Press suggested - and emailed 4 af FRBChi

Days later, a portion of the application was provided. Surprised, FFW filed this:

This is a first timely comment opposing the application by The Stephen M. Calk 2025 Trust...

Stephen Calk was indicted for, and in July 2021 was convicted of financial institution bribery and conspiracy to commit financial institution bribery. In the understanding of many, the conviction - or even before, given the evidence - would have led to an order of prohibition.

But after waiting some time for a copy of the "public' portion of the application, we learn of a September 2023 letter from the Federal Reserve Bank of Chicago to Mr. Calk, with heavy redactions - and now in 2026 this application, which we are opposing. For the record, this FOIA request has been submitted through the Fed's FOIA portal:

"This is a FOIA request for all withheld portions of the pending application by the Stephen M. Calk Trust re The Federal Savings Bank."

Then on March 24 the Fed sent Inner City Press a redacted answer. The Fed asked, "1. Confirm whether The Stephen M Calk 2025 Trust has been legally formed. If it has not yet been formed, confirm when the applicant intends to complete formation of the trust.

The answer: "The Trust has not been legally formed; we intend to form it promptly upon approval of the application by the Federal Reserve Board." - than a full paragraph redacted. Inner City Press immediately submitted a FOIA request, receipt confirmed.

While the Fed has continued to withhold, now Stephen Calk's brother John has opposed the application, and also complains of the Fed's FOIA performance. Watch this site.

Also, for the record, Fair Finance Watch has been monitoring The Federal Saving Bank and finds that in 2025 in Illinois it made 759 mortgage loans to whites while denying only 86 applications from whites, while making only 98 loans to African Americans and denying fully 27 applications from African Americans. This is disparate.

In New York State in 2024, The Federal Savings bank made 332 mortgage loans to whites while denying only 62 applications from whites, while making only 154 loans to African Americans and denying fully 19 applications from African Americans.

Nationwide in 2024 The Federal Savings Bank made 4285 mortgage loans to whites while denying only 760 applications from whites, while making only 934 loans to African Americans and denying fully 239 applications from African Americans. This is disparate.

Finally, for now, while not conceding that this belated trusteeship structure would comply with the law and good policy, the proposed trustee is listed on the board of directors of another bank, Consumers Bank - we will have more on this when the documents, requested the day after the FRB of Chicago belatedly provided us the public portion of the application, are provided.

But it was, on May 13, 2026, with the Fed saying " The Board received a comment alleging that Mr. Calk may not be eligible to be a controlling shareholder of a financial institution due to his criminal conviction. See Department of Justice, Bank CEO Stephen M. Calk Sentenced To One Year And One Day For Corruptly Soliciting A Presidential Administration Position In Exchange For Approving $16 Million In Loans (Feb. 7, 2022). As noted above, the purpose of the proposed transaction is to facilitate Mr. Calk’s compliance with the prohibitions of section 19 of the Federal Deposit Insurance Act, and the proposal would not result in Mr. Calk being a controlling shareholder of a financial institution. This commenter also noted that the proposed trustee of the Trust is on the board of directors of another banking organization. However, the proposed trustee’s service would not be prohibited by the Depository Institution Management Interlocks Act, the Board’s Regulation L, or subpart J of the Board’s Regulation LL." The rules mean nothing: felons in banking.

Meanwhile throughout May 2026 the Fed's FOIA portal has been broken, an endless loop when one signs in to try to get what documents they release - and no answer to an email to the Fed.

On February 7, 2022 Calk was sentenced to a year and a day - but got bail pending appeal.

Two years later, with Calk still not in prison, on February 22, 2024 his lawyers wrote in. Letter on Patreon here.

On March 4, Judge Schofield denied Calk's motion, and set a surrender date: "ORDERED that Defendant shall surrender for service of sentence at the institution designated by the Bureau of Prisons by 2:00 P.M. on April 18, 2024.

On December 2, 2025 Calk's counsel wrote in asking to eliminate the last year of supervised release, saying the US Attorney has no objection.

And on December 9, it was granted: "as to Stephen M. Calk, Application Granted. Defendant Calk's term of supervision is terminated effective today.(Signed by Judge Lorna G. Schofield on 12/9/2025)."

SOUTH BRONX/SDNY, May 8 – Columbia Financial proposes to expand into New York by taking over Northfield Bancorp.

Fair Finance Watch, while the Federal Reserve refuses to act to ensure public access to Home Mortgage Disclosure Act data, has commented to the Fed on the 2024 HMDA data of both institutions:

This is early opposition to the application of Columbia Financial, Inc.to acquire Northfield Bancorp and Northfield Bank, Staten Island, New York. Today the application was filed / notice posted on the FRB's website.

In New York in 2024 Columbia made four mortgage loans to whites while denying one - with nothing at all to / for African Americans. Northfield Bank in New York in 2024 made only 10 loans to African Americans, while denying fully 21 application (it made 93 loans to whites, denying 146).

In New Jersey in 2024 Columbia made 612 loans to whites with 164 denial, but only 82 to African Americans, with 18 denials. FFW expressed concerns about / to Northfield in 2020 - see, here

An evidentiary hearing is needed. There are consumer complaints against these two banks, but the FRB has taken the position that even the CFPB complaint database is not "substantive." FFW objects, and requests a hearing."

On April 1, Columbia's outside counsel purported to respond, bragging that Columbia CEO "Thomas J. Kemly is on the Board of Directors of the Federal Home Loan Bank of New York" and stating that "Northfield Bank finds the comment unsupportable."

Then, in a new low, Columbia Financial redacted - blacks out - its purported response. A FOIA request has been filed.

On April 15, Columbia's lawyers sent along a copy of their answers - with nearly all answers confined to a "confidential" volume we have now requested under FOIA, filing on Patreon here

The Fed rubber-stamped the deal on May 8, stating among other things that "The data cited by the commenter corresponds to publicly available 2024 data reported by Northfield Bank under the HMDA. Separately, the commenter noted consumer complaints against both Columbia Bank and Northfield Bank that are publicly available on the CFPB’s website. Complaints based on individual customer transactions generally are not considered to be substantive comments and, thus, generally are not considered by the Board in its evaluation of the statutory factors governing the transaction." CFPB not substantive - it's what's being called the Bowmanization of the FRB.

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After OceanFirst Flushing Proposal Rubber Stamped by Fed Fair Finance Watch Requests Reconsideration

FEDERAL COURT, April 27 – How automatic do bank now think merger approvals are? How automatic does the (new) Federal Reserve Board make them? On December 29, 2025, OceanFirst, which settled charges of redlining earlier this decade, announced it will apply to buy Flushing Bank in New York.

Fair Finance Watch opposed it, in comments filed January 2 with the Federal Reserve Board which had recently allowed a $7 billion mega-merger to proceed with no Fed review.

After the Fed withheld all information about Warburg Pincus' other bank holdings, and Inner City Press appealed under FOIA, the Fed hauled off and approved the deal. OceanFirst bragged.

Fair Finance Watch on April 27 filed a formal request for reconsideration under the Fed's rules, including:

Dear Chairman Powell, Secretary Misback: Fair Finance Watch hereby timely requests reconsideration of the Board's approval of the above-captioned proposal, despite OceanFirst's demonstrably disparate lending history and specifically as to the Board's treatment of the investments by funds controlled by Warburg Pincus LLC ("Warburg") in OceanFirst Financial Corp. as part of the transaction. On that:

...FFW did not make a speculative or unsupported factual claim. FFW identified a legal question — whether Warburg's fund investments in OceanFirst, combined with Warburg's existing investments in other banking organizations, triggered filing requirements under Section 3 of the Bank Holding Company Act. That is a legal argument requiring Board analysis. The Board's refusal to engage with it on substantive grounds is itself a legal error. SR Letter 97-10 was designed to filter out anecdotal consumer complaints and unsupported character attacks on applicants. It was not designed to — and cannot lawfully — exempt the Board from analyzing whether a proposed transaction triggers independent statutory obligations under the BHC Act. The two are categorically different. It is an antitrust issue, and the Board's dismissive approach is telling - as is, while the Fed withheld information about the Warburg investments in banks from Inner City Press' FOIA requests and appeal, the Fed calling ICP/FFW's comment "not substantive." It is a Catch-22, intentionally created, insulating the Fed from public scrutiny.

Warburg Pincus is one of the largest private equity firms in the world with an extensive portfolio of financial services investments. Where a private equity firm acquires a controlling or significant interest in multiple banking organizations simultaneously or in close succession, the Board has an independent obligation to assess whether the acquiring entity has become a bank holding company requiring registration and ongoing supervision. The Supreme Court recognized the competitive significance of cross-institutional equity holdings in United States v. Philadelphia National Bank, 374 U.S. 321 (1963), establishing that bank merger analysis must account for the full competitive structure created by a transaction — not merely the nominal parties. While Philadelphia National Bank addressed direct mergers, its logic applies with equal force to situations where a single investor acquires significant interests across competing institutions.

FFW respectfully requests that the Board: Reconsider the approval order and provide a reasoned explanation of its analysis of Warburg's aggregate holdings in banking organizations under Section 3 of the BHC Act and Regulation Y; Require Warburg to submit information regarding its total equity holdings in banking organizations and bank holding companies, and assess whether any such holdings independently trigger BHC Act registration requirements; If the Board concludes no independent filing obligation arose, explain that conclusion with specificity — identifying the threshold analysis applied and Warburg's holdings relative to those thresholds; and Reopen the comment period on the Warburg issue to permit substantive public comment on the information disclosed.

Please have this considered by each Governor, and rule, as much before the possible closing date as possible.

In 2024 OceanFirst made 1399 loans to whites - and only 94 to African Americans. In Connecticut, for example, it made loans only to whites, none to African Americans.

In Pennsylvania its ratio of loans to whites to loans to African Americans was 4.5 to 1. In New York, it was 7 to 1.

This proposal is being opposed along with the OCC's moves to exclude the public, and to withhold documents under FOIA from Inner City Press and others until comment periods close.

On February 17 the Fed asked OceanFirst 17 questions, including "Discuss in greater detail the due diligence conducted by OceanFirst related to Flushing Bank’s Community Reinvestment Act (“CRA”) program and how OceanFirst will ensure compliance with Community Reinvestment Act requirements post-acquisition.Todd Schell of Warburg Pincus (“WP”) needs to submit an IBFR for purposes of processing the instant application" - filing on Patreon here

On March 5, the FRB of Philly, not the bank, sent out OceanFirst's response - and it was heavily redacted, including response on CRA. So, an immediate FOIA request, for response / responsive documents within the comment period. Watch this site.

After OceanFirst Flushing Hit by Fair Finance Watch Fed Withholds Warburg Pincus Rubber Stamps

FEDERAL COURT, April 24 – How automatic do bank now think merger approvals are? On December 29, OceanFirst, which settled charges of redlining earlier this decade, announced it will apply to buy Flushing Bank in New York.

Fair Finance Watch has opposed it, in comments filed January 2 with the Office of teh Comptroller of the Currency, and with the Federal Reserve Board which recently allowed a $7 billion mega-merger to proceed with no Fed review. OceanFirst's record should preclude this. and this proposed deal.

In 2024 OceanFirst made 1399 loans to whites - and only 94 to African Americans. In Connecticut, for example, it made loans only to whites, none to African Americans.

In Pennsylvania its ratio of loans to whites to loans to African Americans was 4.5 to 1. In New York, it was 7 to 1.

This proposal is being opposed along with the OCC's moves to exclude the public, and to withhold documents under FOIA from Inner City Press and others until comment periods close.

But on April 24, the Board rubber stamped the redlining deal, now dismissing comments on Warburg Pincus while withhold info: "One of the adverse comments the Board received on the proposal, discussed further below, observed that certain funds controlled by Warburg Pincus LLC (“Warburg”), New York, New York, would make investments in OceanFirst as part of the proposal. The commenter asserted, without offering support or analysis, that (i) the Board should take into account Warburg’s involvement in the proposal, and (ii) Warburg should be required to file applications with the Board under section 3 of the BHC Act in connection with the transaction. Wholly unsubstantiated claims generally are not considered to be substantive comments and, thus generally are not considered by the Board in its evaluation of the statutory factors governing the transaction.... Regardless, the Board considered the impact of the investments by the funds controlled by Warburg as part of the proposed transaction when considering the financial and managerial resources and future prospects factors under the BHC Act." This new "substantive" language, with the Fed applies even to the CFPB complaint database is called by some the "Bowmanization" of the Fed. Sullivan & Cromwell gleefully uses it, even as it uses AI. And so it goes...

Note: the above was written and published before the Board's 4:45 pm phone call -- Inner City Press answered and said it knew the script. Strange system: the Board bounced / did not accept comments by email, but insists on phone call notice, hours after announcing the approval to the market. The changes at the Fed, the shrill language about "substantive," is a step back. Watch this site.

As Columbia Financial Brags of FHBNY Spot in Northfield Protest Withholds Answers to Fed Qs

SOUTH BRONX/SDNY, April 15 – Columbia Financial proposes to expand into New York by taking over Northfield Bancorp.

Fair Finance Watch, while the Federal Reserve refuses to act to ensure public access to Home Mortgage Disclosure Act data, has commented to the Fed on the 2024 HMDA data of both institutions:

Then, in a new low, Columbia Financial redacted - blacks out - its purported response. A FOIA request has been filed.

On April 15, Columbia's lawyers sent along a copy of their answers - with nearly all answers confined to a "confidential" volume we have now requested under FOIA, filing on Patreon here

Federal Court, April 10 – As banks rush to merge given rubberstamping signals from US regulators, LinkBank has done too far with Burke & Herbert. Back in 2023 Fair Finance Watch got the FDIC to impose a Community Reinvestment Act condition on LINKBANK, here.

Now with no indication of compliance, LINKBANK proposes to sell itself to also-disparate Burke & Hubert. FFW on December 22 filed challenges with the Federal Reserve Board and FDIC. FRB version:

Dear Chairman Powell, Secretary Misback: This concerns the proposal by Burke & Herbert to acquire LINKBANCORP and LINKBANK.

This is opposition at the earliest possible time. In light of a recent proposal in which only the OCC is considering a multi-billion merger, we are submitting this to the FRB as soon as possible. Please immediate inform FFW if Burke & Herbert is applying to the FRS, and consider this comment on any and all Burke & Herbert applications.

FFW previously raised disparities of LINKBANK to the FDIC - resulting on a CRA condition being opposed on October 3, 2023. It is imperative that compliance be reviewed, including at the requested public evidentiary hearing. Given recent developments, there is no reason to believe that the FDIC would or will enforce even its own conditions.

Burke & Herbert in Virginia in 2024 made 83 mortgage loans to whites, and only SEVEN to African Americans. Meanwhile it denied two applications from African Americans, and only four from whites. This is disparate.

Burke & Herbert in West Virginia in 2024 made 165 mortgage loans to whites, and only TWO to African Americans. Meanwhile it denied one application from an African Americans, and only 29 from whites.

Burke & Herbert in Maryland in 2024 made 18 mortgage loans to whites, and only TWO to African Americans.

Now Burke & Herbert wants to buy LINKBANK, on which FFW had a CRA condition imposed. The FDIC wrote: CRA Protest In the course of reviewing public input on the application, the FDIC received an adverse comment from a protester that was considered a CRA protest... the FDIC decided to approve the application with the following condition.

On January 7, the FRS wrote back: "The Federal Reserve Bank of Richmond received your correspondence on December 23, 2025, regarding a future application by Burke & Herbert Financial Services Corporation (“B&H”) to acquire LINKBANCORP (“LINK”). The Federal Reserve has not yet received an application by B&H to acquire LINK. Accordingly, no immediate action will be taken on the correspondence dated December 23, 2025. If a filing is received in the next three months, your comment may be considered as part of the application record for the filing."

On February 25 the Fed asked 10 more questions, including on fair lending, letter on Patreon here

On March 3, the Fed asked 7 multi-part questions, including "Following the proposed transaction, CRE levels would continue to exceed the threshold for enhanced monitoring noted in SR 07-1. Accordingly, discuss whether and, if so, how the oversight of the loan portfolio, including concentration risk management practices and management's responsiveness to changing market conditions, would be enhanced. 5. Discuss the number of LINKBANK employees that B&H Bank would retain following the proposed transaction (aside from Messrs. Andrew Samual, Carl Lundblad, and Brent Smith)" - full letter on Patreon here

On April 10 the Fed rubberstamped the application: "The commenter also noted that, in connection with its approval of an acquisition by LINKBANK in 2023, the FDIC placed a condition on the bank requiring the bank to take certain specific actions related to mortgage lending and related activities in certain areas, particularly with respect to African American consumers and LMI communities." No follow up. Even when banks are bad enough to have conditions imposed, there is no follow up. But we will follow up. Watch this site.

Stephen Calk Convicted of Manafort Loans in 2021 Applied to Fed But His Brother Opposes

SDNY COURTHOUSE, April 3 – After months of preliminaries, the trial of Stephen Calk for conspiracy to trade his bank's loans to Paul Manafort for the Secretary of the Army position began. Inner City Press live tweeted, here, previous coverage here, podcast here