In September, Lakeland promised federal prosecutors it would spend $13M to boost minority lending. It hopes to merge with Provident Bank.
Newark Mayor Ras Baraka and representatives of New Jersey Citizen Action will hold a press conference Tuesday morning to announce a request that the Federal Reserve Bank of New York condition its approval of the merger on Newfoundland-based Lakeland’s signing a separate pledge with regulators known as a CRA agreement.
In a statement, Baraka called on the Fed to incorporate terms of the settlement and new demands into a CRA agreement with Lakeland, which“I join with NJ Citizen Action in asking the Federal Reserve to only approve the merger of Provident and Lakeland if there is a CRA agreement that includes the $13 million Consent Order between the Department of Justice and Lakeland regarding its illegal redlining,” Baraka said.
Asked to comment, Lakeland issued a statement Monday expressing its commitment to fulfilling the terms of the settlement but was silent on the call for an agreement.
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