New York Community Bank/Ohio Savings Bank and Astoria
Ohio Fair Lending has been involved with bank Challenges with NYCB Ohio Savings twice. First, in 2011, Ohio Fair Lending Coalition, in conjugation with the Shaker Square Alliance, challenged the closing of an important Ohio Savings Bank Branch on the corner of North Moreland and Larchmere. This iconic branch had over $25 million dollars in deposits, indicating that the branch was not closed due to lack of deposits, but because they did not want a branch in a low to moderate income (LMI) community. The result of OFL's bank challenge was a demotion of Ohio Saving's Bank CRA rating to a "Needs to Improve", which is received by less than 1% of all banks evaluated. The Shaker Square Alliance grew out of this bank challenge, and is now involved in significant change in the Shaker Square/Larchmere neighborhoods.
Our second bank challenge began in 2016. While the 2016 merger of NYCB and Astoria bank does not directly affect Cleveland or Ohio in terms of any branches closing or lost jobs, the merger is still an opportunity to make sure Ohio Savings is lending fairly in our communities. The challenge comes from OFL's partnership with the cities of Euclid, South Euclid, and the Home Resource Repair Center in Cleveland Heights. This merger is still pending, and we are still waiting the results of our challenge from the Federal Deposit Insurance Corporation (FDIC)
Next steps are creating a Community Benefits Plan.
Letter to FDIC Regulator about Ohio Savings Bank
This section is updated as relevant news stories, publications, and studies are made available