Thursday, August 12, 2010

LA Times-Bank In Rep. Waters Probe Has Questionable Past

One United Bank chairman Kevin L. Cohee: LA Times
(Story reported by

OneUnited Bank, the financial institution at the center of a congressional ethics investigation involving Rep. Maxine Waters, paid for a luxurious lifestyle for its chairman, including a Porsche and a house on Pacific Coast Highway in Santa Monica despite his having a record that includes arrests and allegations of drug use.

The bank has been criticized by regulators in Florida for having an unusually poor record of lending to people in low-income neighborhoods. It also has failed to pay back $12 million in federal bailout funds.

The bank chairman, Kevin L. Cohee, assembled one of the country's largest African American-owned banks, with more than half a billion dollars in assets, in a coast-to-coast acquisition spree unusual for a bank focused on lower-income customers.

(click here to read the full story on the LA Times website)

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