Eighteen months ago Arnold Grishom, CEO and Founder of Alta Alliance Bank, that recently merged with Torrey Pines Bank, requested that Pastor Sidney Keys of Bibleway Apostolic Church work with him after looking at the church loan paperwork and stating that “This is a federal offense, somebody is going to go to jail for this.”
Pastor Keys, who received a foreclosure notice on his church submitted documents to the bank that had been mailed to him by an employee fired from Alta Alliance.
“I wouldn’t have know this fraud had occurred against us if it hadn’t been for this man, who I am eternally grateful to and have to protect, so I won’t mention his name.” States Pastor Keys
The paperwork revealed the Pastor’s and Mrs. Keys forged signature on numerous documents, false logos representing their church, fees tacked on for people that did absolutely nothing to garner the loan other than be the best friend of the CEO and an inflated appraisal of Bibleway Apostolic Church which resides in the heart of the Iron Triangle in Richmond California. Bibleway’s comparables were done with churches in Emeryville, the Oakland Hills and El Cerrito. “There are hundreds of churches in Richmond that they could have compared our Church to, why did they go to communities where the property values are so much higher? Pastor Keys asks.
Those questions have been posed by ACCE, Denise Thomas, of Operation Reach Incorporated of San Ramon, and Congressman George Miller, who has worked on behalf of other churches and constituents in similar foreclosure situations to Torrey Pines Bank President Gary Katy, who stated that “He is not going to change his mind” after being presented with the evidence of the fraudulent activity regarding Pastor Keys loan. Operation Reach submitted an “Impact Statement” to President Katy, requesting two weeks to study the churches financials and come up with a solution. This letter was endorsed by Richmond’s Chief of Police Chris Magnus, City Attorney Gail McLaughlin, and City Attorney William Lindsey, yet President Katy refused to call off the eviction and reportedly has left the country and is not available.
Patrice Keys, the pastor’s wife stated that they received a writ of possession notice on their door last Wednesday ordering them to vacate the premises by Wednesday March 16th. That was the first inkling they had that the bank had proceeded with their foreclosure action despite CEO Grishom’s promise that “they could work something out,” and numerous meetings with other bank officials.
“I waited two months for the bank to call me and when I called them I was informed that Mr. Grishom had resigned. Sedrick Tydus, who has taken Grishom’s place refused to consider a modification despite being on the call when Grishom had realized that a crime had been committed.
Federal Regulators, the Contra Costa District Attorney have received the churches information and there is a pending investigation.
The fraudulent and predatory practices of the Banks has widely affected homeowners – but in this case it is affecting a community by foreclosing on a church that has opened a center to care for teen moms and their children, as well as other vital community services. Their efforts have been repeatedly acknowledged by the City of Richmond, and they received the 2011 Martin Luther King Jr. Leadership and Community Service award in January this year.
The Post and ACCE is requesting that you call President Katy at 858-523-4600 and voice your concern. Please call 858-523-4600. If not now, when? If not you, who?