Park National Bank allegedly failed to set up branches in Black and Hispanic neighborhoods in Columbus, Ohio, the Justice Department says.
A bank accused of redlining in the Columbus, Ohio, area has agreed to a $9 million settlement over allegations that it concentrated branches and mortgage lenders in majority-white neighborhoods, the Justice Department said Tuesday.
Park National Bank, headquartered in nearby Newark, Ohio, operated 36 total branch locations where it accepted mortgage-loan applications across the metropolitan area surrounding Ohio’s capital city over a period of several years — but none of them were located in Black or Hispanic neighborhoods, according to a complaint also announced by the federal government Tuesday.
Related: ‘This is classic redlining’: A nonprofit ends its relationship with KeyBank over allegations of failing Black home buyers To better serve those communities, Park National has agreed to invest at least $7.75 million in a loan subsidy fund that will increase access to mortgage, improvement and refinancing loans, as well as home-equity loans, in Hispanic and Black neighborhoods.
— Kristen Clarke, assistant attorney general for civil rights at the Justice Department Park National Bank did not immediately respond to MarketWatch’s request for comment Wednesday. Chairman and CEO David Trautman told the local Columbus Dispatch that while the bank disagrees “with any suggestion that intentional discrimination took place, we are united with the DOJ in our commitment to ensuring equal access to credit for all consumers.
The Justice Department has amassed $84 million through its Combating Redlining Initiative, first announced by Attorney General Merrick Garland in October 2021, according to Tuesday’s press release.
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