Ameris Bank Announces Settlement With Department Of Justice; Ameris Will Provide $7.5M In Mortgage Loan Subsidies Over A 5-Year Period In Majority Black And Hispanic Census Tracts In Jacksonville
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Ameris Bank, a subsidiary of Ameris Bancorp (NASDAQ:ABCB), has reached a settlement with the U.S. Department of Justice over alleged violations of fair lending laws in Jacksonville, Florida from 2016 to 2021. As part of the settlement, Ameris will provide $7.5 million in mortgage loan subsidies over a five-year period in Majority Black and Hispanic Census Tracts in Jacksonville. The bank will also commit $900,000 for advertising and outreach and $600,000 for community development partnerships.
October 19, 2023 | 3:47 pm
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Ameris Bancorp's subsidiary, Ameris Bank, has settled with the DOJ over alleged fair lending violations. The settlement includes $7.5 million in mortgage loan subsidies over five years, which could impact the bank's financials.
The settlement could have a negative impact on Ameris Bancorp's short-term financials due to the commitment of $7.5 million in mortgage loan subsidies. However, the bank's commitment to fair lending and community development could potentially enhance its reputation in the long run.
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