Park National Bank settles DOJ mortgage discrimination claims; commits $7.75M to loan subsidy fund

PARK NATIONAL CORP /OH/

Park National Bank agreed to invest $7.75M over 5 years in a loan subsidy fund for majority-minority census tracts in Columbus area.
Bank will spend at least $500K over 5 years on community development partnerships and $150K/year on advertising and financial education.
Park will open one new mortgage loan production office and one full-service branch in majority-minority tracts, and hire 4 lenders including a Spanish-speaking one.
Bank denies intentional discrimination but resolves DOJ claims under Fair Housing Act and Equal Credit Opportunity Act.
Consent order requires court approval; Park will maintain a Director of Community Home Lending and Development.

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