First National Bank Settles Redlining Allegations for $13.5 Million

The settlement aims to expand access to financial services for Black and Hispanic communities in North Carolina.

First National Bank of Pennsylvania agrees to a $13.5 million settlement over allegations of redlining in North Carolina, impacting Black and Hispanic homebuyers.
The settlement includes creating an $11.7 million loan subsidy fund and opening new branches in minority neighborhoods in Charlotte and Winston-Salem.
The Department of Justice and North Carolina's Attorney General led the settlement, emphasizing the importance of equal access to financial services.
This settlement is part of the DOJ's Combatting Redlining Initiative, highlighting ongoing efforts to address racial discrimination in lending.
First National Bank expressed disappointment over the investigation but committed to promoting equity and economic prosperity.