Memphis-area bank to pay nearly $2M to settle redlining accusations
“Patriot Bank has always acted to serve the home-mortgage credit needs in minority neighborhoods, and the bank’s strong record speaks for itself and flatly contradicts any allegation of wrongdoing,” said John Smith, Patriot Bank’s president and CEO. (Brad Vest/Special to The Daily Memphian)
The U.S. Department of Justice complaint alleges that from 2015 to at least 2020, Patriot avoided providing mortgage services to majority-Black and Hispanic neighborhoods and discouraged people seeking credit in them from obtaining home loans.
Topics
redlining Patriot Bank U.S. Department of Justice United States Attorney Kevin Ritz Subscriber OnlyAre you enjoying your subscription?
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Aisling Mäki
Aisling Mäki covers health care, banking and finance, technology and professions. After launching her career in news two decades ago, she worked in public relations for almost a decade before returning to journalism in 2022.
As a health care reporter, she’s collaborated with The Carter Center, earned awards from the Associated Press and Society of Professional Journalists and won a 2024 Tennessee Press Association first-place prize for her series on discrepancies in Shelby County life expectancy by ZIP code.
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