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.
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redlining Patriot Bank U.S. Department of Justice United States Attorney Kevin Ritz Subscriber OnlyThank you for supporting local journalism.
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Aisling Mäki
Aisling Mäki has spent the better part of two decades writing about Memphis. A former digital journalist for WMC Action News 5 and staff reporter for Memphis Daily News, her work has also appeared in The Commercial Appeal, High Ground News, I Love Memphis, Inside Memphis Business, The Memphis Flyer, Memphis Parent, Memphis Magazine and Tri-State Defender.
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