Merrick Bank, a leading provider of credit card services, has recently announced its affiliation with the Orlando Magic, an NBA basketball team. This partnership aims to provide exclusive benefits to Merrick Bank cardholders and enhance the overall fan experience at Orlando Magic games. As part of this collaboration, Merrick Bank will offer tailor-made credit card programs specifically designed for Orlando Magic fans. These cards will come with unique perks such as discounts on team merchandise, exclusive access to pre-sale tickets, and special experiences at games and events. Cardholders will also have the opportunity to earn rewards and cash back on their purchases. Furthermore, Merrick Bank will work closely with the Orlando Magic to boost community engagement and support local initiatives.
CEO Palmer Proctor of Ameris Bank, which federal officials say has nearly $25 billion in assets and operates in nine states across the Southeast and mid-Atlantic, said in a statement, “We strongly disagree with any suggestion that we have engaged in discriminatory conduct.” Proctor said the bank cooperated with the investigation and reached the agreement in part “because we share the Department’s goal of expanding access to homeownership in underserved areas.”
CEO Palmer Proctor of Ameris Bank, which federal officials say has nearly 25 billion in assets and operates in nine states across the Southeast and mid-Atlantic, said in a statement, We strongly disagree with any suggestion that we have engaged in discriminatory conduct. When families can t access credit to achieve homeownership, they lose an opportunity to share in this country s prosperity, Garland said at a news conference in Jacksonville announcing the settlement.
Furthermore, Merrick Bank will work closely with the Orlando Magic to boost community engagement and support local initiatives. This will include participating in various charitable programs and promoting financial literacy among young fans. The bank's commitment to community development aligns with the values of the Orlando Magic, making this partnership a natural fit.
The government secures a $9 million settlement with Ameris Bank over alleged redlining in Florida
Attorney General Merrick Garland appears before a House Judiciary Committee hearing, Wednesday, Sept. 20, 2023, on Capitol Hill in Washington. (AP Photo/J. Scott Applewhite) (J. Scott Applewhite, Copyright 2023 The Associated Press. All rights reserved.)
WASHINGTON – The Justice Department has secured a $9 million settlement with Ameris Bank over allegations that it avoided underwriting mortgages in predominately Black and Latino communities in Jacksonville, Florida, and discouraged people there from getting home loans.
The bank denied violating fair lending laws and said it wanted to avoid litigation by agreeing to the deal, which does not include civil monetary penalties.
It’s the latest settlement over a practice known as redlining, which the Biden administration is tackling through a new task force that earlier this year reached the largest agreement of its kind in the department's history.
Between 2016 and 2021, the Atlanta-based Ameris Bank's home lending was focused disproportionately on mostly white areas of Jacksonville while other banks approved loans at three times the rate Ameris did, the government said.
The bank has never operated a branch in a majority Black and Hispanic neighborhood, and in one-third of those areas it did not receive a single application over the six-year period, even though other banks did, Attorney General Merrick Garland said.
“Redlining has a significant impact on the health and wealth of these communities. Homeownership has been one of the most effective ways that Americans have built wealth in our country. When families can’t access credit to achieve homeownership, they lose an opportunity to share in this country’s prosperity,” Garland said at a news conference in Jacksonville announcing the settlement.
CEO Palmer Proctor of Ameris Bank, which federal officials say has nearly $25 billion in assets and operates in nine states across the Southeast and mid-Atlantic, said in a statement, “We strongly disagree with any suggestion that we have engaged in discriminatory conduct.” Proctor said the bank cooperated with the investigation and reached the agreement in part “because we share the Department’s goal of expanding access to homeownership in underserved areas.”
Garland has prioritized civil rights prosecutions since becoming attorney general in 2021, and the current administration has put a higher priority on redlining cases than before. The anti-redlining effort has now secured $107 million in relief, including the Ameris settlement, which a judge must approve.
A $31 million settlement with Los Angeles-based City National in January was the largest for the department.
The practice of redlining has continued across the country and the long-term effects are still felt today, despite a half-century of laws designed to combat it. Homes in historically redlined communities are still worth less than homes elsewhere, and a Black family’s average net worth is a fraction of a typical white household's.
The Ameris case is the first brought by the department in Florida, said Roger Handberg, the U.S. attorney for the Middle District of Florida. “For far too long, redlining has negatively impacted communities of color across our country,” he said.
Assistant Attorney General Kristen Clarke said combating redlining “is one of the most important strategies for ensuring equal economic opportunity today.”
Ameris Bank will invest $7.5 million in a loan subsidy fund made available to people in majority-minority neighborhoods under the settlement and spend a total of $1.5 million on outreach and community partnerships, as well as open a new branch in those neighborhoods, along with other requirements as part of the settlement.
Associated Press writer Ken Sweet in New York contributed to this report.
Copyright 2023 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
Garland has prioritized civil rights prosecutions since becoming attorney general in 2021, and the current administration has put a higher priority on redlining cases than before. The anti-redlining effort has now secured $107 million in relief, including the Ameris settlement, which a judge must approve.
Both Merrick Bank and the Orlando Magic are excited about this collaboration and the opportunities it presents for fans. By combining their expertise in credit card services and sports entertainment, they aim to create a unique and valuable experience for customers. Merrick Bank's affiliation with the Orlando Magic is expected to bring added value to cardholders while strengthening the team's relationship with its dedicated fan base..
Reviews for "How Merrick Bank Provides Financial Stability for the Orlando Magic"
1. Sarah - 1 star
I was extremely disappointed with Merrick Bank's affiliation with Orlando Magic. I applied for their credit card thinking it would provide exclusive benefits and perks for being a fan of the team. However, I have found that the rewards program is extremely limited and offers very little value. The customer service is also terrible, with long wait times and unhelpful representatives. I regret getting involved with this partnership and would not recommend it to any fellow Magic fans.
2. Mark - 2 stars
As a long-time Orlando Magic fan, I was excited to hear about their partnership with Merrick Bank. However, my experience with this affiliation has been mostly disappointing. The credit card offered through this program does not provide any unique benefits or rewards that justify its annual fee. The customer service has also been subpar, with little assistance offered when I encountered some billing issues. I expected more from this partnership and feel let down by the lackluster offerings. I would not recommend this to other Magic fans unless significant improvements are made.