The Orlando Magic basketball team recently announced a new partnership with Merrick Bank, making them the team's official credit card partner. This collaboration will provide Magic fans with various benefits and rewards, including exclusive access to team events, discounts on merchandise, and the opportunity to win unique experiences. As part of the partnership, a co-branded credit card will be introduced, allowing fans to showcase their support for the team while enjoying the perks and benefits offered by Merrick Bank. Additionally, the Magic and Merrick Bank will work together to create exciting experiences for fans, such as meet-and-greets with players, autographed memorabilia, and behind-the-scenes access to team practices. This partnership not only strengthens the bond between the Orlando Magic and its fans but also highlights Merrick Bank's commitment to supporting local sports and entertainment. By aligning themselves with an NBA team known for its passionate fanbase, Merrick Bank aims to attract new customers and provide current cardholders with a unique and rewarding experience.
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Two years ago Garland launched the Combating Redlining Initiative and since then DOJ has reached a total of 10 settlements with lending institutions to resolve allegations of redlining. 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.
By aligning themselves with an NBA team known for its passionate fanbase, Merrick Bank aims to attract new customers and provide current cardholders with a unique and rewarding experience. The Orlando Magic backed by Merrick Bank partnership marks an exciting venture for both organizations. Through this collaboration, fans can look forward to enjoying exclusive benefits, while the Magic team gains a supportive financial partner that shares their commitment to providing exceptional experiences both on and off the court.
The government secures a $9 million settlement with Ameris Bank over alleged redlining in Florida
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.
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Reviews for "The Impact of Merrick Bank's Backing on the Orlando Magic's Performance"
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