The U.S. Department of Justice has reached a settlement with Indiana’s First Merchants Bank over allegations that it engaged in illegal red-lining, the practice of excluding predominantly African-American neighborhoods from its services.
Announced by the Justice Department on Thursday, the settlement calls for the bank to spend about $1.6 million on loan subsidies and community outreach and open a branch and a loan office in a majority-black neighborhood in the Indianapolis area. The deal requires court approval.
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