ATLANTA, Oct. 19,
2023 /PRNewswire/ -- Ameris
Bank ("Ameris" or the "Bank"), the wholly owned subsidiary
of Ameris Bancorp (Nasdaq: ABCB), today announced that it has
entered into a settlement with the U.S. Department of Justice that
resolves alleged violations of fair lending
laws in the Jacksonville, Florida
metropolitan area from 2016 to 2021. As noted in the Consent Order
resolving the case, Ameris firmly denies violating, and maintains
that it has consistently complied with, applicable fair lending
laws.
"We strongly disagree with any suggestion that we have engaged
in discriminatory conduct and are confident in our efforts to
provide equal access to affordable mortgage products in the
Jacksonville community and all the
markets we serve," said Palmer
Proctor, CEO of Ameris. "We cooperated fully with the
Department's inquiry and have entered into this settlement to avoid
the distraction of litigation and because we share the Department's
goal of expanding access to homeownership in underserved areas. The
terms of this settlement are consistent with the Bank's existing
programs and initiatives. We condemn discrimination in any form and
remain committed to helping people in underserved communities gain
equal opportunity to achieve homeownership, as well as access to
banking services."
Under the terms of the settlement, Ameris will provide
$7.5 million in mortgage loan
subsidies over a five-year period in Majority Black and Hispanic
Census Tracts ("MBHCTs") in Jacksonville. The Bank will also commit, for
the same five-year period in the Jacksonville MBHCT communities,
$900,000 for focused advertising and
outreach and $600,000 for community
development partnerships providing services related to credit,
financial education, homeownership, and foreclosure prevention.
These efforts will supplement the Bank's current investments in
mortgage loan subsidy programs and ongoing marketing and community
outreach across the markets it serves.
The settlement does not include any civil monetary penalties
against Ameris.
"With a 52-year history of service, Ameris is rooted in its
purpose of bringing financial peace of mind to people and
communities," Proctor added. "Over the years, this purpose has led
us to introduce various mortgage loan and downpayment assistance
programs, develop affordable loan opportunities, and deliver
financial education to schools and community groups. We look
forward to continuing these proactive efforts and helping more
consumers achieve their financial goals."
About Ameris Bancorp
Ameris Bancorp (Nasdaq: ABCB) is a financial services company
committed to bringing financial peace of mind to its communities.
Headquartered in Atlanta, it
operates 164 financial centers across the Southeast and also serves
consumer and business customers nationwide through select lending
channels. Ameris Bank manages more
than $25.80 billion in assets as of
June 30, 2023 and provides a full
range of traditional banking and lending products, treasury and
cash management, wealth management, insurance premium financing,
and mortgage and refinancing services. Learn more about
Ameris Bank
at www.amerisbank.com.
Forward-Looking Statements
This news release contains forward-looking statements, as
defined by federal securities laws, including, among other
forward-looking statements, certain plans, expectations and goals.
Words such as "may," "believe," "expect," "anticipate," "intend,"
"will," "should," "plan," "estimate," "predict," "continue" and
"potential" or the negative of these terms or other comparable
terminology, as well as similar expressions, are meant to identify
forward-looking statements. The forward-looking statements in this
news release are based on current expectations and are provided to
assist in the understanding of potential future performance. Such
forward-looking statements involve numerous assumptions, risks and
uncertainties that may cause actual results to differ materially
from those expressed or implied in any such statements, including,
without limitation, the following: general competitive, economic,
unemployment, political and market conditions and fluctuations,
including real estate market conditions, and the effects of such
conditions and fluctuations on the creditworthiness of borrowers,
collateral values, asset recovery values and the value of
investment securities; movements in interest rates and their
impacts on net interest margin, investment security valuations and
other performance measures; expectations on credit quality and
performance; legislative and regulatory changes; changes in U.S.
government monetary and fiscal policy; competitive pressures on
product pricing and services; the cost savings and any revenue
synergies expected to result from acquisition transactions, which
may not be fully realized within the expected timeframes if at all;
the success and timing of other business strategies; our outlook
and long-term goals for future growth; and natural disasters,
geopolitical events, acts of war or terrorism or other hostilities,
public health crises and other catastrophic events beyond our
control. For a discussion of some of the other risks and other
factors that may cause such forward-looking statements to differ
materially from actual results, please refer to Ameris Bancorp's
filings with the Securities and Exchange Commission, including its
Annual Report on Form 10-K for the year ended December 31, 2022 and its subsequently filed
periodic reports and other filings. Forward-looking statements
speak only as of the date they are made, and Ameris Bancorp
undertakes no obligation to update or revise forward-looking
statements.
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SOURCE Ameris Bank