OceanFirst Bank Enhances Lending Commitment with DOJ Settlement
OceanFirst Bank Takes a Major Step in Fair Lending Practices
OceanFirst Financial Corp. (NASDAQ: OCFC), the parent of OceanFirst Bank, has announced an important development regarding fair lending practices. This comes as part of a voluntary settlement with the U.S. Department of Justice (DOJ) and the U.S. Department of Housing and Urban Development (HUD). The settlement addresses claims surrounding the violation of the Equal Credit Opportunity Act and Fair Housing Act.
Understanding the Settlement Terms
This settlement signifies a proactive approach by OceanFirst to enhance its lending operations, particularly in specific New Jersey regions. Under the agreements, OceanFirst Bank commits to investing a minimum of $14 million over five years into a mortgage loan subsidy fund aimed at helping residents in Middlesex and Monmouth counties.
Community Investment and Outreach
In addition to the mortgage fund, OceanFirst Bank has pledged $400,000 for community partnerships and will engage in an intensive marketing campaign that allocates $140,000 annually to promote their offerings in the New Brunswick-Lakewood area.
Commitment to Financial Education
The bank also plans to conduct financial education workshops designed to broaden access to home mortgage credit. This initiative is part of a larger strategy to further their community development goals.
The History and Growth of OceanFirst Bank
Established in 1902, OceanFirst Bank has a long-standing commitment to serving its community. Originally focused in Ocean County, the bank has expanded its reach into southern New Jersey and northern Pennsylvania since 2015. A pivotal moment was the acquisition of Sun National Bank in 2018, which allowed OceanFirst to gain a foothold in the central New Jersey market, specifically Middlesex and Monmouth counties.
Initiatives Benefitting Local Communities
Since its expansion, OceanFirst has invested significantly in minority market lending initiatives. These efforts have been instrumental in building relationships with local communities and ensuring that the bank meets the needs of all residents. For instance, the bank has already provided over $625 million in loans and investments since 2020, benefiting countless individuals and families.
Community Lending Programs Overview
OceanFirst Bank isn’t just focusing on compliance; it is actively engaging in various community-oriented programs. Their lending initiatives include:
- NeighborFirst: Offering over $119 million in assistance, down payment aid, and lower interest rates to support home purchases.
- Community Development Loans & Investments: A total of $495 million dedicated to revitalizing affordable housing.
- Small Business Lending: Leading efforts to assist minority- and women-owned businesses with over $410,000 in loans.
Looking Towards the Future
As OceanFirst Bank continues to invest in its community, they are committed to making their financial services accessible, particularly as they engage more with underserved communities. The opening of a new branch in New Brunswick marks a significant milestone in the bank's growth, ensuring that financial services are not just available but tailored to the needs of the community.
Contact Information
For inquiries or more information, customers can reach out to Jill Apito Hewitt, Director of Corporate Communications at OceanFirst Financial Corp., at (732) 240-4500, ext. 27513, or via email at jhewitt@oceanfirst.com.
Frequently Asked Questions
What is the significance of the settlement for OceanFirst Bank?
The settlement is crucial as it represents OceanFirst Bank's commitment to fair lending practices and enhances their investment in local communities.
How much is OceanFirst Bank investing in the mortgage loan subsidy fund?
OceanFirst Bank is committing at least $14 million to the mortgage loan subsidy fund over a five-year period.
What community initiatives has OceanFirst undertaken recently?
Recent initiatives include financial education workshops, targeted marketing campaigns, and investments in affordable housing and small business support.
When was OceanFirst Bank established?
OceanFirst Bank was founded in 1902, making it one of the oldest community banks in New Jersey.
How has OceanFirst Bank expanded its services?
Since 2015, OceanFirst Bank has expanded its footprint into southern New Jersey and northern Pennsylvania, enhancing access to its services in these communities.
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