Trustmark in Jackson, Miss., will pay a $5 million civil money penalty tied to consent orders with regulators.
The $17.1 billion-asset company said in a press release Friday that its bank entered into an order with the Office of the Comptroller of the Currency and a separate order with the Justice Department and the Consumer Financial Protection Bureau.
Trustmark agreed to pay $4 million to satisfy a civil money penalty in the OCC’s consent order; another $1 million will be paid to the CFPB.
The company is also required to implement a fair lending plan and invest nearly $3.9 million over five years in a loan subsidy fund to increase credit opportunities to residents of majority-Black and Hispanic neighborhoods.
Trustmark also agreed to devote at least $400,000 over five years to community development partnership contributions and $200,000 annually over five years to advertising, community outreach and credit repair and education in the Memphis area.
The company agreed to open a mortgage loan production office to serve residents in a majority-Black and Hispanic neighborhood in Memphis.
The orders must be approved by the U.S. District Court for the Western District of Tennessee.