OceanFirst Financial agreed to settle claims by the Justice Department and the Department of Housing and Urban Development that it violated the Equal Credit Opportunity Act and Fair Housing Act in the New Brunswick-Lakewood, N.J., market.
The company said in a press release that it committed $14 million to create a mortgage loan subsidy fund. It also pledged $400,000 to community partnerships and $140,000 annually in targeted marketing.
OceanFirst said it will continue to oversee efforts that predate the settlement.
“The commitments we are announcing today are consistent with our Bank’s 122-year history of providing credit and other financial services to all residents of the communities we serve,” Christopher Maher, the company’s chairman and CEO, said in the release.
“We look forward to continuing the bank’s efforts in the New Brunswick-Lakewood market to help meet the lending and banking needs of families, businesses, schools and organizations,” Maher added.