SUBSEQUENT EVENTS

9 Months Ended

Sep. 30, 2023

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

NOTE 12 – SUBSEQUENT EVENTS

On October 19, 2023, the Bank announced that it had entered into a settlement with the United States Department of Justice that resolves alleged violations of fair lending laws in the Jacksonville, Florida metropolitan area from 2016 to 2021. The terms of the settlement are reflected in the consent order filed in the United States District Court for the Middle District of Florida (the “Consent Order”). In accordance with the terms of the Consent Order, the Bank will provide $7.5 million in mortgage loan subsidies over a five-year period in Majority Black and Hispanic Census Tracts (“MBHCTs”) in Jacksonville and 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. In addition, the Bank will open a new full-service branch in a Jacksonville MBHCT community as specified in the Consent Order. The settlement includes no civil penalties levied against the Bank.