New Jersey's OceanFirst Bank will pay $15.1 million, including at least $14 million to fund a loan subsidy fund, to settle a U.S. Department of Justice lawsuit accusing it of illegal redlining in the central part of the state.

OceanFirst Bank has agreed to pay over $15 million to settle federal allegations of redlining in predominately minority neighborhoods in three New Jersey counties, federal officials announced Wednesday.

A Jersey Shore bank will pay more than $15 million in a settlement for racially discriminatory lending practices known as redlining, authorities said. OceanFirst Bank agreed to the settlement to resolve the accusations that date back to 2018,

OceanFirst Financial Corp. said it will spend $15 million to resolve allegations that it discriminated against Black, Hispanic, and Asian communities.