Redlining Laid To Ameritrust
Mayor Michael R. White of Cleveland accused Ameritrust Corp. of redlining.
The accusation drew an emphatic denial from the city's second-largest banking company.
In letters to Ameritrust and the Comptroller of the Currency, Mayor White said the bank refused to make mortgage loans to some poor communities. "Our review suggests serious shortcomings . . . in the extension of home mortgage credit evenly and fairly," he said.
In its denial, Ameritrust noted its satisfactory rating for complying with the Community Reinvestment Act, which requires that banks lend in local communities. The rating "demonstrates Ameritrust is meeting the credit needs of its entire community, including low- and moderate-income neighborhoods," the company said.