(Reuters) - Wells Fargo & Co (WFC.N) has promised $432.5 million in lending and other investments to end a lawsuit accusing the bank of discriminatory lending practices in Memphis, Tennessee.
The fourth-largest bank by assets has set a five-year lending goal in Memphis and surrounding Shelby County of $425 million, including $125 million in home-purchase lending for low- and moderate-income borrowers, the bank said in a statement on Tuesday.
Wells also agreed to contribute grants totaling $4.5 million for down payment assistance and home renovations under a company program that will start in the city later this year. The bank will also contribute $3 million toward local economic initiatives.
Reporting By Rick Rothacker in Charlotte, North Carolina; editing by Andre Grenon