Company Directory - First National Corporation
Company Details - First National Corporation
First National Corporation
WebsiteUnited States
First National Corporation is a financial holding company that primarily conducts business through its subsidiary, First National Bank. The bank offers a variety of financial services, including personal banking, commercial banking, and wealth management. The corporation focuses on meeting the financial needs of its customers, providing sound financial advice and a range of competitive financial products.
CCI Score
CCI Score: First National Corporation
-68.04
0.04%
Latest Event
Consent Order for Discriminatory Redlining Practices
On February 13, 2024, a federal court entered a consent order against First National Bank of Pennsylvania, a successor entity under First National Corporation, for alleged redlining practices. The complaint stated that the bank maintained branches and loan officers predominantly in white neighborhoods while neglecting majority-Black and Hispanic areas, in violation of the Equal Credit Opportunity Act and Fair Housing Act. The order mandates significant remedial measures including investments in community credit funds, outreach, and branch expansion in underserved neighborhoods.
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ARCHITECT
First National Corporation is currently rated as an Architect.
Latest Events
- FEB132024
On February 13, 2024, a federal court entered a consent order against First National Bank of Pennsylvania, a successor entity under First National Corporation, for alleged redlining practices. The complaint stated that the bank maintained branches and loan officers predominantly in white neighborhoods while neglecting majority-Black and Hispanic areas, in violation of the Equal Credit Opportunity Act and Fair Housing Act. The order mandates significant remedial measures including investments in community credit funds, outreach, and branch expansion in underserved neighborhoods.
-80
Business Practices and Ethical Responsibility
April 7
The event exposes unethical business practices, where the bank engaged in discriminatory redlining by focusing its services and branch locations in predominantly white areas, thereby disadvantaging majority-Black and Hispanic communities. The consent order and mandated corrective measures highlight a significant failure in fair lending standards, negatively impacting community access and social responsibility.
United States v. First National Bank of Pennsylvania (M.D. N.C.)
- FEB052024
The DOJ accused First National Bank of discriminatory redlining practices in North Carolina by closing branches in minority neighborhoods and failing to provide adequate mortgage services to Black and Latino applicants, resulting in a $13.5 million settlement.
-70
Business Practices and Ethical Responsibility
April 7
First National Bank was found by the DOJ to have engaged in redlining practices that discriminated against Black and Latino homebuyers by closing branches in majority-minority areas and neglecting mortgage services. This undermines ethical business practices and disproportionately harms marginalized communities, aligning with negative impacts under Business Practices and Ethical Responsibility.
DOJ says First National Bank discriminated against Black, Latino homebuyers
- FEB052024
First National Bank, a subsidiary of First National Corporation, agreed to pay $13.5 million to resolve allegations of discriminatory redlining practices in predominantly Black and Hispanic neighborhoods in North Carolina. The settlement, announced by the Justice Department and the State of North Carolina on February 5, 2024, mandates investments in community lending initiatives and corrective measures.
-80
Business Practices and Ethical Responsibility
April 7
The settlement addresses longstanding discriminatory lending practices (redlining) that disproportionately affected Black and Hispanic communities. This unethical business practice undermines fair lending and contributes to systemic racial inequities. Although the remediation action mandates significant investments in affected communities, the fact remains that the company engaged in practices that promoted exclusion and discrimination.
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Industries
- 522110
- Commercial Banking
- 523920
- Portfolio Management
- 522190
- Other Depository Credit Intermediation