Wells Fargo to Invest in African American Minority Depository Institutions
March 10 2020 - 11:17AM
Business Wire
Wells Fargo today announced that it is seeking to invest up to
$50 million in African American Minority Depository Institutions
(MDIs). These investments are part of Wells Fargo’s commitment to
supporting economic growth in African American communities where
MDIs, often community based banks, provide mortgage credit, small
business lending, and other banking services. Wells Fargo commends
Congresswoman Joyce Beatty and Congressman Gregory Meeks for
recently sponsoring legislation to enhance MDIs and these
investments in African American MDIs will support the spirit of
that legislation.
“Our industry is stronger when we work together, shepherding
resources for underserved individuals and small businesses to
create economic opportunities that will strengthen the long-term
success of communities,” commented Jonathan Weiss, CEO of Corporate
& Investment Banking and Interim CEO of Wealth & Investment
Management at Wells Fargo. “MDIs are a key part of the lending
ecosystem for underserved communities, playing an important role in
neighborhood revitalization, and we look forward to helping African
American MDIs grow, serve their communities, and expand their
sphere of influence by providing capital, connections and
expertise.”
MDIs play an important role in providing banking services to
minority and low and moderate income (LMI) communities. Compared
with other financial institutions, MDIs tend to serve communities
in which a higher share of the population lives in LMI census
tracts and in which higher shares of residents are minorities.
This investment complements Wells Fargo's Diverse Community
Capital (DCC) program, a five-year, $175 million program to empower
diverse small business owners with greater access to capital and
technical assistance so they can grow and sustain local jobs. The
DCC program is a collaboration with Opportunity Finance Network and
CDFIs (Community Development Financial Institutions) across the
country. To date, the CDFIs in the program have made 124,000 loans,
delivered 322,000 hours of technical assistance, and benefited
49,000 small business owners who collectively sustain more than
183,000 jobs in rural and urban markets nationwide.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified,
community-based financial services company with $1.9 trillion in
assets. Wells Fargo’s vision is to satisfy our customers’ financial
needs and help them succeed financially. Founded in 1852 and
headquartered in San Francisco, Wells Fargo provides banking,
investment and mortgage products and services, as well as consumer
and commercial finance, through 7,400 locations, more than 13,000
ATMs, the internet (wellsfargo.com) and mobile banking, and has
offices in 32 countries and territories to support customers who
conduct business in the global economy. With approximately 260,000
team members, Wells Fargo serves one in three households in the
United States. Wells Fargo & Company was ranked No. 29 on
Fortune’s 2019 rankings of America’s largest corporations. News,
insights and perspectives from Wells Fargo are also available at
Wells Fargo Stories.
Additional information may be found at www.wellsfargo.com |
Twitter: @WellsFargo.
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version on businesswire.com: https://www.businesswire.com/news/home/20200310005713/en/
Media Jennifer Dunn, (202) 303-2966
Jennifer.G.Dunn@wellsfargo.com
Hannah Sloane, (212) 214-5257 Hannah.Sloane@wellsfargo.com
Michael McCoy, (704) 773-8096 Michael.McCoy@wellsfargo.com
Investor Relations John Campbell, (415) 396-0523
John.m.campbell@wellsfargo.com
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