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Finance & Economics

Wells Fargo announced financial assistance to Black-owned banks

Apr 14, 2021

Wells Fargo has already invested in 11 Minority Depository Institutions earlier this year

Wells Fargo Black

Wells Fargo announced financial assistance to Black-owned banks. Source: pexels.com

Wells Fargo & Company has announced equity investments in 5 African American Minority Depository Institutions (MDIs). That’s a part of its pledge to invest up to $50 million in Black-owned banks.

The country’s MDIs are vital to minority communities, but over the last two decades, many have declined or have closed. The capital investment we are announcing is important, but it’s our relationship approach that will make the difference in their futures. We want to be a partner to these important institutions and, in turn, have a positive effect on local communities
William Daley, vice chairman of Public Affairs at Wells Fargo

This announcement includes investments in the following institutions:

  • Carver State Bank in Savannah, Georgia
  • Citizens Trust Bank in Atlanta, Georgia
  • First Independence Bank in Detroit, Michigan
  • Liberty Bank in New Orleans, Louisiana
  • Unity National Bank?in Houston, Texas

These investments follow Wells Fargo’s Feb. 8, 2021, announcement regarding its investments in 6?African American MDIs and takes the Company’s total investment to 11 MDIs to date.

Along with that, Wells Fargo will be making its nationwide ATM network available for customers of these 11 MDIs to use at zero fees.

We’ve reported that UK’s first black-owned challenger will soon launch.

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