Wells Fargo to Invest in African American Owned Banks, Savings & Loans

SAN FRANCISCO--(BUSINESS WIRE)--Wells Fargo 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.

$60 Billion Committed to Black Homeownership by Wells Fargo

Wells Fargo & Company has set aside a staggering $60 billion to lend to at least 250,000 black homeowners by the year 2027.

Metropolitan Atlanta’s second-largest bank also pledged to increase the diversity of its home lending sales team and spend another $15 million to give financial education and counseling over the next 10 years.

The announcement came at a recent press conference in Atlanta that was attended by representatives from several organizations including the National Urban League, the NAACP and the National Newspaper Publishers Association – an organization comprised of 211 African-American-owned newspapers and media companies.

“The National Newspaper Publishers Association enthusiastically salutes Wells Fargo Home Mortgage Division for taking steps forward to promote and to advance African-American homeownership,” said NNPA President and CEO Dr. Benjamin F. Chavis, Jr. “As we conclude celebrating 2017 Black History Month, it is aspirational for Wells Fargo to offer $60 billion in loan accessibility specifically for African-Americans who want to purchase and own a home.”

Chavis continued: “This is unprecedented in the mortgage lending space in the United States. Millions of African-American families will now be able to strive more effectively to own a home. This is also about economic justice.”

Chavis said that the NNPA intends to work directly with Wells Fargo to raise public awareness about this new initiative to substantially assist African-Americans to be homeowners across America.”

The banking giant’s commitment was hailed as a direct action to help address the lower homeownership rates in the Black community and it follows Wells Fargo’s announcement to address Hispanic homeownership rates in 2015.

Further, officials said the company’s commitment seeks to increase the diversity of the Wells Fargo Home Lending sales team, and support the effort with $15 million to support a variety of initiatives that promote financial education and counseling over the next ten years.

“Wells Fargo’s $60 billion lending goal can contribute to economic growth by making responsible homeownership possible for more African-Americans in communities across the country,” Brad Blackwell, executive vice president and head of housing policy and homeownership growth strategies for Wells Fargo, said in a statement. “We are proud to be the first mortgage lender to make a public commitment to help increase African-American homeownership. And, we are grateful for the support of key housing and civil rights organizations, who work alongside us to increase economic prosperity in our communities,” Blackwell said.

The company has also pledged to continue to improve diversity of its sales team, including increasing the number of Black home mortgage consultants, noting that they’ll dedicate $15 million to support a variety of initiatives that promote financial education and counseling for African-American homebuyers.

The African-American lending commitment is the second initiative from the company’s Housing Policy and Homeownership Growth Strategies group, a Wells Fargo Home Lending team advancing homeownership for minorities, first-time homebuyers and low- to moderate-income customers.

“Homeownership has become an indispensable part of being a full participant in American society,” National Urban League President and CEO Marc H. Morial said in a statement.

Morial continued: “An erosion of homeownership rates among African Americans represents not only a devastating financial loss but a barrier to full participation in the American dream.”

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Wells Fargo, UNCF, Terrence ‘J’ Jenkins and Natasha Eubanks Team Up to Empower HBCU Students

Company hosts My Life, My Story, #MyUntold Town Hall event for more than 300 Atlanta University Center Consortium (AUCC) students to promote the #MyUntold℠ social media campaign as a platform to affirm positive cultural perceptions.

Today, Wells Fargo & Company (NYSE: WFC) and UNCF (United Negro College Fund) rallied students from three of the nation’s leading Historically Black Colleges and Universities (HBCUs) —Clark Atlanta University, Morehouse College and Spelman College — for an interactive town hall event to promote positive images of African American youth. HBCU alumni, Terrence ‘J’ Jenkins, actor and philanthropist, and Natasha Eubanks, founder and CEO of TheYBF.com, joined Wells Fargo and UNCF leaders to inspire students to use social media to share personal experiences that proactively address cultural mischaracterizations.

Seeking to broaden the current social narrative involving the African American community, Wells Fargo launched the #MyUntoldSMcampaign to offer a more comprehensive perspective on the African American experience. The social media campaign honors the community tradition of storytelling by creating a platform to share personal stories, history and defining moments– while fostering cultural awareness outside of the community. The official #MyUntold website (wellsfargo.com/MyUntold) aggregates user-generated and company-produced content (photos, videos and written posts) to offer visitors deeper insight into African American culture.

Today’s My Life, My Story, #MyUntold Town Hall event engaged HBCU students by empowering them to lead and take personal accountability for enlightening others on the full cultural identity of African American youth. Students were invited to contribute their stories at an onsite photo/video booth, and during “man on the street” interviews captured across campus. To further encourage community engagement, the Haitian Club of Spelman College and the Minority Association of Pre-Medical Students of Clark Atlanta University were presented with a $1,000 check to develop programs to support local community organizations.

“Wells Fargo’s #MyUntold campaign is valuable because it provides an important vantage point of the community that extends one-dimensional storytelling,” says Jenkins. “It’s my hope that coming out of this event students will be inspired to become the official storytellers of their community.”

To date, the social media storytelling campaign has generated hundreds of personal stories from across the country. It has become a catalyst for self-expression that showcases diverse experiences among a common culture.

“Wells Fargo is happy to introduce #MyUntold to millennials in this way. We’ve taken the campaign across the country, and people literally wait in line to share their stories. As a company, we appreciate the opportunity to connect directly with the communities we serve in such a personal way,” says Lisa Frison, vice president, African American Segment manager, Wells Fargo. “HBCU students in particular have the power to become the opinion formers of a generation, and #MyUntold is one way they can use their voice to lead.”

Following the event, students were joined by community members for a #MyUntold themed Instameet. Participants traveled to various campus landmarks to capture photo and video content (to share on Instagram®) that reflects their HBCU experiences.

“Since #MyUntold launched, UNCF has been a strong supporter of the campaign,” says Richard Shropshire, Vice President of Communications and Marketing, UNCF. “This platform aligns with our ongoing relationship with Wells Fargo that includes longstanding support of the UNCF Empower Me Tour and UNCF Evening of Stars, engagement platforms which empower the African American community to aspire to higher education.”

Wells Fargo continues to promote the campaign through efforts with Oprah.Com and Interactive One, creating custom content, including stories from actor and HBCU alumni, Lance Gross, and Grammy-nominated singer-songwriter, Elle Varner. Renowned pastor, author and motivational speaker, Bishop T.D. Jakes recently shared his story about how his father’s sacrifice inspired him to strive for success while reaching back to help others. The company continues to encourage the community to share their own stories using #MyUntold.

About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.8 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through 8,700 locations, 12,800 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 36 countries to support customers who conduct business in the global economy. With approximately 265,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 30 on Fortune’s 2015 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. Wells Fargo perspectives are also available at Wells Fargo Blogs and Wells Fargo Stories.

Contacts

For Wells Fargo & Company
Media
Melody Thuston
312-729-4221
MThuston@golin.com
or
Valerie Williams
704-743-6544
valerie.williams@wellsfargo.com
@ValWilliamsWF