The current movement for racial reconciliation has raised awareness of the centuries-long wealth gap in America between whites and people of color—and of the role Black-owned banks can play to br.
Wells Fargo Investing $50 Million In Black-Owned Banks
Black Banking [BE file]
124
Wells Fargo, which has a vested interest in Black banking institutions, announced it will be investing $50 million into Black-owned Minority Depository Institutions (MDIs).
The following Black-owned banks will receive help from Well Fargo, Carver State Bank in Savannah, Georgia, Citizens Trust Bank in Atlanta, Georgia, First Independence Bank in Detroit, Michigan, Liberty Bank in New Orleans, Louisiana, and Unity National Bank in Houston, Texas, according to the company statement.
“The country’s MDIs are vital to minority communities, but over the last two decades, many have declined or have closed,” Vice-chairman of Public Affairs William Daley said. “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 effec
International African American Museum Names Dr Tonya M Matthews New CEO islandconnectionnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from islandconnectionnews.com Daily Mail and Mail on Sunday newspapers.
ByEdith Rocío Robles
Wells Fargo has invested in 11 Minority Depository Institutions in 2021 as part of a $50 million pledge and a commitment to foster economic growth in Black and African American communities
On Tuesday, Wells Fargo & Company (NYSE: WFC) announced equity investments in five African American Minority Depository Institutions, or MDIs, as part of its March 2020, pledge to invest up to $50 million in Black-owned banks.
As part of the equity capital investment, Wells Fargo is also offering access to a dedicated relationship team that can work with each MDI on financial, technological, and product development strategies to help each institution strengthen and grow.
External | what does this mean?
This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author.
Wells Fargo invests in five additional black-owned banks 3 hours ago
Source: Wells Fargo Wells Fargo & Company (NYSE: WFC) today announced equity investments in five African American Minority Depository Institutions, or MDIs, as part of its March 10, 2020, pledge to invest up to $50 million in Black-owned banks. As part of the equity capital investment, Wells Fargo is also offering access to a dedicated relationship team that can work with each MDI on financial, technological, and product development strategies to help each institution strengthen and grow.