Last year, Wells Fargo announced that it was committing $50 million to Black-owned banks.
Today, they’ve announced that they’ve completed that commitment.
In a press release announcement, it was revealed that the mega-bank made equity-capital investments in The Harbor Bank of Maryland and Industrial Bank of Washington, D.C. In so completing these investments, they totaled their $50 million investment in 13 different Black-owned banks.
Wells Fargo initially announced their mega-commitment of capital on March 10, 2020. It took them just a little over a year to fulfill their commitment.
“We are pleased to announce our investments in the Harbor Bank of Maryland and Industrial Bank, bringing the total number of MDIs (Minority Depository Institutions) in which we’ve made an investment to 13. We are a proud partner to all these banks as each serves as a cornerstone to the communities they serve,” said Gigi Dixon, head of External Engagement for Diverse Segments, Representation and Inclusion at Wells Fargo, in the press release announcement.
But the bank’s investment in MDIs doesn’t just extend to providing some much-needed money. Rather, it also extends to providing some valuable resources, as well.
As part of the investment, Wells Fargo is 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. In addition, Wells Fargo will be making its nationwide ATM network available for customers of these 13 MDIs to use without incurring fees.
Back in April, AfroTech reported that the mega-bank was committed to improving the so-called “ecosystems” of lending institutions that work with underserved (and underbanked) communities.
And just last week. AfroTech reported that the mega-bank had partnered with the Black Economic Alliance Foundation to provide an additional $50 million in an entrepreneur’s fund meant to serve the Black community.
