Wells Fargo Invests in Six Black-Owned Banks

Wells Fargo today announced equity investments in six African American Minority Depository Institutions (MDIs) as part of its March 10, 2020, pledge to invest up to $50 million in Black-owned banks. As part of the capital investment, the banks will have access to a dedicated Wells Fargo relationship team that will provide financial, technological, and product development expertise in order to help each institution grow and benefit their local community. In the ongoing pandemic, communities of color have been disproportionately impacted, and this investment is part of Wells Fargo’s effort to generate a more inclusive recovery across the country.