Wells Fargo Completes Investments in 13 Black-Owned Banks, Fulfilling $50 Million Pledge Made in 2020

Wells Fargo & Company (NYSE: WFC) today announced it has finalized investments in two additional African American Minority Depository Institutions (MDIs): The Harbor Bank of Maryland and Industrial Bank of Washington, D.C. By making these last two equity capital investments, the company has made investments in a total of 13 MDIs and has fulfilled the bank’s March 10, 2020, announcement to commit $50 million to Black-owned banks in communities across the country.

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Wells Fargo invests in 13 MDIs in total (Graphic: Wells Fargo)

“We are pleased to announce our investments in the Harbor Bank of Maryland and Industrial Bank, bringing the total number of MDIs 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. “The way we’ve structured this program goes beyond a simple capital investment; we’ve worked to understand these MDIs, their needs, their strategic aspirations, and their challenges. We want to help them grow so they can continue to be important drivers of economic vitality for years to come.”

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.

“Honoring our 86+ year commitment of educating and helping our communities build generational wealth, Industrial Bank is excited to partner with Wells Fargo in expanding these efforts,” said B. Doyle Mitchell, Jr., president and CEO of Industrial Bank. “Being one of only 20 African American banks in the country, this partnership will enhance our ability to grow and create more opportunities to provide capital to those communities we support. We appreciate Wells Fargo for its commitment to invest in minority institutions and partnering to alleviate the negative impact of financial inequalities on communities of color and closing the racial wealth gap.”