Wells Fargo has already invested in 11 Minority Depository Institutions earlier this year
Wells Fargo & Company has announced equity investments in 5 African American Minority Depository Institutions (MDIs). That’s a part of its pledge to invest up to $50 million in Black-owned banks.
This announcement includes investments in the following institutions:
- Carver State Bank in Savannah, Georgia
- Citizens Trust Bank in Atlanta, Georgia
- First Independence Bank in Detroit, Michigan
- Liberty Bank in New Orleans, Louisiana
- Unity National Bank in Houston, Texas
These investments follow Wells Fargo’s Feb. 8, 2021, announcement regarding its investments in 6 African American MDIs and takes the Company’s total investment to 11 MDIs to date.
Along with that, Wells Fargo will be making its nationwide ATM network available for customers of these 11 MDIs to use at zero fees.
We’ve reported that UK’s first black-owned challenger will soon launch.