Wells Fargo: Invests in five additional black-owned banks

April 16, 2021

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Laura is a financial reporter, editor, and researcher with a particular interest in fintech innovation, capital markets, and the evolving global banking landscape.

Wells Fargo & Company announced equity investments in five African American Minority Depository Institutions, or MDIs
As part of the equity capital investment, Wells Fargo also offering access to a dedicated relationship team
The country’s MDIs vital to minority communities, but over the last two decades, many have declined or closed
Wells Fargo making its nationwide ATM network available for customers of these 11 MDIs to use without incurring fees
The partnership enhances the ability to deploy more capital in markets and beyond
Wells Fargo’s financial commitments in the form of critical equity capital, foundational to the MDIs’ ability to expand lending