All results
Wells Fargo is finally putting its money where its mouth is. The financial institution has announced investments in six-African American Minority Depository Institutions (MDIs) to support its pledge made in March 2020 to invest up to $50 million in Black-owned banks. Banks will have access to a dedicated Wells Fargo relationship team that will provide product development, technological, and financial expertise in order to help each institution enhance and benefit their local community. “These investments are designed to help the banks become stronger and more impactful to the minority communities they serve, which leads to economic revitalization and job opportunities,” said vice-chairman of Public Affairs at Wells Fargo, Bill Daley. “So many communities have suffered over the past year. MDIs need capital, but they can also benefit from access to other resources, and Wells Fargo is committed to building lasting, strategic relationships with these institutions in support of their...
Yelp isn’t just connecting people with local businesses, but they’re equipping Black-owned banks with the funds needed to support the communities they serve. On Dec. 15, the company announced it has deposited $10 million of its cash reserves into minority-owned financial institutions that support Black and underserved communities. Those institutions include Citizens Savings Bank and Trust Company (Citizens Savings Bank), Broadway Federal Bank (Broadway), and Carver Federal Savings Bank (Carver). According to The Wall Street Journal, 15 years ago America had 36 Black-owned banks. Today government data shows this number has decreased to only 18. “We recognize that the distribution of financial capital is not equitable in the United States, particularly in Black communities, and we know we have a role to play to support a more equitable financial system,” said Yelp’s Chief Financial Officer, David Schwarzbach. “We’re committed to making financial capital available to low-and...
