Wells Fargo Invests In Local Black-Owned Bank

Wells Fargo recently announced equity investments in six African American minority depository institutions as part of a pledge last year to invest up to $50 million in Black-owned banks. Commonwealth National Bank in Mobile joined banks from Los Angeles, NYC, Tennessee and the Carolinas in the investments. The banks were also granted “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,” Wells Fargo explained. “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.”