NORTH CAROLINA – Wells Fargo pledges to invest up to $50 million in six black-owned banks around the country, including North Carolina and South Carolina.
One of the banks getting a big investment is located in Durham. Mechanics and Farmers Bank will get an undisclosed amount. It is the second oldest black-owned bank in the country.
“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,” according to the bank’s announcement on its website.
Optus Bank in Columbia, South Carolina will also receive funds.
“The investment and support from Wells Fargo will allow us to substantially increase our impact on closing the racial wealth gap. We are grateful and committed to ensuring that this capital helps drive transformational wealth building opportunities for our communities and customers.” president and CEO of Optus Bank Dominik Mjartan says.
Other institutions around the country set to get funds:
- Citizens Savings Bank & Trust, in Nashville, Tennessee
- Commonwealth National Bank, in Mobile, Alabama
- Broadway Federal Bank, in Los Angeles, California
- Carver Federal Savings Bank, in New York, New York
The investment is designed to banks’ ability to lend and deposit money.