(By Christian Spencer for Black Enterprise) Wells Fargo, which has a vested interest in Black banking institutions, announced it will be investing $50 million into Black-owned Minority Depository Institutions (MDIs). The following Black-owned banks will receive help from Well Fargo, Carver State Bank in Savannah, Georgia, Citizens Trust Bank in Atlanta, Georgia, First Independence Bank in Detroit, Michigan, Liberty Bank in New Orleans, Louisiana, and Unity National Bank in Houston, Texas, according to the company statement.
“The country’s MDIs are vital to minority communities, but over the last two decades, many have declined or have closed,” Vice-chairman of Public Affairs William Daley said. “The capital investment we are announcing is important, but it’s our relationship approach that will make the difference in their futures. We want to be a partner to these important institutions and, in turn, have a positive effect on local communities.” Read more here.