Wells Fargo Commits $50 Million to American Indian/Alaska Native Communities
November 29 2017 - 9:00AM
Business Wire
Company to significantly increase annual
philanthropic giving to American Indian/Alaska Native communities
over five years, launches company-wide initiative to better serve
Indian Country
Wells Fargo & Company (NYSE: WFC) today announced a
five-year, $50 million commitment to American Indian/Alaska Native
communities to help address their unique economic, social and
environmental needs. The company will expand philanthropy programs,
work to improve products and services to meet the financial and
banking requirements of the American Indian/Alaska Native
community, and help create a greater awareness of American
Indian/Alaska Native culture, history and contributions.
“We are only as successful as the communities in which we work,”
said Tim Sloan, Wells Fargo CEO. “Our longstanding relationships
with tribal governments and American Indian/Alaska Native customers
are a point of tremendous pride at Wells Fargo. I am pleased to be
able to make this announcement on behalf of our 268,000 team
members as part of Native American Heritage Month.”
The bulk of the financial commitment will be devoted to
philanthropy aligned with the concerns raised by consulted tribal
stakeholders during the development of the commitment and Wells
Fargo’s 2020 Corporate Social Responsibility focus areas.
- Environmental sustainability:
renewable energy projects and clean water programs.
- Economic empowerment: down
payment assistance and other programs to advance homeownership;
affordable housing development; capacity building for Community
Development Financial Institutions serving small businesses in
Indian Country and asset-building programs that are helping
individual tribal members create wealth through matched savings and
other mechanisms; customized financial capability curriculum; and
post-secondary education programs and scholarships.
- Diversity and social inclusion:
leadership and career development training; cultural awareness and
language preservation programs.
The $50 million commitment will also fund the expansion of
dedicated resources at Wells Fargo for tribal advocacy and
community outreach, including the hiring of a business-relationship
manager who will focus entirely on the American Indian/Alaska
Native market segment. This individual will work closely with Wells
Fargo's National Tribal Advocate, Cora Gaane, and a
cross-functional advisory council that will identify and seek to
address challenges within American Indian/Alaska Native communities
through Wells Fargo’s business and operations, stakeholder and
community engagement, policy and philanthropy.
Wells Fargo has been serving American Indian/Alaska Native
governments and communities for more than 50 years and currently
provides capital and financial services to more than 200 tribal
entities in 27 states, including tribal community development
projects. In 2016, the company developed and published an
Indigenous Peoples Statement in consultation with tribal leaders,
indigenous stakeholders and their representatives, to help guide
Wells Fargo’s decision making for projects where proceeds of Wells
Fargo financing may potentially impact American Indian, Alaska
Native or other indigenous communities. Wells Fargo leaders
consulted some of its American Indian/Alaska Native business
relationships to develop and vet the commitment it is announcing
today.
“Wells Fargo is taking meaningful steps to ensure the bank is
more responsive to the Native communities they serve,” said
Cristina Danforth, President of the Native American Financial
Officers Association. “Aligning staff to better understand our
needs and making a significant financial commitment to nonprofits
serving Indian Country builds on Wells Fargo’s policy approach and
its adoption of the Indigenous Peoples Statement to consider and
honor indigenous communities’ cultural and environmental
concerns. This comprehensive approach is a model we would like
to see adopted by more financial institutions in Indian
Country.”
“Wells Fargo appreciates the engagement we have had with our
tribal customers over more than 50 years, and we respect the
sovereignty of their nations,” said Jon Campbell, head of Corporate
Responsibility and Community Relations at Wells Fargo. “In the past
few years, through dialogue with various tribal leaders and tribal
members, we have learned a great deal about the specific needs and
challenges faced by many of our stakeholders. With the commitment
we announce today, we intend to help address some of those
challenges in partnership with American Indian/Alaska Native
leaders, governments and tribal nonprofit organizations in ways
that are intentional, relevant and inclusive.”
Wells Fargo will announce national grant recipients beginning in
the first quarter of 2018. Community-based, local 501(c)(3)
organizations serving the American Indian/Alaska Native communities
can continue to apply for grants through our online tool.
“Wells Fargo’s substantial new investment in Indian Country in
these three critical areas is a promising development for tribal
nations and communities,” said Jefferson Keel, President of the
National Congress of Americans. “We hope that it signals a fresh
start towards a new partnership between Wells Fargo and Indian
Country, one that understands the needs and priorities of tribal
nations and respects their inherent rights as sovereign
governments.”
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified,
community-based financial services company with $1.9 trillion in
assets. Wells Fargo’s vision is to satisfy our customers’ financial
needs and help them succeed financially. Founded in 1852 and
headquartered in San Francisco, Wells Fargo provides banking,
insurance, investments, mortgage, and consumer and commercial
finance through more than 8,400 locations, 13,000 ATMs, the
internet (wellsfargo.com) and mobile banking, and has offices in 42
countries and territories to support customers who conduct business
in the global economy. With approximately 268,000 team members,
Wells Fargo serves one in three households in the United States.
Wells Fargo & Company was ranked No. 25 on Fortune’s 2017
rankings of America’s largest corporations. The Chronicle of
Philanthropy ranked Wells Fargo No. 3 on its most recent list of
the top corporate cash philanthropists. In 2016, Wells Fargo
donated $281.3 million to 14,900 nonprofits and Wells Fargo team
members volunteered 1.73 million hours with 50,000 nonprofits.
Wells Fargo’s corporate social responsibility efforts are focused
on three priorities: economic empowerment in underserved
communities, environmental sustainability, and advancing diversity
and social inclusion. News, insights and perspectives from Wells
Fargo are also available at Wells Fargo Stories.
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version on businesswire.com: http://www.businesswire.com/news/home/20171129005449/en/
MediaE.J. Bernacki,
415-222-1940ejbernacki@wellsfargo.comorInvestorsJohn
Campbell, 415-396-0523John.M.Campbell@wellsfargo.com
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