Wells Fargo Announces $50 Million Grant to NAACP
February 01 2023 - 10:07AM
Business Wire
The grant is the single largest donation the
civil rights organization has received to date
Today, Wells Fargo announced a $50 million grant to support the
nation’s largest civil rights and social justice organization in
its continued efforts to advance racial equity in America.
Wells Fargo’s grant will both strengthen the NAACP's local units
and support the organization’s plans to develop a new national
headquarters. The grant will assist NAACP local units and branches
across America by increasing essential staff to implement and
sustain meaningful programming and will support their work to grow
strategic partnerships with key businesses in communities across
the country. In addition, at the national level, the grant will
support the NAACP’s work on policy solutions used to address the
needs of the communities it serves.
“We’re grateful to Wells Fargo for their donation, the single
largest donation the NAACP has ever received from a corporation.
These funds will go directly toward strengthening the NAACP's
grassroots network of local units and branches across all 50
states, as well as the work of the national NAACP,” said NAACP
President and CEO Derrick Johnson. "All corporations play a
critical role in our democracy. They must be engaged as allies in
the fight to end discrimination — in our economy, in our justice
system, across our society, and within their own services.”
Wells Fargo CEO Charlie Scharf said the company is pleased to
support the NAACP in creating a more equitable nation and in
providing better access to economic opportunities for Black
Americans.
“Key to our shared goal to advance equity and economic
opportunities for Black Americans is the work the NAACP local units
and branches do to support communities on a highly local basis,”
Scharf said. “We value our longstanding relationship with the
NAACP, and this grant is meant to strengthen the work we already do
together to close economic gaps that have existed for far too long
in our country.”
The relationship between the NAACP and Wells Fargo spans more
than 20 years. Since 1998, Wells Fargo’s support of the NAACP has
included the funding of the Financial Freedom Center, financial
health programs, and homeownership/home preservation programs.
Wells Fargo has also sponsored key NAACP events, such as the Women
in NAACP Empowerment Brunch, the NAACP Image Awards, and the NAACP
National Convention.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a leading financial
services company that has approximately $1.9 trillion in assets,
proudly serves one in three U.S. households and more than 10% of
small businesses in the U.S., and is a leading middle market
banking provider in the U.S. We provide a diversified set of
banking, investment and mortgage products and services, as well as
consumer and commercial finance, through our four reportable
operating segments: Consumer Banking and Lending, Commercial
Banking, Corporate and Investment Banking, and Wealth &
Investment Management. Wells Fargo ranked No. 41 on Fortune’s 2022
rankings of America’s largest corporations. In the communities we
serve, the company focuses its social impact on building a
sustainable, inclusive future for all by supporting housing
affordability, small business growth, financial health, and a
low-carbon economy.
News, insights, and perspectives from Wells Fargo are also
available at Wells Fargo Stories.
Additional information may be found at www.wellsfargo.com |
Twitter: @WellsFargo
About NAACP
The NAACP advocates, agitates, and litigates for the civil
rights due to Black America. Our legacy is built on the foundation
of grassroots activism by the biggest civil rights pioneers of the
20th century and is sustained by 21st century activists. From
classrooms and courtrooms to city halls and Congress, our network
of members across the country works to secure the social and
political power that will end race-based discrimination. That work
is rooted in racial equity, civic engagement, and supportive
policies and institutions for all marginalized people. We are
committed to a world without racism where Black people enjoy
equitable opportunities in thriving communities.
NOTE: The Legal Defense Fund – also referred to as the NAACP-LDF
- was founded in 1940 as a part of the NAACP, but now operates as a
completely separate entity.
News Release Category: WF-DI
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version on businesswire.com: https://www.businesswire.com/news/home/20230201005186/en/
Media Jonah Bryson NAACP jbryson@naacpnet.org
Media Caroline White Wells Fargo
caroline.o.white@wellsfargo.com
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