Wells Fargo & Co. has invested in The Harbor Bank of Maryland and a Washington, D.C., institution as part of a 2020 plan to commit $50 million to Black-owned banks around the country.
Wells Fargo announced Monday that it has made equity capital investments into 13 minority depository institutions, including Baltimore-based Harbor Bank and Industrial Bank of Washington, since announcing plans in March 2020. Wells Fargo did not disclose its specific investments in Harbor Bank or Industrial Bank.
“Harbor Bank is always delighted to gain support in providing financial services to the under-served community,” which has been the bank’s mission since its founding in 1982, said Joseph Haskins Jr., Harbor Bank’s chairman and CEO, in a statement. “We welcome the recent investments from JPMorgan Chase as well as Wells Fargo.”
New York-based JPMorgan Chase partnered with Harbor Bank last year to invest $1 million in businesses owned by people of color in Baltimore.
Wells Fargo has structured its program to help depository banks grow. Investments of equity capital enable the minority institutions to expand lending and deposit-taking capacity in their communities.
“We are a proud partner to all these banks as each serves as a cornerstone to the communities they serve,” said Gigi Dixon, Wells Fargo’s head of external engagement for diverse segments, representation and inclusion.
Wells Fargo also is offering Harbor Bank access to a dedicated team that will work with it on financial, technological and product development strategies. It also will make its nationwide ATM network available with no fees to Harbor Bank customers and to customers of each of the other banks.
Wells Fargo also has made investments in minority depository institutions in Los Angeles; New York City; Savannah, Georgia; Atlanta; Nashville, Tennessee; Mobile, Alabama; Detroit; Durham, North Carolina; Houston; and Columbia, South Carolina.