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Wells Fargo Invests in 5 Additional Black-Owned Banks

Wells Fargo is also supporting each MDI’s development through a banking relationship in the form of a single touchpoint coverage model that will help them access Wells Fargo’s expertise and pursue strategic priorities like entering new markets, expanding locations, designing new products, and hiring staff to support loan growth.

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Wells Fargo has invested in 11 Minority Depository Institutions in 2021 as part of a $50 million pledge and a commitment to foster economic growth in Black and African American communities

     On Tuesday, Wells Fargo & Company (NYSE: WFC) announced equity investments in five African American Minority Depository Institutions, or MDIs, as part of its March 2020, pledge to invest up to $50 million in Black-owned banks. 

     As part of the equity capital investment, Wells Fargo is also offering access to a dedicated relationship team that can work with each MDI on financial, technological, and product development strategies to help each institution strengthen and grow.

    “The country’s MDIs are vital to minority communities, but over the last two decades, many have declined or have closed. 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,” said William Daley, vice chairman of Public Affairs at Wells Fargo.

     Tuesday’s announcement includes investments in the following institutions:

  • Carver State Bank in Savannah, Ga.
  • Citizens Trust Bank in Atlanta, Ga.
  • First Independence Bank in Detroit, Mich.
  • Liberty Bank in New Orleans, La.
  • Unity National Bank in Houston, Texas

    These investments follow Wells Fargo’s Feb. 8, 2021, announcement regarding its investments in six African American MDIs and takes the Company’s total investment to 11 MDIs to date. 

    In addition, Wells Fargo will be making its nationwide ATM network available for customers of these 11 MDIs to use without incurring fees.

    “Guided by our founding principles to promote financial stability and equality for all communities, Citizens Trust Bank is proud to partner with Wells Fargo in expanding these efforts. The partnership enhances our ability to deploy more capital in our markets and beyond. We appreciate Wells Fargo for its commitment and alliance in providing solutions to the very important challenge of addressing inequalities that disproportionately impact communities of color,” said Cynthia N. Day, president and CEO of Citizens Trust Bank.

    Wells Fargo’s financial commitments are in the form of critical equity capital, which is foundational to the MDIs’ ability to expand lending and deposit-taking capacity in their communities. The investments, primarily non-voting positions, are designed to enable the banks to maintain their MDI status. 

    Wells Fargo is also supporting each MDI’s development through a banking relationship in the form of a single touchpoint coverage model that will help them access Wells Fargo’s expertise and pursue strategic priorities like entering new markets, expanding locations, designing new products, and hiring staff to support loan growth.

   Wells Fargo’s financial commitment announced Tuesday complements additional initiatives that aim to serve all of our customers and communities:

  • On March 30, 2021, Wells Fargo closed on a $5 million patient capital loan to Hope Enterprise Corporation (HOPE), a 501(c)(3) and a certified Community Development Financial Institution that is dedicated to strengthening communities, building assets, and improving lives in the Delta and other economically distressed areas of the Deep South. HOPE plans to use the funds as secondary capital for its credit union, providing financial services to underserved markets and people in the Deep South. Based in Jackson, Mississippi, HOPE serves Alabama, Arkansas, Louisiana, Mississippi, and Tennessee.
  • On March 25, 2021, Wells Fargo was one of several U.S. banks and payment technology companies named as investors in Greenwood, the digital banking platform for Black and Latino individuals and business owners, as part of Greenwood’s $40 million of Series A funding. Greenwood is partnering with FDIC-insured banks to give customers the ability to spend and save securely and will feature best-in-class online banking services, innovative ways to support minority-owned banks, and give-back programs focused on Black and Latino causes and businesses.

       In the 10 years spanning 2009 to 2018, Wells Fargo was the No. 1 financier of home loans to African Americans and originated more mortgages to help Black home buyers purchase homes than the four other largest bank lenders combined.

 

 

Edith Rocío Robles is the assistant vice president of Corporate Communications for Wells Fargo Community Banking, Bay Area Region.

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Business

Car Wash Workers Cope with Lingering Impacts of ICE Raids

WAVE COMMUNITY NEWSPAPERS — Hundreds of car wash workers across Southern California have been detained in federal immigration raids, leaving lingering impacts on families and communities. Mario, a 33-year U.S. resident and father of three, was arrested at a Santa Ana car wash last August and held for two months.

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Photo: iStockphoto / NNPA.

LOS ANGELES — Mario relied on his job in the car wash industry to raise his three children. It was during a shift at a Santa Ana car wash last August that he was arrested by federal agents, taken to a U.S. Immigration and Customs Enforcement detention center and held for two months.

“They made me sleep on the cold floor for a week without a blanket, a toothbrush or basic medical care for the injured man next to me,” Mario, a 33-year resident of the United States, said at a news conference earlier this summer at Inglewood’s Crenshaw Imperial Car Wash, which is now closed after being raided by federal agents.

Mario, who is being identified only by his first name for safety reasons, is among hundreds of car wash workers detained across Southern California in the year since the Trump administration began an aggressive immigration crackdown in the region, according to the CLEAN Carwash Worker Center.

News of raids by masked agents has faded from the headlines, but the effects still linger for those caught in the crosshairs. Family members have been deported or left to languish in detention, and many who remain live with the fear of being hunted down by immigration officers.

At least 373 car wash workers have been detained at car washes across Southern California since the raids began last summer, according to figures compiled by CLEAN. The group’s data also shows federal agents raided or attempted to raid at least 106 car washes in communities across Los Angeles, Orange County and surrounding areas, including Inglewood, Culver City, Westchester, Bell and Whittier.

CLEAN, an advocacy group founded in 2007, has been fighting to protect car wash workers from exploitation and unsafe conditions. When the raids began last year, the group sprang into action, working around the clock to help detained workers and provide their families with legal and financial support.

“We gathered our information from workers, managers, and owners of the car washes that were being raided,” CLEAN Deputy Director Andrea Gonzalez said. “We also gathered information from rapid response teams who were on the ground responding to the raids.”

The Department of Homeland Security did not respond to a request for comment on the group’s findings.

Mario said he was one of seven workers at the Harbor Blvd Car Wash detained on the same day last August, but the only one who has been released. He said he refused to sign deportation papers and is fighting to stay in the United States, a process that has drained his family emotionally and financially.

“Being released is not the same as being free,” he said.

During Mario’s detention at the Adelanto ICE Processing Center, his wife and children struggled to cope with his sudden absence while fighting for his release, his wife Alejandra said.

“The employer gave us a video showing my husband being taken away under arrest, treated worse than a common criminal, with chains binding his legs, arms and waist,” Alejandra said. “It wasn’t right.”

The experience of a car wash worker named José was recounted at the news conference by the Rev. Andy Schwiebert of Immanuel Presbyterian Church in Los Angeles, who said agents “took him” from the La Cienega Car Wash last August.

José’s wife is a U.S. citizen, Schwiebert said, and José had a pathway to gaining citizenship before he was detained. By the time a judge ordered his release on bond, the car wash had shut down, Schwiebert said, leaving José without a job.

“These raids did not just target workers; they destabilized families, congregations, workplaces and entire communities,” Schwiebert said.

The administration’s aggressive enforcement operations have continued across the nation in the months since José’s and Mario’s detention, with ICE arrests in July surging to their highest rate so far under President Donald Trump.

Last month, ICE agents shot and killed Lorenzo Salgado Araujo, a 52-year-old father of three in Houston. Less than a week later, an immigration officer fatally shot 26-year-old Johan Sebastián Duran Guerrero in Biddeford, Maine.

Back in Inglewood, Mario said he was grateful to share his story and that, even though he was released, his experience in detention stays with him.

“I still feel frustrated and traumatized,” Mario said, “because my life is no longer the same as it used to be.”

Ernesto Ureño is a Loyola Marymount University journalism major and intern at Capital & Main, a nonprofit publication focused on inequality. It is published here with permission.

Based on reporting by Wave Community Newspapers.



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Black History

George Cook: The Inventor Who Made Fishing Smarter

George Cook was a Black American inventor from Louisville, Kentucky. He was born in 1863, during a time when Black Americans faced unfair laws, limited opportunities, and many barriers to education, jobs, and recognition. Even with these challenges, he became known for his intell

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A copy of the patent for George Cook’s Automatic Fishing Device. Public domain.

George Cook was a Black American inventor from Louisville, Kentucky. He was born in 1863, during a time when Black Americans faced unfair laws, limited opportunities, and many barriers to education, jobs, and recognition. Even with these challenges, he became known for his intelligence, honesty, and ability to think in practical ways. Some records say he worked as a cook for Buffalo Bill Cody and later as a chef on a private dining car for the Louisville and Nashville Railroad. He was even known by the nickname “Honest Mister Cook.”

As with many Black American inventors and scientists of that era, there is little biographical information about Mr. Cook.

Cook’s most famous invention was the Automatic Fishing Device. He received U.S. Patent No. 625,829 for it on May 30, 1899. His patent shows that he was not just someone with an idea, but someone who made it happen.

So, what did the Automatic Fishing Device do? Imagine fishing with a line in the water. Usually, you have to watch carefully and pull the line at just the right moment when a fish bites. Cook wanted to make that process easier. His device was designed to react when a fish pulled on the line. The tension from the fish would trigger a lever. That lever would release a spring-loaded part of the device, causing it to move quickly and help pull in the line. The device also had an alarm gong that would ring to let the fisher know something was happening.

This invention was important because it used simple mechanical ideas in a clever way. Springs, levers, rails, and alarms were not new by themselves, but Cook combined them to solve a real problem. His device showed how inventors often take familiar parts and arrange them in a new way to make life easier. 

Cook looked at fishing and asked, “How can this be improved?” Then, he created a device that could respond automatically when a fish tugged on the line. His invention let fishermen relax instead of watching the line for hours, trusting the alarm to alert them.

Cook may not be as famous as some inventors, but his Automatic Fishing Device shows that creativity and innovation can be applied anywhere. His legacy lives on as part of the larger story of Black innovation in America.

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Business

Gov. Newsom Announces $109.6 Million in Funding for 278 Supportive Homes in Bakersfield, Contra Costa, Sacramento and Fresno

POST NEWS GROUP — “Every Californian deserves a safe place to call home, particularly the veterans who bravely served our country,” said Newsom in a statement on July 23. “California voters approved Proposition 1 because they know we must do more to address homelessness and behavioral health challenges.”

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Last week, Gov. Gavin Newsom announced $109.6 million in Proposition 1 funding to create 278 permanent supportive homes in Bakersfield, Contra Costa County, Sacramento and Fresno, including 103 homes reserved for veterans experiencing or at risk of homelessness.

The funding, awarded through California’s Homekey+ program, is intended to expand permanent supportive housing and behavioral health services for veterans and other Californians experiencing or at risk of homelessness. State officials said the investment advances Proposition 1, the voter-approved measure aimed at increasing housing, treatment and support services for people with behavioral health needs.

“Every Californian deserves a safe place to call home, particularly the veterans who bravely served our country,” said Newsom in a statement on July 23. “California voters approved Proposition 1 because they know we must do more to address homelessness and behavioral health challenges.”

The largest award, nearly $32.6 million, will help the City of Fresno and Parkway Prime LLC convert an interim housing project into 84 permanent supportive homes at Parkway Terrace, including nine units reserved for veterans. The City of Sacramento and Urban Capital LLC will receive nearly $31.9 million to develop the Rio Linda Senior Housing Project, which will include 100 homes, 49 of them reserved for veterans.

Contra Costa County and Satellite Affordable Housing Associates will receive $28.8 million to develop an 82-unit senior housing community, with 62 units designated for people experiencing or at risk of homelessness who have behavioral health challenges, including 30 units for veterans. In Bakersfield, Community Action Partnership of Kern will receive nearly $14.1 million to convert a 38-room motel into 30 permanent supportive homes, with 15 units reserved for veterans.

State officials also announced an additional $2.3 million for three previously awarded Homekey+ projects in Olivehurst, Sanger and Stockton, primarily to support operating costs and increase veteran housing.

Since its launch, Homekey+ has awarded $968.4 million to 54 permanent supportive housing projects expected to create 2,749 affordable homes statewide, including 723 homes reserved for veterans. Officials said Proposition 1 is expected to expand California’s behavioral health system by funding additional supportive housing, treatment facilities and services for people experiencing homelessness and behavioral health challenges.

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