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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.

Activism

California-Hawaii NAACP Conference Sues Sec. of State Shirley Weber 

The Elections Code provides for a 20-day period to review the ballot materials and file any legal challenges. Because all legal challenges to ballot materials for the November 8, 2022, statewide general election must be completed by August 15, 2022, the lawsuit was filed on August 1.

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Rick Callender, California-Hawaii conference president of the NAACP, and Shirley Weber, California Secretary of State.
Rick Callender, California-Hawaii conference president of the NAACP, and Shirley Weber, California Secretary of State.

By Edward Henderson, California Black Media

The California – Hawaii State Conference National Association for the Advancement of Colored People (“NAACP”) NAACP and Conference President Rick Callender have taken legal action against California Secretary of State Shirley Weber asking that a statement included in the Argument Against Proposition 26 in the ballot pamphlet for the Nov. 8, 2022, statewide general election be removed.

Prop 26 would permit federally recognized Native American tribes to operate dice games, roulette and sports wagering on tribal lands. On-site wagering at privately operated horse-racing tracks in four specified counties for betters 21 years or older would become legal as well. The proposition also imposes a 10% tax on sports-wagering profits at horse-racing tracks and directs portion of revenues to enforcement and problem-gambling programs.

The lawsuit is challenging a statement from the “No on Prop 26” opposition using a quote from Minnie Hadley-Hempstead, former president of the NAACP’s Los Angeles branch. Hadley-Hempstead’s opposition statement read as follows:

“‘We oppose Prop 26 to protect young people from developing lifelong gambling addictions that often lead to ruined finances, relationships, even homelessness and crime.’ Minnie Hadley-Hempstead, retired teacher and President Emeritus of the Los Angeles NAACP Branch.”

The lawsuit claims the quote gives “the false and misleading impression” that the NAACP opposes Prop 26. The NAACP endorsed Prop 26 in February 2022. In addition, the Los Angeles branch of the NAACP has not endorsed the No on Prop 26 campaign. The NAACP bylaws prohibit local branches from taking positions contrary to the state branch. The lawsuit also raises concern about how the quote was obtained.

“The NAACP is proud to stand with Indian Tribes in strong support of Prop 26 to help further Indian self-reliance,” Callender said in a statement given to California Black Media (CBM). “We are outraged that the card room casinos and their No on 26 campaign would deceptively use the NAACP name in its arguments despite our strong support. We are suing to have these dishonest statements removed from the ballot arguments so it does not mislead voters.”

Callender’s lawsuit further points out that the position ‘President Emeritus’ does not exist within the NAACP and the only branch that can clear use of the trademarked term NAACP in support or opposition of any legislation is the state branch of the organization.

A declaration in support of the lawsuit from Hadley-Hemp. stead describes how she believes she was misled or misunderstood when she was asked to give the statement by Betty Williams, former President of the Sacramento Chapter of the NAACP.

Hadley-Hempstead declared that she was under the impression that Williams still worked for the state branch and believed that her statement against Prop 26 was in solidarity with Callender and the position of the state branch.

In her declaration, Hadley-Hempstead says “If I had known that Ms. Williams wasn’t working on behalf of NAACP, I would have said no right away…… As a long-time NAACP member, I would not agree to lend my name to a public document that took a contrary position to the official NAACP position and would not knowingly violate the NAACP’s bylaws.”

“The card room casino operators responsible for the deceptive No on 26 campaign have a well-documented and deplorable track record of flouting the law,” Callender told CBM. “They’ve been fined millions for violating anti money-laundering laws, misleading regulators, and even illegal gambling. We are suing to prevent their misleading statements from appearing in the voter information guide sent to tens of millions of voters.”

The Elections Code provides for a 20-day period to review the ballot materials and file any legal challenges. Because all legal challenges to ballot materials for the November 8, 2022, statewide general election must be completed by August 15, 2022, the lawsuit was filed on August 1.

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Activism

Oakland City Council Approves Funding for African American Healing Hubs

The economic, physical, and spiritual damage, coupled with the pandemic crisis, must be met with healing and love, said Dr. Wade Nobles, a co-founder of the Black Psychologists Association. “Black people must save ourselves, for no one is coming to our rescue. Therefore, we are working towards constructing an African American Healing Hub that embraces African-centric mental wellness modalities utilizing a holistic approach.”

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Dr. Wade Nobles says the healing hubs proposed by Oakland Front Line Healers will be a first in addressing specific traumas African Americans experience daily living in a racist environment.
Dr. Wade Nobles says the healing hubs proposed by Oakland Front Line Healers will be a first in addressing specific traumas African Americans experience daily living in a racist environment.

By Tanya Dennis

Last week, the Oakland City Council approved $250,000 to assist the East Bay Association of Black Psychologists (EBABP) and Oakland Frontline Healers (OFH) open two emergency mental health centers, one at True Vine Ministries and BOSS in East Oakland.

Oakland Frontline Healers, a collaborative of Black-led non-profits and medical doctors that joined together in April of 2020, to combat COVID-19 in the African American community by providing free PPE, testing, vaccines and support services.

Last October the collaborative, after assessing their successful frontline status in serving the African American community determined they must address other critical issues. They decided to address Black mental health.

Reaching out to the East Bay Association of Black Psychologists, Oakland Frontline Healers discovered that providing mental health services specifically to Black folks would be more detailed then simply securing a space and providing services.

Dr. Wade Nobles, a co-founder of the Black Psychologists Association, revealed that the European model had done a disservice to the African American community. In October 2021, the American Psychologists Association offered a public apology to the African American community with a commitment to “shed racist and colonial roots to embody the principles of equity, diversity, and inclusion to become an actively antiracist discipline.”

With that knowledge, both EBABP and OFH committed to creating an African-centered mental wellness model.

“The COVID-19 pandemic has glaringly illuminated the disparities in America that compromises Black health daily,” Nobles said. “Unfortunately, incarceration or worse is presented as the only recourse as resources addressing Black trauma is extremely limited and for many non-existent.

The economic, physical, and spiritual damage, coupled with the pandemic crisis, must be met with healing and love, he continued. “Black people must save ourselves, for no one is coming to our rescue. Therefore, we are working towards constructing an African American Healing Hub that embraces African-centric mental wellness modalities utilizing a holistic approach.”

Vice-Mayor Rebecca Kaplan spearheaded the City Council to approve $250,000 of City funds towards the training of “culturally congruent” behavioral specialists and frontline workers to support mental wellness in the African American community.

Vice-Mayor Rebecca Kaplan spearheaded the City Council to approve $250,000 of City funds towards the training of “culturally congruent” behavioral specialists and frontline workers to support mental wellness in the African American community.

Vice-Mayor Rebecca Kaplan agreed after attending the group’s town halls and submitted a proposal to award $250,000 to the project for culturally congruent training for behavioral specialists and frontline providers.

“The City Council’s vote of confidence and support is amazing! Their vote aligns with the African-centric tenet that it takes an entire community to ensure the wellness of the village,” said OFH facilitator Tanya Dennis.

The Association of Black Psychologists and Oakland Frontline Healers are currently working with Alameda County on the healing hubs and a healing center that has been in planning since 2015.

Dr. Lawford Goddard, an EBABP representative says, “We are committed to wellness, and treating the whole person and the whole community. Our project with the County, once complete, will also serve as a representative of our culture.”

They envision a space for meetings, conferences and banquets, a place where self-care like yoga, Reiki, urban gardening, massage, dance, drumming, healing circles and fun activities that promote wellness are offered.

“Unfortunately, our project with the County is three years or more in the future and we cannot wait,” Goddard said. “We must help our people now, by working with Oakland Frontline Healers and their emergency healing hubs enabling us to provide services within months.”

The County has committed $19 million toward the purchase of a site to establish a larger complex that will embody African American wellness as envisioned by EBASP.

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Activism

IN MEMORIAM: Oakland’s Own Bill Russell, 88, Greatest Athlete/Civil Rights Activist Ever (Part 1)

NNPA NEWSWIRE — William Felton Russell was born on Feb. 12, 1934, in Monroe, La., and his family moved to West Oakland in 1942 when he was 8. His father found work on the waterfront and in the Bay Area shipyards in the middle of World War II. They instilled in him a history of racial and family pride that helped him survive in a racially discriminatory Boston environment while playing for the Boston Celtics.

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As the first-ranked and highest respected Black sportsman, Bill Russell used his status to lead the nation’s leading Black athletes which included Jim Brown, Lew Alcindor (Kareem Abdul Jabbar) and many others to support Muhammad Ali’s stance against the Vietnam War.
As the first-ranked and highest respected Black sportsman, Bill Russell used his status to lead the nation’s leading Black athletes which included Jim Brown, Lew Alcindor (Kareem Abdul Jabbar) and many others to support Muhammad Ali’s stance against the Vietnam War.

By Paul Cobb, Post News Group Publisher

Bill Russell, the center of attention in professional basketball, died at 88 after becoming the most decorated athlete in all of the team sports in the United States.

The star of the Boston Celtics from 1956-1969, he changed the way basketball was played by applying his rare combination of basketball and track and field athleticism to fashion a defense-centered dominance. In a sport where one’s ability to score points was prized, he reversed the focus by making defensive thinking to prevent others from scoring.

He died on July 31, after more than 70 years of basketball and civil rights activism.

William Felton Russell was born on Feb. 12, 1934, in Monroe, La., and his family moved to West Oakland in 1942 when he was 8. His father found work on the waterfront and in the Bay Area shipyards in the middle of World War II. They instilled in him a history of racial and family pride that helped him survive in a racially discriminatory Boston environment while playing for the Boston Celtics.

In his early years his home was only three blocks east from Ron Dellums, Oakland’s first Black congressman, and just three blocks west from Frank Robinson, Oakland’s first Black Major League Baseball coach.

While living near Ninth and Center streets, he learned early on that one must fight for honor, dignity, and respect by never backing down from any challenge whether through fisticuffs or verbal slights.

He was mentored at Defremery Park and Recreation Center by the late Dorothy Seale Pitts and George Scotlan along with Bill Patterson, who now serves as an EBMUD Director, to stay centered on what mattered.

Even though he pioneered greatness as an athlete and as a scholar/athlete/civil rights activist who fought to achieve dignity and respect for African Americans, his path to recognition and honor was not easy because was not considered good enough to crack the starting five basketball Warriors lineup at McClymonds High School in West Oakland.

He never stopped trying and practicing with his teammates who were better shooters and scorers. But, at 6-foot 10 inches, he was taller and could jump higher and played defense above the rim. He even became the Warriors’ mascot who created a stunning nimble artistic dance routine as the team’s mascot.

(His achievements attracted many who sought to follow in his footsteps with stylized dance routines that were featured during halftime breaks.)

His mother died when he was 12, never seeing Bill win two state prep titles and two national college crowns at the University of San Francisco after being ignored by many colleges because he was Black.

He was a five-time NBA Most Valuable Player and captain of the 1956 U.S. Gold Medal team at the Melbourne Olympics. He drastically altered defensive play by excelling in rebounding, shot-blocking, and passing to ignite a fast-paced style of play.

He won eight consecutive NBA titles from 1959-1966. As a player-coach in his final three seasons, Russell was the first Black coach in North American sports and the first to win a title, doing so in 1968 and again in his 1969 farewell campaign.

He was the first Black player inducted into the Basketball Hall of Fame in 1975 and was awarded the Presidential Medal of Freedom in 2011 by Barack Obama, America’s first Black president, for his civil rights and basketball achievements.

Russell was first among Oakland’s and the country’s athletic achievers. His USF team was the first major college to start three Black players. His Celtics team was the first to start five Black players. He was the first to become a player-coach. And he was the first player-coach to win an NBA title. He was first to be invited by Dr. Martin Luther King, Jr. to speak at the 1963 March on Washington. He was the first athlete to utilize his celebrity by traveling to Mississippi to use sports to bring racial healing after the KKK killed NAACP leader Medgar Evers.

As the first-ranked and highest respected Black sportsman, he used his status to lead the nation’s leading Black athletes which included Jim Brown, Lew Alcindor (Kareem Abdul Jabbar) and many others to support Muhammad Ali’s stance against the Vietnam War.

He always remembered his friends and mentors here in Oakland. Whenever he traveled to Oakland, he would often check in with Maxine Willis Ussery and reminisce about the days when his family would visit her family’s cleaning establishment.

She said he was protective of her and wanted to meet and give his approval to any of her dates and he insisted that he go to dinner with her and fiance Wilfred Ussery to give his approval. Maxine is now the office manager at the Post News Group (Oakland Post).

He paid one of his highest compliments to Bill Patterson for guiding and counseling him since his high school days. He said Patterson helped him understand that he must never allow himself to be a victim. He was proud of Coach Ben Tapscott, the McClymonds’ basketball coach, who not only continued to maintain the school’s tradition as the winningest high school in the country with an emphasis on academic achievements.

He invited Tapscott to share the glory with him when he was inducted and honored by the University of San Francisco.

In an interview with Russell and former WNBA Coach Nancy Lieberman, just months before his passing, he was making plans to donate a jointly signed basketball to salute the achievement of Oakland’s African American Sports and Entertainment Group for purchasing the Oakland Coliseum.

Bill Patterson, Geoffrey Pete, Ben Tapscott, Joe Ellis, Jumoke Hinton, Rev. Gerald Agee, Ray Bobbitt, Arif Khatib, Virtual Murrell, Gary Reeves, Nancy Lieberman, Jonathan Jones, Al Attles, Jr. and many others have asked The Post to put them on the task force to gather the list and honor the Bay Area’s historic cavalcade of Athlete/Activists who also became “firsts” in their respective sports. For those who want to volunteer to be included, please contact Maxine Ussery @510-287-8200 or mussery@postnewsgroup.com.

“We must find a way to honor our highest achievers,” said Bill Patterson and Ben Tapscott

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