Business
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.

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
Oakland Post: Week of June 18 – 24, 2025
The printed Weekly Edition of the Oakland Post: Week of June 18 – 24, 2025

To enlarge your view of this issue, use the slider, magnifying glass icon or full page icon in the lower right corner of the browser window.
Activism
OPINION: California’s Legislature Has the Wrong Prescription for the Affordability Crisis — Gov. Newsom’s Plan Hits the Mark
Last month, Gov. Newsom included measures in his budget that would encourage greater transparency, accountability, and affordability across the prescription drug supply chain. His plan would deliver real relief to struggling Californians. It would also help expose the hidden markups and practices by big drug companies that push the prices of prescription drugs higher and higher. The legislature should follow the Governor’s lead and embrace sensible, fair regulations that will not raise the cost of medications.

By Rev. Dr. Lawrence E. VanHook
As a pastor and East Bay resident, I see firsthand how my community struggles with the rising cost of everyday living. A fellow pastor in Oakland recently told me he cuts his pills in half to make them last longer because of the crushing costs of drugs.
Meanwhile, community members are contending with skyrocketing grocery prices and a lack of affordable healthcare options, while businesses are being forced to close their doors.
Our community is hurting. Things have to change.
The most pressing issue that demands our leaders’ attention is rising healthcare costs, and particularly the rising cost of medications. Annual prescription drug costs in California have spiked by nearly 50% since 2018, from $9.1 billion to $13.6 billion.
Last month, Gov. Newsom included measures in his budget that would encourage greater transparency, accountability, and affordability across the prescription drug supply chain. His plan would deliver real relief to struggling Californians. It would also help expose the hidden markups and practices by big drug companies that push the prices of prescription drugs higher and higher. The legislature should follow the Governor’s lead and embrace sensible, fair regulations that will not raise the cost of medications.
Some lawmakers, however, have advanced legislation that would drive up healthcare costs and set communities like mine back further.
I’m particularly concerned with Senate Bill (SB) 41, sponsored by Sen. Scott Wiener (D-San Francisco), a carbon copy of a 2024 bill that I strongly opposed and Gov. Newsom rightly vetoed. This bill would impose significant healthcare costs on patients, small businesses, and working families, while allowing big drug companies to increase their profits.
SB 41 would impose a new $10.05 pharmacy fee for every prescription filled in California. This new fee, which would apply to millions of Californians, is roughly five times higher than the current average of $2.
For example, a Bay Area family with five monthly prescriptions would be forced to shoulder about $500 more in annual health costs. If a small business covers 25 employees, each with four prescription fills per month (the national average), that would add nearly $10,000 per year in health care costs.
This bill would also restrict how health plan sponsors — like employers, unions, state plans, Medicare, and Medicaid — partner with pharmacy benefit managers (PBMs) to negotiate against big drug companies and deliver the lowest possible costs for employees and members. By mandating a flat fee for pharmacy benefit services, this misguided legislation would undercut your health plan’s ability to drive down costs while handing more profits to pharmaceutical manufacturers.
This bill would also endanger patients by eliminating safety requirements for pharmacies that dispense complex and costly specialty medications. Additionally, it would restrict home delivery for prescriptions, a convenient and affordable service that many families rely on.
Instead of repeating the same tired plan laid out in the big pharma-backed playbook, lawmakers should embrace Newsom’s transparency-first approach and prioritize our communities.
Let’s urge our state legislators to reject policies like SB 41 that would make a difficult situation even worse for communities like ours.
About the Author
Rev. Dr. VanHook is the founder and pastor of The Community Church in Oakland and the founder of The Charis House, a re-entry facility for men recovering from alcohol and drug abuse.
Antonio Ray Harvey
Air Quality Board Rejects Two Rules Written to Ban Gas Water Heaters and Furnaces
The proposal would have affected 17 million residents in Southern California, requiring businesses, homeowners, and renters to convert to electric units. “We’ve gone through six months, and we’ve made a decision today,” said SCAQMD board member Carlos Rodriguez. “It’s time to move forward with what’s next on our policy agenda.”

By Antonio Ray Harvey
California Black Media
Two proposed rules to eliminate the usage of gas water heaters and furnaces by the South Coast Air Quality Management District (SCAQMD) in Southern California were rejected by the Governing Board on June 6.
Energy policy analysts say the board’s decision has broader implications for the state.
With a 7-5 vote, the board decided not to amend Rules 1111 and 1121 at the meeting held in Diamond Bar in L.A. County.
The proposal would have affected 17 million residents in Southern California, requiring businesses, homeowners, and renters to convert to electric units.
“We’ve gone through six months, and we’ve made a decision today,” said SCAQMD board member Carlos Rodriguez. “It’s time to move forward with what’s next on our policy agenda.”
The AQMD governing board is a 13-member body responsible for setting air quality policies and regulations within the South Coast Air Basin, which covers areas in four counties: Riverside County, Orange County, San Bernardino County and parts of Los Angeles County.
The board is made up of representatives from various elected offices within the region, along with members who are appointed by the Governor, Speaker of the Assembly, and Senate Rules Committee.
Holly J. Mitchell, who serves as a County Supervisor for the Second District of Los Angeles County, is a SCAQMD board member. She supported the amendments, but respected the board’s final decision, stating it was a “compromise.”
“In my policymaking experience, if you can come up with amended language that everyone finds some fault with, you’ve probably threaded the needle as best as you can,” Mitchell said before the vote. “What I am not okay with is serving on AQMD is making no decision. Why be here? We have a responsibility to do all that we can to get us on a path to cleaner air.”
The rules proposed by AQMD, Rule 1111 and Rule 1121, aim to reduce nitrogen oxide (NOx) emissions from natural gas-fired furnaces and water heaters.
Rule 1111 and Rule 1121 were designed to control air pollution, particularly emissions of nitrogen oxides (NOx).
Two days before the Governing Board’s vote, gubernatorial candidate Antonio Villaraigosa asked SCAQMD to reject the two rules.
Villaraigosa expressed his concerns during a Zoom call with the Cost of Living Council, a Southern California organization that also opposes the rules. Villaraigosa said the regulations are difficult to understand.
“Let me be clear, I’ve been a big supporter of AQMD over the decades. I have been a believer and a fighter on the issue of climate change my entire life,” Villaraigosa said. “But there is no question that what is going on now just doesn’t make sense. We are engaging in regulations that are put on the backs of working families, small businesses, and the middle class, and we don’t have the grid for all this.”
Rules 1111 and 1121 would also establish manufacturer requirements for the sale of space and water heating units that meet low-NOx and zero-NOx emission standards that change over time, according to SCAQMD.
The requirements also include a mitigation fee for NOx-emitting units, with an option to pay a higher mitigation fee if manufacturers sell more low-NOx water heating and space units.
Proponents of the proposed rules say the fees are designed to incentivize actions that reduce emissions.
-
Activism4 weeks ago
Oakland Post: Week of May 21 – 27, 2025
-
Activism3 weeks ago
Oakland Post: Week of May 28 – June 30, 2025
-
#NNPA BlackPress2 weeks ago
It Just Got Even Better 2026 Toyota RAV4 AWD GR Sport Walkaround
-
Activism3 weeks ago
Remembering George Floyd
-
#NNPA BlackPress4 weeks ago
Hate and Chaos Rise in Trump’s America
-
#NNPA BlackPress4 weeks ago
House GOP Passes Budget Bill That Prompts Largest Cuts to Health Care in History
-
#NNPA BlackPress3 weeks ago
WATCH: Five Years After George Floyd: Full Panel Discussion | Tracey’s Keepin’ It Real | Live Podcast Event
-
#NNPA BlackPress4 weeks ago
OP-ED: Oregon Bill Threatens the Future of Black Owned Newspapers and Community Journalism