Wells Fargo Announces North Carolina CRA Rating of ‘Outstanding’
Performance Exam shows high marks in Lending, Investment, Service in low- and moderate-income communities
CHARLOTTE, N.C. – Monday, Wells Fargo & Company announced that its most recent Community Reinvestment Act (CRA) rating for the state of North Carolina is “Outstanding.” Wells Fargo also received a national rating of “Outstanding” from the Office of the Comptroller of the Currency (OCC) as a result of the company’s strong performance on the exam’s components and the company’s proven commitment to serving low- to moderate-income communities. The bank’s strong performance on the exam’s components reflected positive results in North Carolina and other markets the bank serves.
Established by Congress in 1977, the CRA encourages banks to meet the credit needs of all segments of the communities where and with whom they do business, including low- and moderate-income (LMI) populations and individuals.
"While we’re incredibly proud that our national CRA rating reflects the work Wells Fargo has been doing to serve low- and moderate-income communities, we’re also honored that our work in North Carolina has been recognized as ‘Outstanding,’” said Rick Redden, Atlantic Lead Region President. “This result reflects our ongoing commitment to lending to, investing in and providing service to communities around North Carolina. We will continue to promote economic growth, sustainable homeownership and neighborhood stability in low- and moderate-income communities across the state and everywhere else we do business.”
Wells Fargo’s most recent CRA rating covers the years 2012 to 2018. In North Carolina, Wells Fargo received an “Outstanding” rating on the Lending Test, a “Low Satisfactory” rating on the Investment Test, and an “Outstanding” rating on the Service Test.
Wells Fargo maintains a strong commitment to each community it serves. For example, the Wells Fargo Diverse Community Capital program – a five-year, $175 million commitment to empower diverse small businesses in collaboration with Opportunity Finance Network – has delivered more than 322,000 hours of technical assistance and $781 million in financing to minority-owned small businesses, enabling over 103,000 jobs across the U.S. In March, the company announced that it plans to invest up to $50 million in African American Minority Depository Institutions (MDIs) in order to support economic growth in African American communities.
Additionally, since the close of the most recent exam period, Wells Fargo has deepened its commitment to philanthropy in low- to moderate-income communities. In 2019, the company provided $24.6 million in grants to organizations and nonprofits across North Carolina that address local needs. In March, the company announced that it in response to the impact of COVID-19, it would distribute $175 million in donations to help address food, shelter, small business and housing stability, including $250,000 to support the collaborative work of Financial Security CLT, $150,000 to support the new COVID-19 Community Response Fund in Charlotte, which will be managed by Foundation for the Carolinas and United Way of Central Carolinas, $75,000 to support United Way of Greater Triangle’s Rapid Response Fund, $60,000 to support Homeward Bound in Asheville, $50,000 to support the Winston-Salem Foundation’s Community Response Fund, $30,000 to support United Way of Greater Greensboro’s Community Impact Fund, $25,000 to support the Community Foundation of Western North Carolina’s Emergency and Disaster Response Fund, and $15,000 to United Way of Greater High Point’s Community Response Fund.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.98 trillion in assets. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, investment and mortgage products and services, as well as consumer and commercial finance, through 7,400 locations, more than 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 31 countries and territories to support customers who conduct business in the global economy. With approximately 263,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 29 on Fortune’s 2019 rankings of America’s largest corporations. 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.