SAN FRANCISCO - March 12, 2012
Wells Fargo & Company (NYSE: WFC) announced today that it invested $213.5 million in 19,000 nonprofits in 2011, giving more than $200 million for the fourth consecutive year. In addition, Wells Fargo team members increased their donations, which totaled more than $63.9 million and 1.5 million volunteer hours to more than 28,000 nonprofits and schools. For the third year in a row, United Way Worldwide has named Wells Fargo’s annual Community Support and United Way Campaign the No. 1 Giving Campaign.
“Investing in our communities has been one of Wells Fargo’s core values for 160 years,” said Chairman and CEO John Stumpf. “We’re committed to using our financial resources, as well as the expertise of our team members, to help ensure the long-term well being of the communities we serve.”
Wells Fargo’s local decision making model for grants and charitable giving allows team members living and working in Wells Fargo’s communities to direct resources to those organizations and programs that are vital to the success of the communities they call home. Through this process, national-level resources can be distributed through grassroots giving.
In 2011, Wells Fargo’s community investments included $67.8 million to 8,000 educational programs and schools around the U.S., and $63.2 million in grants to nonprofits focused on community development in distressed communities, including affordable housing, homeownership counseling, financial education, workforce development and job creation. In addition, Wells Fargo contributed to nonprofits serving the following causes:
- Arts and Culture: $14.2 million
- Civic¹: $13.7 million
- Environment: $4.4 million
- Human Services: $50.1 million
Team Member Giving and Volunteerism Increases
In 2011, 52,665 team members reported more than 1.5 million community involvement and volunteer hours, an increase of 10.8% from 2010, and valued at $32.1 million². Examples of volunteer activities included Habitat for Humanity builds; restoring parks and public land; and delivering financial education to 111,975 individuals and families using Wells Fargo’s Hands on Banking® program.
“Each year our team members prove that we are truly committed to helping the communities where our customers live, work, and do business, and this year was no exception,” said Jon Campbell, head of the Social Responsibility Group at Wells Fargo. “By giving so generously of their time, talent, and even their personal financial resources, our team members are making a lasting impact on the lives of others, and they’re doing it in increasing numbers.”
In addition to increased levels of volunteer and community service time, Wells Fargo’s team members continued to set records in terms of their donations to nonprofit organizations. In 2011, Wells Fargo team members contributed $41.6 million to more than 25,000 nonprofits and schools during Wells Fargo’s annual Community Support and United Way Campaign. Combined with other year-round donations to nonprofits, team member donations exceeded $63.9 million, a 15% increase over the $55.3 million contributed in 2010 and the ninth straight year of double-digit increases in pledge totals.
Wells Fargo encourages team members to donate to any nonprofit, school or religious institution of their choice. One hundred percent of team member donations go to the organizations they choose. Wells Fargo pays all processing costs, and it matches gifts to qualifying schools through the campaign – and year-round – up to $5,000 per team member.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.3 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, the Internet (wellsfargo.com and wachovia.com), and other distribution channels across North America and internationally. We want to help all of our customers succeed financially and create long-term economic growth and quality of life for everyone in our communities. In 2011, the Company invested $213.5 million in grants in 19,000 nonprofits, and team members contributed more than 1.5 million volunteer hours around the country. For more information, please visit: www.wellsfargo.com/about/csr.
¹Donations in the “Civic” category focus on support to organizations and associations that enhance a community’s quality of life (such as public policy, community beautification, city parks, civic leadership, citizen education, and cultural diversity). Donations in “Community Development” primarily support affordable housing for low-to-moderate income individuals, economic development programs, and revitalization or stabilization of low-to-moderate income communities.
²The value of one volunteer hour is $21.36 according to the Independent Sector, a U.S. coalition of more than 500 philanthropic organizations.