Alaska Community Development Investment Results
Investments
Total # of Investments: 16
Total $ amount of Investments: $30,500,000
Alaska Service Highlights
Bank Within East - In 1998, Wells Fargo (formerly National Bank of Alaska) piloted a student-run bank at East High School in a low- and moderate-income area of Anchorage. Wells Fargo and East High School's innovative and nationally-recognized Bank Within East program introduces students to financial services and also provides them with real-life working experiences, including the possibility of a banking career. The program provides actual banking services to students, faculty and staff of East High School. Students open bank accounts, take deposits, cash checks, and provide information about products and services. The store is open three days a week, with hours before school, at lunch and after school. School staff monitor the program and Wells Fargo team members provide guidance, training and support. During the 2001 school year, Wells Fargo team members trained 62 students and employed 32 students through the program. In addition, three students became team members at other full-service Wells Fargo branches in Anchorage.
Community Agent Program - Wells Fargo's Community Agent Program helps Wells Fargo to assess and meet the unique banking and credit needs of remote rural communities in Alaska. Wells Fargo currently has five agents in the communities of St. Mary's, Unalakleet, Kake, Galena and Sand Point. Community agents serve as liaisons between Wells Fargo and those communities not having direct access to a bank. They work within the immediate and surrounding communities to meet basic banking needs by opening checking and savings accounts and helping to complete loan application forms. They also provide information to community members and local schools on personal finance topics such as budgeting, and checkbook balancing. Agents also share their knowledge of the benefits of Internet banking with the communities they serve.
Bank on U Scholarship Program - Established in 1997, Wells Fargo's Bank on U program gives financially disadvantaged students the opportunity to work in a business setting with banking professionals. The Bank on U program was awarded the Pacific Region of the U.S. Department of Labor 2000 Exemplary Voluntary Efforts Award. The program pairs supervised students with a Wells Fargo mentor who meets with them weekly to discuss their progress at school and work. Students who successfully complete the program receive scholarship money to attend the university or vocational school of their choice.
Alaska Investment Highlights
Anchorage Neighborhood Housing Services (ANHS) - In 2001, Wells Fargo invested $200,000 in ANHS. The proceeds of the investment will be used to provide down payment assistance and purchase money second trust deed loans to low- and moderate-income homebuyers in the greater Anchorage, Alaska area. The investment will be made as a long term, low interest rate loan and documented as an Equity Equivalent Investment. Wells Fargo Home Mortgage participates in this program and the former National Bank of Alaska has been a major participant in past years. A Wells Fargo Home Mortgage team member will also be filling a vacant seat on the ANHS board.