Wells Fargo 2005 Annual Report Download - page 31

29
Wells Fargo Receives Highest Possible
Rating for Community Reinvestment
Wells Fargo Bank, N.A. received an “Outstanding”rating—the highest
rating possible,earned by less than one of every five national banks
—in its most recent Community Reinvestment Act examination by
the Office of the Comptroller of the Currency (OCC).The Bank met
or exceeded community needs in areas such as affordable housing,
financial education and small business lending.For Wells Fargo,
community reinvestment is not just about meeting the requirements
of a law, it’s about helping our communities grow and prosper. It’s
just good business.We’d do it even if there was no CRA!
Here are just some of the more than
15,000 non-profits we supported in 2005:
Arts
Santa Rosa, California – $3.75 million in financial support over
10 years. Wells Fargo provided a grant to the Luther Burbank Center
for the Arts to help renovate and operate the 140,000 square foot
art and performance venue.Greg Morgan, community banking
president, serves on the board.
Des Moines,Iowa – $1.2 million in financial support and 56 prints
by American artists to the Des Moines Art Center.The project
is one reason Wells Fargo was recognized as one of the “Ten Best
Companies Supporting the Arts in America”by the New York-based
Business Committee for the Arts.
Billings,Montana – 33 years as lead sponsor of Symphony in the
Park,a free cultural event for the community showcasing the Billings
Symphony and other local musicians. Last year 55 team members
helped staff the event.
Lincoln, Nebraska – For the second year in a row, Wells Fargo
sponsored Celebrate Lincoln, an outdoor cultural event featuring
live music,dancing,arts and crafts,and food from around the globe.
Over 40 Wells Fargo team members volunteered at the event.
Hurricane Katrina:
The “Next Stage”
Hurricane Katrina caused unprecedented devastation in the
Gulf States.Our response to help our affected customers also
was unprecedented:
•We allowed them to defer mortgage payments for an initial
90 days,through November 2005.
•We then extended that mortgage deferral period another
90 days,through February 2006.
•During those deferral periods, we suspended all late fees,
negative credit reports and collection calls for them.
•Using dedicated toll-free phone numbers, we helped
affected customers with personal financial counseling to
determine the most reasonable payment solution after
the deferral period ended.
•Residents of Alabama, Louisiana and Mississippi could make
free withdrawals from any Wells Fargo ATM, nationwide through
year-end 2005, whether or not they had a Wells Fargo account.
•We increased the daily spending limit for our ATM and Check
Card customers in affected areas of those states.
•Our affected small business customers could get emergency
increases in their credit lines,bridge loans, term loans, credit
protection, deferred loan payments and fee waivers.
•We deferred credit card payments for affected customers
through year-end 2005, waived over-limit,late,or non-sufficient
funds fees,and suspended collection calls and negative
credit bureau reporting.
•Our Company and team members contributed a total
of $1.5 million to the American Red Cross and United Way
Hurricane Katrina Relief Funds.
$66
01
82
02
83
03
93
04
95
05
Wells Fargo Contributions – 2005
(millions, cash basis)
Corporate America’s 10 Largest Givers–2004
(dollars in millions)
1. Wal-Mart Stores $188.0
2. Johnson & Johnson 121.8
3. Altria Group 113.4
4. Citigroup 111.3
5. Ford Motor 109.8
6. Bank of America 108.0
7. Target 107.8
8. Exxon Mobil 106.5
9. Wells Fargo 93.0
10. Wachovia 81.7
Source: BusinessWeek 11/28/05