Transcription
Wells Fargo:Serving Native American CommunitiesSeptember 2002
Presentation by:Paul H. OlsonCommunity Bank PresidentNortheast ArizonaWells Fargo Bank Arizona, N.A.211 North Leroux StreetFlagstaff, AZ 86001928-774-5031paul.h.olson@wellsfargo.com
Vision of Wells Fargo & CompanyTo satisfy all of our customers’financial needs and help themsucceed financially.
ValuesOur product is serviceOur value added is financialadvice andOur competitive advantage is ourpeople
Vision of Wells Fargo & CompanyTo satisfy all of our customers’financial needs and help themsucceed financially.
Wells Fargo Native AmericanCommunities!!!!Wells Fargo’s Community Bank 23-state territorycontains 90% of federally-recognized tribes and amajority of the Native American population of theU.S.Wells Fargo has relationships with 40 tribes in 10statesWells Fargo has more stores on Indian Reservationthan any other financial services companyThe Native American Banking Services group createsjobs and economic opportunities through lending andinvestments on tribal lands
Wells Fargo’s Retail Networkin Native American Communities!!!Wells Fargo has 17 banking locations on IndianReservation landsAlaska1 storesArizona6 storesColorado1 storeNew Mexico2 storesSouth Dakota2 storesUtah4 storesWyoming1 storeThese stores serve predominantly low- andmoderate-income areasIn most cases, these are the only banks servingthese reservations
Native American Communities inArizona!!!Native American population:192,202 5.2% of stateNavajo Nation largest tribe inU.S. (175,000)6 stores on the NavajoNation!5 Traditional Stores!!!!!!Window Rock, AZChinle, AZKayenta, AZTuba City, AZShiprock, N.M.1 In Store, Bashas’Supermarket!Pinion, AZSource: 1990 Census
Why Bank on the Navajo Nation?!!!!!!In 1993 Norwest bought Citibank ArizonaCitibank had 2 stores on the Navajo Nation! Window Rock and Tuba CityStores in very poor physical conditionNavajo Leadership asked for Norwest helpNorwest built 4 new storesWhy? Company Vision! 27.9% unemployment! 11,835 median family income vs. 35,225 national avg.
Navajo Initiatives!!!!!!Expanded our banking facilities (4 new buildings)Participation in Decision Making: CommunityAdvisory BoardEmployees are NavajoSmall Business DevelopmentLoan Commitment for Mortgage and ConsumerCredit Needs Assessment! CARE: Education Program for chapter houses andschools! KEY: Financial Education for community andemployees! LIFT: Low Income Flexible Terms
Window Rock
Where we are today!!!!!Northeast AZ numbersonly44 Employees 1.2mm PersonnelExpense 5mm of CommercialcommitmentsFinancially viable ialTotal63,6708,96772,63749,78416,59966,383Aug, 000's
Open More Branches?!!!!!!!Closest current WF location to prospective areaNormally we look for areas with high economicgrowth! Low HH growthNumber of competitorsCan’t use normal financial model or time frameOur goal is to Partner with a tribe! Politics usually gets in the way! Maturity of governance is keyFormat: Prefer stand alone buildingsDon’t be concerned with sovereignty
Wells Fargo Involvement with ArizonaNative American Organizations!!!!!Wells Fargo has the most stores on Native Americanreservations (6 stores)Participating lender in National One-Stop MortgageProgramWFHM Approved HUD 184 LenderFocus on Native American loans through WellsFargo’s Commercial Banking GroupEmployee and/or Financial Support:! Native Americans for Community Actions, Inc.! National Center for American Indian Enterprises! Arizona Native American Economic Coalition
Northeast Native AmericanInitiatives!!!!!!Navajo Partnership for Housing; 100m grant in 01Fort Defiance Housing Authority; 10m grant in 01Navajo Housing Services; 10m grant in 00Presidents Housing Task ForceIndigenous Community EnterprisesNorthern Arizona University:!!!!!College of Business Administration: retain studentsIndigenous Studies: Governance TrainingSummer Intern ProgramTwilight Dawn, 10m grant in 00Higher Ed Scholarships annually of 5m
Native American MortgageLending Challenges!!Goal: Provide mortgages eligible for thesecondary marketLaws!!Government Policies!!!Obtaining home site leasesBureau of Indian Affairs approval/recordation process multiple officesSecondary Market!!!Tribal sovereignty - each tribe uniqueStreamlined mortgage approval processHomebuyers Club - culturally sensitive creditcounseling EDUCATIONThis took 7 years to achieve on the Navajo Nation
Wells Fargo Home Mortgage, Inc.!!!!!WFHM operates the leading mortgage lendingnetwork in the countryWFHM funds approximately one of every 11 homesfinanced annually in the United StatesWFHM Emerging Markets team specializes inidentifying the opportunities for home lending andservices to underserved markets, especially NativeAmericansWFHM is the leading home purchase lender on tribaltrust landPlaced a HMC in Window Rock
Wells Fargo - HUD 184 Leader!!!Wells Fargo Home Mortgage is the leading nationalprovider of HUD 184 mortgage loans as well as thelargest producer specifically on trust landsCongress created the HUD Section 184 Indian HomeLoan Guarantee Program in 1992, which authorizedHUD to guarantee loans made by private lenders toNative AmericansThe 184 Program is unique because it requiresapproval from two different government entities sincethe land being mortgaged or encumbered is held intrust by the federal government
Resources for the Small BusinessMarket!!!!!Wells Fargo launched theResource Center for SmallBusiness Owners in June 2000(wellsfargo.com/biz)Comprehensive web site thatoffers information, access tobanking product applications,and use ofon- and off-line bankingservicesFinancial education contentincorporated throughout the siteArizona Native AmericanEconomic CoalitionNorthern Arizona UniversitySmall Business Center
Financial Literacy Services!!!!The Salt River Indian Reservation in Phoenix was the launchfor Wells Fargo’s innovative new financial literacy program,Banking On Our Future TMThis program integrates Wells Fargo’s commitment toeducation with its leadership in Internet banking and helpsnarrow the digital divide by bringing the unbankedcommunity into the financial mainstreamThe program was launched with the wellsfargo.com bus, acustomized motor coach designed to bring customereducation and training to any community in the U.S.The bus was developed specifically to support Wells Fargo’sstrategy to bring alternative services to all the bank’s diversecommunities, including Tribal lands
Community Development LendingHighlights Arizona!!!!In 2001, Wells Fargo provided a 1 million line ofcredit to a Native American Tribe to fund interimfinancing for homeownership programsThis tribal organization has approximately 7,500homes under their management with 500 homescurrently under constructionWells Fargo team members have conductedhomeownership seminars for this tribalorganizationWells Fargo has provided 15,000 in grants
SummaryTo satisfy all of our customers’financial needs and helpthem succeed financially.My bank will only be as strongas the community I serve.
Jul 24, 2003 · Wells Fargo Native American Communities! Wells Fargo’s Community Bank 23-state territory contains 90% of federally-recognized tribes and a majority of the Native American population of the U.S. ! Wells Fargo has relationships with 40 tribes in 10 states! Wells Fargo has more stores on Indi
