Wells Fargo Pledges to Help Provide 50 Million Meals to Fight Hunger

Company turns select locations into mobile distribution centers to help local food banks distribute more food

SAN FRANCISCO–(BUSINESS WIRE)–#wellsfargofoodbank–In select cities around the country this summer, Wells Fargo & Company (NYSE: WFC) will launch a Drive-Up Food Bank program to help families who are facing food insecurity during the COVID-19 pandemic. Working with Feeding America®, the largest domestic hunger-relief organization in the country, and its network of member food banks, Wells Fargo will turn many of its locations across the country into mobile food distribution centers with the goal of providing 50 million meals to individuals and families.*

“Americans around the country are hurting right now as they try to make ends meet due to the deep economic impact of COVID-19,” said Bill Daley, vice chairman of Public Affairs at Wells Fargo. “One of the biggest challenges in the current environment is getting food to those who need it most. That’s why Well Fargo is using the broad reach of our locations, including bank branches and corporate properties around the country, to help distribute food and increase accessibility for families facing hunger.”

According to a recent Feeding America analysis, approximately 1 in 6 people may experience food insecurity in 2020 as a result of the COVID-19 pandemic, an increase of 46% compared to 2018. In response to the increased need, the Feeding America network of food banks distributed 20% more food in March compared to average months and estimated an average of just under 30% of people being served are new to charitable food assistance.

The Wells Fargo Drive-Up Food Bank program will run from July through September and open up the outdoor area of many of its locations, including bank branches and office buildings to serve as mobile food distribution centers. Wells Fargo aims to help get more food to Americans in need, who are often making tough choices between food, shelter, and other basic necessities. More information about the Wells Fargo Drive-Up Food Bank program, including cities that will host mobile food distribution events, can be found at wellsfargo.com/foodbank.

Supporting local communities

Wells Fargo is deeply committed to addressing critical issues facing the communities it serves. Since the beginning of the pandemic, the Wells Fargo Foundation has donated more than $175 million to help address critical community needs such as food assistance, financial health, small business, and housing stability in communities across the United States. Most recently, the company launched a new the Open for Business Fund through which it will donate approximately $400 million in gross processing fees generated by the Paycheck Protection Program to help small businesses – particularly racially and ethnically diverse entrepreneurs – stay open, maintain jobs, and recover long-term. The company also launched efforts in June to help more than 100,000 renters and homeowners stay in their homes as they grapple with the financial impact of COVID-19, part of a $1 billion commitment made by Wells Fargo in 2019 to address the housing crisis over six years.

*50 million meals calculation is based on 1) Projected number of meals distributed through Wells Fargo Food Bank Drive-Up events and 2) Wells Fargo’s financial contributions to support Feeding America food banks 7/20/20-10/31/20. $1 helps provide at least 10 meals secured by Feeding America on behalf of local member food banks.

About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.97 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 7,300 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 266,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 30 on Fortune’s 2020 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.

Contacts

Holly Rockwood, 415-930-0456

holly.d.rockwood@wellsfargo.com

Catherine Pulley, 202-258-0706

catherine.pulley@wellsfargo.com