Wells Fargo and Pastor Partner in $1B Deal

T.D. Jakes
A picture of T.D. Jakes | Image by TDJakes.com

Consumer banking giant Wells Fargo has partnered with a local megachurch pastor on a decade-long neighborhood revitalization project.

Global humanitarian organization T.D. Jakes Group has formed a 10-year partnership with banking giant Wells Fargo & Company on a $1 billion revitalization project, the two organizations announced Thursday.

Together, they intend to drive economic vitality, opportunity, and long-term change in underserved communities.

The joint partnership between the T.D. Jakes Group and Wells Fargo will play a key role in creating lasting and transformative impacts on communities around the nation, according to Charlie Scharf, CEO of Wells Fargo, per the April 27 release.

Over the next 10 years, Scharf said the partnership could result in up to $1 billion in capital and financing, as well as grants from the Wells Fargo Foundation.

“This strategic partnership goes beyond a one-off capital investment and underscores our continued commitment to diverse and inclusive communities,” Scharf explained in the release. “We look forward to seeing the meaningful difference we’ll make together in communities across the country.”

One of the first revitalization projects that will receive Wells Fargo’s financial support will be the Fort McPherson property, a former Army base near Atlanta, Georgia.

In 2022, the T.D. Jakes Group’s real estate division began purchasing land at Fort McPherson, ultimately acquiring roughly 100 acres.

The group’s strategic plan for the property includes “developing the area into an inclusive neighborhood equipped with ample green space, a bike path, [and] recreation centers,” according to the news release.

This is also intended to benefit the historic, cultural, and business districts of Fort McPherson.

The joint efforts of both organizations will go a long way toward advancing humanitarian efforts and helping families leave a lasting legacy for future generations, according to T.D. Jakes, chairman and CEO of the humanitarian group.

“We recognize the need for CEOs like Charlie Scharf, who can bend the arc and aim of Wells Fargo toward correcting systemic inequalities,” Jakes said in the release.

“Disruptive partnerships like this create a paradigm shift in how we can collectively bring long overdue transformation,” Jakes said.

Jakes went on to say, “We are committed to ensuring additional opportunities actually reach as many areas of need that we can influence.”

To ensure consistent economic opportunities, increase homeownership, and foster business creation in underserved communities, the Wells Fargo Foundation and T.D. Jakes Foundation will provide financial empowerment education in multiple cities. This includes Atlanta, Dallas, and Chicago.

The Dallas Express reached out to Amy Bonitatibus, media relations for Wells Fargo, as well as Jordan Hora with T.D. Jakes Group for more information about the strategic partnership and future revitalization efforts, but did not hear back by the time of publication.

Scharf and Jakes will present more information about the partnership and other topics on May 5 during the International Leadership Summit in Orlando, Florida.

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