Wells Fargo Invests $22.5 Million in Greater L.A. Nonprofits in 2010

Wells Fargo & Company invested a record $17.3 million in 1,600 schools and nonprofits in Greater Los Angeles in 2010 – up 16 percent from 2009. In addition, Greater Los Angeles Wells Fargo employees contributed more than $5 million and 27,724 volunteer hours to local nonprofits and schools to help their neighborhoods and communities succeed. Total investments in the community by Wells Fargo and its employees exceeded $22 million in 2010.

Nationally, the company invested $219 million in grants to 19,000 nonprofits and schools. Employees contributed more than 1.3 million volunteer hours around the country.

"Everyone has been touched in some way by the current economic challenges, so I couldn’t be more proud of our company and the generosity of our team members,” said John Sotoodeh, regional president for Wells Fargo Los Angeles Metro Community Banking. "Our company continues to be committed to using our financial resources and expertise, working closely with nonprofits and other stakeholders, to create long-term economic growth in the communities we serve.”

Team Member Giving and Volunteerism

In 2010, team members in Greater Los Angeles reported more than 27,724 volunteer hours serving nonprofit organizations in their communities and donated more than $5 million of their own dollars to local nonprofit organizations and schools through the company’s Community Support Campaign, which is an annual fundraiser encouraging employees to support any 501(c)(3) nonprofit agency or school, including the United Way.

According to Independent Sector, a U.S. coalition of more than 550 philanthropic organizations, the value of one volunteer hour is $21.36. With 27,724 hours, this means that Wells Fargo team members in the Los Angeles area contributed approximately $592,000 in volunteer time in 2010. Across the country, 39,386 team members recorded 1.3 million volunteer hours, up 10 percent from 2009, for an approximate value of $28.2 million in volunteer time.

About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.2 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, the Internet (wellsfargo.com and wachovia.com), and other distribution channels across North America and internationally. With approximately 280,000 team members, Wells Fargo serves one in three households in America. Wells Fargo & Company was ranked No. 19 on Fortune’s 2010 rankings of America’s largest corporations. We want to help all of our customers succeed financially and create long-term economic growth and quality of life for everyone in our communities. In 2010, the Company invested a record $219 million in grants in 19,000 nonprofits, and team members contributed more than 1.3 million volunteer hours around the country. For more information, please visit: www.wellsfargo.com/about/csr.