Wells Fargo Supports Disaster Recovery With $2 million Grant to Team Rubicon

Rhea-AI Summary

Wells Fargo Foundation has announced a $2 million grant to Team Rubicon, extending over two years to support disaster relief efforts, particularly in the Southeastern United States. Team Rubicon, a veteran-led humanitarian organization, will use the funding through its Ready Reserve Fund to deploy volunteers, including military veterans, first responders, and civilians, for disaster response and recovery operations. In 2024, the organization has already served over 2.9 million individuals. Currently, Team Rubicon volunteers are working in Western North Carolina, cleaning over 150 rooms at a veterans' housing facility. This follows a previous $1.7 million support announced by Wells Fargo in 2023.

Positive

• Secured $2 million in grant funding for disaster relief operations
• Successfully served over 2.9 million individuals in 2024
• Received additional funding following previous $1.7 million support in 2023

Negative

• None.

Insights

Financial Analyst

The $2 million grant from Wells Fargo to Team Rubicon represents a minimal financial impact relative to WFC's $247.7 billion market cap. While this charitable initiative aligns with Wells Fargo's ESG commitments and community engagement strategy, the grant amount is not material to the bank's financial performance or stock valuation. The Ready Reserve Fund contribution and previous $1.7 million support in 2023 demonstrate consistent corporate social responsibility but are unlikely to influence investor sentiment or trading decisions. This type of philanthropic activity is standard for major banks and is already factored into the company's operational expenses.

11/19/2024 - 12:10 PM

Veteran-led humanitarian organization to continue hurricane relief in the Southeast and will deploy expertise when other disasters hit

SAN FRANCISCO--(BUSINESS WIRE)-- The Wells Fargo Foundation is donating $2 million to Team Rubicon over the next two years to support lasting disaster relief, including most recently in the hard-hit Southeastern United States. This funding will enable thousands of volunteers, including military veterans, first responders and civilians to deploy quickly and for extended periods of time, providing critical support to communities as they rebuild.

New grant from Wells Fargo will help veteran-led Team Rubicon continue to clear debris and help communities recover from natural disasters, including active efforts underway in Western North Carolina and Florida. (Photo: Wells Fargo)

The veteran‑led humanitarian organization Team Rubicon serves communities impacted before, during, and after disasters and crises. Since inception in 2010, Team Rubicon says it has launched over 1,200 operations across the globe. So far in 2024 alone, the organization has served over 2.9 million individuals.

Most recently, in Western North Carolina, Team Rubicon Greyshirt volunteers are mucking out more than 150 rooms at the Asheville Buncombe Community Christian Ministry’s Veterans Restoration Quarters, a converted motel providing housing for 250 vulnerable veterans. Volunteers are clearing debris from this facility, using tools from shovels to heavy equipment, allowing the facility to be rebuilt.

“Wells Fargo salutes Team Rubicon’s year-round disaster resiliency, relief and recovery work,” said Anna Bard, head of disaster relief philanthropy, employee giving and volunteerism at Wells Fargo. “Team Rubicon arrives in the moments after a disaster, taking on some of the hardest, dirtiest jobs. They work hand-in-hand with local agencies, going where they’re most needed and staying to help communities heal and rebuild. The level of skill and dedication this veteran-led organization brings to a challenge is inspiring, even drawing in our own employees who volunteer alongside them.”

The $2 million in grant funding from Wells Fargo will go towards Team Rubicon’s Ready Reserve Fund. Team Rubicon leans into its Ready Reserve Fund to prepare for disasters and to conduct trainings for Greyshirts, its cadre of fearless volunteers.

“In times of crisis, our Greyshirts are the backbone of our response efforts, providing crucial support to communities,” said Art delaCruz, CEO of Team Rubicon. “The Ready Reserve Fund allows us to be ready instantly. With forward funding from partners like Wells Fargo, we pre-stage resources and assist survivors within hours of hurricanes like Helene and Milton. The fund also enables us to train before the storms, ensuring we can deploy skilled volunteers.”

In 2023, Wells Fargo announced $1.7 million in support of Team Rubicon, including support for its Team Rubicon TRades Academy designed to address the need for credentialed contractors in communities nationwide, especially after natural disasters. This effort is aimed at offering veterans a meaningful path to employment while also helping people repair one of their most valuable assets – their home.

For more information on Team Rubicon, or to join the mission, visit TeamRubiconUSA.org.

About Team Rubicon

Team Rubicon is a veteran led humanitarian organization that serves global communities before, during, and after disasters and crises. Founded following the Haiti earthquake in 2010, the organization has grown to more than 180,000 volunteers across the United States and has launched more than 1,200 operations domestically and internationally. To drive equity across disaster and humanitarian services, Team Rubicon focuses on three areas of impact: disaster services – from mitigation to immediate response to recovery; rebuild services – maintaining the fabric of communities through resilient building methods; and international services – providing emergent and surge medical services, WASH, and disaster risk reduction. The organization is featured in the Roku original series titled “Team Rubicon,” which highlights the work of Greyshirt volunteers assisting communities across the country. Go to http://www.teamrubiconusa.org for more information.

About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a leading financial services company that has approximately $1.9 trillion in assets. We provide a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management. Wells Fargo ranked No. 34 on Fortune’s 2024 rankings of America’s largest corporations. In the communities we serve, the company focuses its social impact on building a sustainable, inclusive future for all by supporting housing affordability, small business growth, financial health, and a low-carbon economy. News, insights, and perspectives from Wells Fargo are also available at Wells Fargo Stories.

Additional information may be found at www.wellsfargo.com

LinkedIn: https://www.linkedin.com/company/wellsfargo

News Release Category: WF-PESG

View source version on businesswire.com: https://www.businesswire.com/news/home/20241119414312/en/

Media

Kim Erlichson

Wells Fargo

Kim.erlichson@wellsfargo.com

Source: Wells Fargo & Company

FAQ

How much did Wells Fargo (WFC) donate to Team Rubicon in 2024?

Wells Fargo donated $2 million to Team Rubicon, to be distributed over two years for disaster relief efforts.

How many individuals has Team Rubicon served with Wells Fargo (WFC) support in 2024?

Team Rubicon has served over 2.9 million individuals in 2024.

What is Wells Fargo's (WFC) total recent support for Team Rubicon including 2023?

Wells Fargo's total recent support includes $2 million announced in 2024 and $1.7 million announced in 2023.