Protesters to Press Bank on Loan Promise

Joining a coalition of grass-roots groups that aim to keep Wells Fargo to its promise to lend $45 billion for inner-city economic development, a San Fernando Valley organization will protest outside a bank branch in Studio City this morning.

Valley Organized in Community Efforts (VOICE), a coalition of about 15 churches and synagogues, will demonstrate at the Wells Fargo branch at 12251 Ventura Blvd. at 10 a.m. in an effort to “peacefully and legally disrupt their usual banking services,” the group announced in a statement.

At issue is Wells Fargo’s pending takeover of First Interstate Bank, a move that will eliminate as many as 10,000 jobs and more than 300 bank branches in California. In December, Wells Fargo Chairman and Chief Executive Paul Hazen announced a commitment to lend $45 billion over 10 years for low-income housing, minority and inner-city economic development in an effort to win favor for the hostile merger.

In announcing its protest, VOICE noted that Wells Fargo has failed to specify when and where the funds will be distributed. According to the bank’s proposal, the money would be divided among the 13 states where the two banks do business, with $25 billion earmarked for small-business loans and $300 million for charitable contributions.

“Sometimes the only way you can get the attention of someone like Mr. Hazen, who made $5.6 million last year, is to kick him in the pocketbook,” said Cecelia Barragan of Mary Immaculate Catholic Church in Pacoima.