South Florida Business Journal, June 27, 2005
Wachovia Corp.’s Dealer Financial Services division said it is forming a partnership with the National Association of Minority Automobile Dealers (NAMAD) with a goal of lending $1 billion to minority dealers over the next five years.
Wachovia, which has branches throughout South Florida, also said it will work with the dealer association to build relationships with minority dealers and provide financial training and other educational opportunities to workers.
The announcement follows an apology from Charlotte, N.C.-based Wachovia (NYSE: WB) earlier this month for two predecessor banks’ ties to slavery. Wachovia said at the time that it would partner with and fund community organizations to increase awareness of African-American history.
[Editor’s Note: For more on this story, click here.]