Magazine article Diverse Issues in Higher Education

Wachovia Announces $10 Million Commitment to Black Community Partnerships

Magazine article Diverse Issues in Higher Education

Wachovia Announces $10 Million Commitment to Black Community Partnerships

Article excerpt

CHARLOTTE, N.C.

Wachovia, which last month apologized for slave ownership by two predecessor banks, said recently it will contribute more than $10 million over five years to community partnerships aimed at benefiting Black Americans.

The Charlotte-based bank says its partnerships will focus on preserving and promoting Black history and culture and improving economic and educational opportunities for Blacks.

Wachovia will donate money and technical assistance and encourage employee volunteerism at The Association for the Study of African-American Life and History, the National Humanities Center, the United Negro College Fund, the Thurgood Marshall Scholarship Fund, the NAACP and the National Urban League.

"Our partnerships reflect feedback and ideas we received from employees, customers and community organizations, including many leaders in the African-American community," says Wachovia chairman and chief executive officer Ken Thompson.

On June 1, the nation's fourth-largest bank said two predecessor banks - the Bank of Charleston (S.C.) and the Georgia Railroad and Banking Company - owned slaves before the Civil War. …

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