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Left to right: Cobi Lewis and Tracy Curtis of Wells Fargo, Matt Hisel and Rachel Solotaroff of CCC, and Jolie Balocca and Andrew Tweedie of Wells Fargo.
Left to right: Cobi Lewis and Tracy Curtis of Wells Fargo, Matt Hisel and Rachel Solotaroff of CCC, and Jolie Balocca and Andrew Tweedie of Wells Fargo.
Portland nonprofit housing agencies receive $250,000 from Wells Fargo to support health services and housing for vulnerable residents (Photo) - 01/16/18

PORTLAND -- As the city continues to see an increase in homelessness and a decrease in affordable housing, Wells Fargo has given two grants totaling $250,000 to two local nonprofit agencies to help provide vulnerable residents with improved access to healthcare services and housing. Here are the details:

$150,000 to Central City Concern
Central City Concern (CCC) received $150,000 to support the integration of healthcare into three of its projects: the Stark Street Apartments, the Interstate Apartments and its Eastside Health and Housing Center.

CCC broke ground last November on the third of the three buildings in its "Housing is Health" initiative, a pioneering commitment from local hospitals and health organizations to supportive, affordable housing. The two-story health care facility will serve 3,000 people each year with recovery and mental health services, as well as targeted primary care services.

The clinic will include a pharmacy and 52 units of respite care, including 10 units of palliative care. Additional housing will include 90 units of transitional housing and 34 permanent homes. Integrated resident and health support services will help residents stay housed.

"For many years Wells Fargo has been a strong supporter of our efforts to provide both health care and affordable housing to Portland's most vulnerable residents," said CCC President and CEO Rachel Solotaroff, M.D. "We appreciate their confidence in us. Our joint efforts have made a substantial impact on improving the lives of Portland's homeless and low-income population."

$100,000 to Transition Projects
Transition Projects received $100,000 to support the future construction of the 72-unit Low-Income Single Adult Housing (LISAH) project it plans to build in the Kenton neighborhood of North Portland for very low-income residents. The agency expects to start construction in December.

When completed, Transition Projects will rent the deeply affordable, permanent housing to individuals who are transitioning from, or are at risk of, homelessness.

"Wells Fargo has partnered with Transition Projects since 2004, offering support and collaboration to impact the work we do on a daily basis for people experiencing homelessness," said Transition Projects Executive Director George Devendorf. "Through its ongoing grant support, extraordinary volunteerism, employee giving and company matching, Wells Fargo truly makes a difference in the lives of our participants."

Grants Part of $6 Million Total
The two grants are among the 47 totaling $6 million that the Wells Fargo Housing Foundation presented recently to nonprofit groups in 21 states and Washington, D.C., through its Priority Markets Program.

"The Priority Markets Program supports projects, programs and initiatives that help remove barriers to sustainable housing in low- and moderate-income communities," said Region Bank President Tracy Curtis of Portland. "Central City Concern and Transition Projects were among the nonprofits we identified as having a successful history of leading large-scale affordable housing projects and supporting low- to moderate-income residents in our community."

Since 2009, the program has provided grants totaling more than $48 million to nonprofits in more than 125 communities, impacting more than 40,000 people and creating more than 4,000 places for people to call home.

"We are focused on making meaningful contributions to address affordable and sustainable housing," said Martin Sundquist, executive director of the Wells Fargo Housing Foundation. "These grants help revitalize neighborhoods, build stronger communities, and are an example of the positive impact that can be achieved with thoughtful public-private collaboration."

About Central City Concern
Central City Concern, a Portland nonprofit organization founded in 1979, provides housing, health care and employment services for people experiencing homelessness and poverty. Visit centralcityconcern.org for more information.

About Transition Projects
Transition Projects delivers life-saving and life-changing assistance to some of Portland's most vulnerable residents. Whether by helping a homeless veteran and her family find housing, sheltering hundreds of people each night with nowhere else to turn, or opening new pathways to employment, Transition Projects represents an invaluable part of Portland's social fabric.

About the Wells Fargo Housing Foundation
Through community revitalization efforts, the Wells Fargo Housing Foundation donated $20 million in 2016 to support of affordable housing initiatives serving low- and moderate-income households -- including for seniors, veterans, and families. Since its inception in 1993, the Wells Fargo Housing Foundation has invested more than $190 million in such efforts. It has also mobilized more than 4.7 million team member volunteer hours to build and rehabilitate nearly 7,100 homes and counting.

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Wells Fargo Reports Fourth Quarter 2017 Net Income of $6.2 Billion; Diluted EPS of $1.16 - 01/12/18

SAN FRANCISCO -- Wells Fargo & Company (NYSE:WFC) reported net income of $6.2 billion, or $1.16 per diluted common share, for fourth quarter 2017, compared with $5.3 billion, or $0.96 per share, for fourth quarter 2016, and $4.5 billion, or $0.83 per share, for third quarter 2017.

Chief Executive Officer Tim Sloan said, "In 2017 we continued executing on our plan to build a better bank for the future, and I'm proud of the hard work and dedication of our team members to put our customers first as we transform Wells Fargo. Over the past year we have invested billions of dollars into our business and capabilities including risk management, accelerated the pace of innovation, increased our commitment to communities, enhanced team member benefits, and continued to execute on our business strategies to provide long-term value to our shareholders. The progress we made over the past year was evident in the fourth quarter in higher deposits, loan growth particularly in commercial loans, increased debit and credit card transactions, and record client assets under management in Wealth and Investment Management. While we faced challenges in 2017, we are a much better company today than we were a year ago, and I am confident that this year Wells Fargo will be even better."

Chief Financial Officer John Shrewsberry said, "Wells Fargo reported $6.2 billion of net income in the fourth quarter, which included a net benefit from the Tax Cuts & Jobs Act and a gain on the sale of Wells Fargo Insurance Services, partially offset by litigation accruals. Compared with the third quarter we grew both loans and deposits, and our credit performance, liquidity and capital remained exceptionally strong. We returned a record $14.5 billion to shareholders through common stock dividends and net share repurchases in 2017, up 16 percent, and returning more capital to shareholders remains a priority. We've made progress on our efficiency initiatives and remain committed to our target of $2 billion of expense reductions by the end of 2018, which are being used to support our investments in the business, and an additional $2 billion by the end of 2019. In addition, by the beginning of 2019 we expect the amortization of core deposit intangible expense ($769 million in 2018) and the FDIC special assessment to be complete."

The full earnings news release is posted at wellsfargo.com.

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