In advance of Veterans Day, Wells Fargo & Co. announced Thursday that it is committing $35 million over three years to assist current and former members of the U.S. military.
The large majority of the bank's commitment, $30 million, will come in the form of bank-owned property that will be donated to nonprofit organizations, Wells Fargo said in a news release. The nonprofits will then match the properties to veterans based on individual needs.
Wells is the nation's largest residential lender and servicer with market shares north of 20%, according to figures compiled by National Mortgage News and the Quarterly Data Report.
The bank said that it is also donating to hiring and mentoring initiatives for veterans, financial education efforts, and funds for scholarships.
"With this $35 million commitment, it is Wells Fargo's goal to have a role in our nation's efforts to support military service members, veterans and their families," Jon Campbell, head of community and government relations at Wells Fargo, said in the news release. "Our mission of helping our customers succeed financially holds especially true for the men and women who serve our country through the military."