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US Federal Reserve: Panel12

US Federal Reserve: Panel12

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Published by The Fed

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Published by: The Fed on Jan 23, 2008
Copyright:Attribution Non-commercial


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299 Coon Rapids Boulevard, Suite 12Coon Rapids, Minnesota 55433September 17, 1998Ms. JoAnne F. LewellenAssistant Vice PresidentCommunity Affairs OfficerFederal Reserve Bank of Minneapolis90 Hennepin AvenueP.O. Box 291Minneapolis, MN 55480-0291RE:Norwest CorporationWells Fargo & CompanyPublic Meeting InformatidnDear Ms. Lewellen:The purpose of this letter is to provide a brief written statement to supplement my spokentestimony. As Director of the Anoka County Economic Development Partnership (ACEDP), a501 (c)3 non profit corporation that does economic development within the 21 community AnokaCounty area and President of the Anoka Sherbume County Capital Fund (ASCCF), a multi-bank,multi-investor, community development corporation (CDC) that
makes equity
investments inemerging technology based companies, I would like to go on record as stating that Norwest BankMinnesota has played a key role in the success of both organizations.Besides having a Norwestrepresentative lend time and expertise to the non profit organization the bank has always providedneeded financial support as well. However, it is in the lead role that Norwest played in theformation of the ASCCF that has made the greatest impact on the economic base and job creationin both Anoka and Sherbume Counties.Norwest took a lead role in establishing the foundation of the ASCCF by getting it designated bythe Office of the Comptroller of the Currency as a bank CDC. Norwest was also the firstfederally chartered bank to invest in the ASCCF and is currently its largest investor. The ASCCFnow has 22 investors including 10 banks and all major utility companies serving the Twin Cities.The State of Minnesota through its Department of Trade and Economic Development is the fimdsmost recent investor. The fund has made 22 investments to date and created over 100 goodpaying jobs in the area with potential for hundreds more.Two business incubators along withparticipation from the Urban Initiative Fund and McKnight Foundation have provided even moreresources to the effort.
Ms. LewellenSeptember 17, 1998Page twoOn behalf of ACEDP and ASCCF I would like to personally thank Norwest for the major role itplayed in creating what the commissioner of the Minnesota Department of Trade and EconomicDevelopment called in a MiMeauolis Star and Tribune article “a cutting edge approach toeconomic development”.
September 16, 1998Ms. JoAnn LewellenAssistant Vice President, Community Affairs OfficerFederal Reserve Bank of Minneapolis90 Hennepin AvenuePost Office Box 291Minneapolis, Minnesota 55480-029 1Re: Testimony at the Norwest Corporation /Wells Fargo & Company Public MeetingInformationDear Ms. Lewellen:My name is Warren McLean and I am the President and CEO of the MetropolitanEconomic Development Association, commonly referred to as MEDA.Thank you for giving me the opportunity to testify at this public meeting aboutMEDA’s relationship with Norwest Corporation.For the benefit of the committee,MEDA is a private non-profit minority business development organization. We providesmall business consulting, financing and sales development services to nearly 600minority entrepreneurs each year. We have been in operation for nearly 27 years.For the record, MEDA’s relationship with Norwest has been outstanding.First, Norwest Corporation and its CEO at the time, Phil Harris, was one of 4individuals who helped start MEDA 27 years ago. An original founder and funder,

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