HBCUnite In Boycotting Wells Fargo
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April 7, 2018
To Bethune-Cookman University students, alumni, faculty & staff, HBCU presidents and chancellors, stakeholders, gatekeepers and all of those to whom this letter may reach:
Bethune-Cookman University is being sued by Wells Fargo Bank for 85 million dollars. In April 2015, Wells Fargo loaned a company called CTL Lending Group $85 million dollars. CTL (through a promissory note) loaned the company Quantum, LLC the 85 million dollars to build two Bethune-Cookman University dormitories. Wells Fargo alleges that the company, Quantum LLC, has defaulted in payments on the mortgage and have made plans to foreclose on the dormitories. Wells Fargo plans to sell the dorms at a public auction. This calculated move would displace more than a quarter of the student population at Bethune-Cookman University, leaving them homeless and severely damaging their academic matriculation.
Volusia County Property Appraiser’s Office has listed the two dorms collectively valued at less than $30 million dollars. Furthermore, in the lawsuit, Wells Fargo Bank is asking the courts to forbid B-CU from buying the dorms for less than the initial 85 million dollar, fraud-born contract calls for if they are foreclosed upon. However, the general public will be able to buy the property that is literally placed right in the heart of the campus of Bethune-Cookman for much less.
Through the massive fraud, lying, cheating, and stealing from the last administration led by Dr. Edison O. Jackson and his henchmen, and the calculated greed of Wells Fargo, it is projected that Bethune-Cookman University will pay Wells Fargo Bank nearly 310 million dollars on a project that was worth less than 30 million.
For too long there has been an attack on our HBCUs. We just experienced the closing of Concordia College in Alabama. We cannot afford to lose one of our country’s most prestigious HBCUs. Not only is Bethune-Cookman University the largest UNCF funded school, but it is the only university founded by an African American woman, Dr. Mary McLeod Bethune whose statue is set to be laid in the United States Capitol at the statuary hall)
Students, alumni, B-CU/HBCU gatekeepers and supporters all around this county and globe: I am asking that you stand with me and boycott Wells Fargo Banks everywhere. I’m asking that you close out all accounts with Wells Fargo Bank and end all business with them. Immediately.
I am here to aid you in the process of finding a better home for your banking and financial needs as well as to offer information on how and why this affects you. We must stand against these greedy conglomerates who are planning the demise of our institutions. Stand with us and boycott Wells Fargo Bank! #closethoseaccounts #protecthome #bcunite
In no way am I implying that we at B-CU should not pay our bills however, through fraudulent, illegal activity we have been entered into a deal that is not only unfair but quite possibly mean the inevitable closing of the doors for our beloved university. Wells Fargo is in a position of power in this matter and the blatant lack of support to our students and university is beyond heartbreaking. For over a century, Bethune-Cookman University has been a pillar of economic pulsation in this Central Florida area specifically Volusia County/Daytona Beach, as well as a beacon of light for many generations of people seeking spiritual and, academic awakening as well as the freedom that is gained through positive self realization. We will not continue to support a machine that supports the dismantling of our institutions.
Anthony D. Banks Jr.
Senior B.S. Candidate Psychology
Minor Religion & Philosophy
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