Wells Fargo is not prepared to end its 32-year relationship with the city of Davenport.
Patrice DeCorrevont, executive vice president of Wells Fargo’s Government and Institutional Banking Group, said the banking giant will attempt to retain the city as its client after Davenport announced its intentions to release a request for proposals for new banking services.
In March, Wells Fargo’s institutional Community Reinvestment Act rating, or CRA, was downgraded by the Office of the Comptroller of the Currency to “needs to improve,” making Wells Fargo ineligible for city funds.
“Our intention is to respond,” DeCorrevont said. “It might end up being thrown out, but we will let the city of Davenport make that decision. This is a 32-year relationship that we don’t wish to see go.”