Wells Fargo dabbles in investments

Wells Fargo & Co. (NYSE: WFC) on Jan. 24 quietly accepted the U.S. Green Building Council’s LEED (Leadership in Energy & Environmental Design) Gold certification for the interior design of its branch bank office in Portland’s Pearl District.

The bank’s redesign features a large percentage of recycled-content materials. Project leader Bainbridge Design spearheaded the Wells Fargo renovation with the intent to substitute standard Wells Fargo branch office materials with more sustainable counterparts, said Andrea Bainbridge, principal of the design firm.

With the plans in hand, Bainbridge approached the company about pursuing LEED for Commercial Interiors certification, and the firm worked with project construction managers from R&H Construction to document the process.

Bainbridge Design substituted bamboo for laminate on teller stands, and it used hard countertop surfaces made from shredded newspaper and recycled U.S. currency in its check stand and teller stands. Cork, rubber and carpet tile flooring replaced company-specified flooring. All materials removed from the previous tenant were recycled.

Wells Fargo says it has no plans to pursue LEED for any of its other branches, but the company recently provided funding to Houston-based Avenue Community Development Corp.’s green building program. The investment is the first of Wells Fargo’s newly announced Green Equity Equivalent Investments.

Equity equivalent investments are low-interest 10-year loans provided to nonprofits as investment capital. Wells Fargo Community Development Corp. (CDC) plans to provide a subset of the investments for nonprofits working on environmental issues in low- to moderate-income communities.