BANKING

Community Group Backs Wells’ Takeover Bid: The Greenlining Institute has backed Wells Fargo & Co.’s contested bid for First Interstate Bancorp. The San Francisco-based coalition of minority and community groups asked federal regulators to support Wells’ bid because of its pledge to provide $45 billion for low-income housing, economic development and charitable contributions once the takeover is completed. But the city of Los Angeles, in a letter to federal regulators, voiced its opposition. The letter, dated Monday and released by Mayor Richard Riordan’s office, said the merger of Wells with Los Angeles-based First Interstate would reduce competition for banking services and irreparably harm consumer banking services in California.