NEW
YORK, Oct. 4, 2022 /PRNewswire/ -- Bank of
America today announced an additional $100
million in low-cost deposits to minority depository
institutions (MDIs), which will facilitate lending, housing,
neighborhood revitalization and other banking services in minority
and low- to moderate-income communities.
This program will double Bank of America's existing $100 million in deposits in MDIs, part of the
company's industry leading $2 billion
portfolio of loans, deposits and investments in Community
Development Financial Institutions (CDFIs) and MDIs.
These low-cost deposits will help MDIs expand their lending
capacity and leverage the investments made by Bank of America and
other institutions across the U.S., as well as the U.S. Department
of Treasury's Emergency Capital Investment Program (ECIP).
"It is well recognized that MDIs are a critical resource to
minority and underserved communities by providing banking services,
creating jobs and helping businesses grow," said D. Steve Boland, Chief Administrative Officer of
Bank of America. "As a founding member of the Economic Opportunity
Coalition, we are committed to finding innovative ways to scale and
expand the reach of our capital to provide access to economic
opportunities and support diverse communities across the
country."
This builds on the company's longstanding work to advance racial
equality and economic opportunity, including $42.5 million in equity investments to 22 MDI and
CDFI banks, of which, Bank of America will acquire up to 4.9% of
common equity. It also includes our commitment of $350 million to over 100 private equity funds
that provide capital to minority and women entrepreneurs and small
business owners.
MDIs are federal insured depository institutions for which (1)
51% or more of the voting stock is owned by minority individuals;
or (2) a majority of the board of directors is minority and the
community that the institution serves is predominantly
minority.
Bank of America
Bank of America is one of the world's leading financial
institutions, serving individual consumers, small and middle-market
businesses and large corporations with a full range of banking,
investing, asset management and other financial and risk management
products and services. The company provides unmatched convenience
in the United States, serving
approximately 67 million consumer and small business clients with
approximately 4,000 retail financial centers, approximately
16,000 ATMs and award-winning digital banking with
approximately 55 million verified digital users. Bank of America is
a global leader in wealth management, corporate and investment
banking and trading across a broad range of asset classes, serving
corporations, governments, institutions and individuals around the
world. Bank of America offers industry-leading support to
approximately 3 million small business households through a suite
of innovative, easy-to-use online products and services. The
company serves clients through operations across the United States, its territories and
approximately 35 countries. Bank of America Corporation
stock (NYSE: BAC) is listed on the New York Stock
Exchange.
For more Bank of America news, including dividend announcements
and other important information, visit the Bank of
America newsroom and register for news email
alerts.
Reporters may contact:
Anu Ahluwalia, Bank of
America
Phone: 1.646.855.3375
anu.ahluwalia@bofa.com
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SOURCE Bank of America Corporation