Charlotte, N.C. (PRESS RELEASE – February 5, 2010) — Bank of America today issued its fourth quarter Lending & Investing Initiative Report, noting the extension of more than $758 billion in credit during 2009, including nearly $180 billion during the fourth quarter alone. This quarterly report outlines the company’s progress in driving economic recovery through 10 key areas, including lending to consumers and businesses of all sizes, support for municipalities and nonprofits, community development and other initiatives.
The report, which delivers on a commitment to provide greater transparency into the company’s lending and investing efforts across the enterprise, demonstrates how Bank of America has used the government’s investment in the company to support the U.S. economy in critical areas including small business lending, home loan modification solutions and financing of Community Development Financial Institutions (CDFIs). In December, Bank of America fully repaid the U.S. Treasury $45 billion as part of the Troubled Asset Relief Program (TARP).
“Bank of America can only succeed by doing all we can to contribute to the success of our customers, clients and the communities we serve,” said Brian T. Moynihan, president and chief executive officer, Bank of America. “The state of the national economy will continue to have a tremendous influence on our shared progress. But the recovery is underway. Bank of America contributed to this recovery by extending more than $758 billion in credit across both the consumer and commercial sectors, more than any other U.S. bank. This report provides a sampling of what we’re doing and how.”
As part of Bank of America’s commitment to support and stimulate economic activity, the company extended more than $16 billion in new credit to small businesses last year. Bank of America also assisted more than 60,000 small business clients by modifying payment structures to improve their monthly cash flows to help ride out the recession. In the fourth quarter, Bank of America announced it will increase 2010 lending to small- and medium-sized businesses by $5 billion.
During this critical time in America’s economic recovery, Bank of America also surpassed a significant milestone of lending more than $1 billion to CDFIs, becoming the nation’s largest single lender to this group that extends credit to low-income and disadvantaged communities for small business microlending, housing, charter schools, childcare centers, and new primary health care facilities.
Home lending and neighborhood preservation continued to be an important focus for Bank of America. The company extended nearly $87 billion in first mortgages in the fourth quarter, helping more than 400,000 people purchase a home or refinance an existing mortgage. Of this, nearly $23 billion in mortgages were made to 151,000 low- and moderate-income customers. The bank also became the first mortgage servicer to initiate trial modifications for more than 200,000 customers through the federal government’s Home Affordable Modification Program (HAMP), and made 260,000 loan modifications in 2009.
The full report, which provides detailed summaries of Bank of America’s progress in these growth sectors and other areas, can be accessed at bankofamerica.com/ahead.
Bank of America
Bank of America is one of the world’s largest 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 59 million consumer and small business relationships with 6,000 retail banking offices, more than 18,000 ATMs and award-winning online banking with nearly 30 million active users. Bank of America is among the world’s leading wealth management companies and is a global leader in 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 more than 4 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients in more than 150 countries. Bank of America Corporation stock (NYSE: BAC) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange.