Bank of America Doubles MDI Deposits with Additional $100 Million to Support Minority Small Business Owners, Communities
NEW YORK, Oct. 4, 2022 /PRNewswire/ -- Bank of America today announced an additional
This program will double Bank of America's existing
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
MDIs are federal insured depository institutions for which (1)
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.
Anu Ahluwalia, Bank of America
Phone: 1.646.855.3375
anu.ahluwalia@bofa.com
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SOURCE Bank of America Corporation