Bank of America - BAC STOCK NEWS

Bank of America, in collaboration with the Black Economic Alliance Foundation, Morehouse College, and Spelman College, has announced the establishment of the Center for Black Entrepreneurship (CBE) in Atlanta. This initiative aims to cultivate and empower Black entrepreneurial talent by providing education, mentorship, and access to capital. The CBE is backed by $10 million in funding from Bank of America, part of its broader $1 billion commitment to promote economic opportunity and racial equality. The center will offer a comprehensive curriculum and resources to support aspiring Black entrepreneurs.

Bank of America achieved a historic milestone in 2020, filing 722 patent applications, the most in its history, while 85% of its workforce operated remotely due to COVID-19. The bank received 444 patents, also a record, amidst a 1% decrease in overall U.S. patents. Its patent portfolio includes innovations in information security, ATM technology, and AI data integrity. Bank of America ranked #108 on the Intellectual Property Owners Association's list, emphasizing its commitment to innovation and diversity in its workforce.

Bank of America has announced its commitment to achieving net zero greenhouse gas emissions in its operations, financing activities, and supply chain by 2050, aligning with the Paris Climate Agreement. The company plans to set interim science-based emissions targets, particularly for high-emission portfolios. As part of its broader sustainability strategy, Bank of America aims to reduce location-based greenhouse gas emissions by 75% by 2030 and increase the use of zero carbon electricity. The bank will also invest $445 billion in low-carbon technologies by 2030.

Bank of America Community Development Banking (CDB) announced a record $5.87 billion in loans and investments in 2020, exceeding last year’s $4.88 billion. CDB deployed $3.62 billion in debt commitments and $2.25 billion in investments to enhance affordable housing and economic development nationwide. The financing facilitated the creation of over 13,800 housing units, with more than 13,000 deemed affordable. This includes significant contributions towards green housing and facilities for seniors and veterans, supporting Bank of America's broader commitment to advancing racial equality.

Bank of America has announced an increase in its affordable homeownership initiative to $15 billion by 2025, aiming to assist over 60,000 individuals and families in purchasing homes. Initially launched at $5 billion in 2019, the program has already helped nearly 21,000 families with affordable loans and more than $180 million in grants. The initiative focuses on down payments and closing costs, providing significant financial support for low- and moderate-income families, with average assistance of about $14,000 per homebuyer.

Bank of America reported significant digital engagement in 2020, with 39 million digital clients and 31 million active mobile users. The bank saw a 14% increase in clients scheduling appointments digitally, alongside a surge in automated deposits to 84%. Key digital tools like Erica and Zelle gained popularity, with Erica's user base growing 67% to over 17 million. The Life Plan feature attracted over 2.3 million users, while 81% of small business clients became digitally active. Overall, digital sales accounted for 42% of consumer sales, highlighting the bank's focus on enhancing digital capabilities.

On June 2, Bank of America announced a $1 billion four-year commitment to advance racial equality and economic opportunity, allocating $150 million to invest in 40 funds supporting minority-led businesses across 21 U.S. markets. This initiative aims to bridge the capital gap for underrepresented entrepreneurs and create job opportunities. The investments will predominantly target funds managed by diverse teams. Additionally, $50 million is dedicated to supporting minority depository institutions, further enhancing financial accessibility for disadvantaged communities.

Bank of America Corporation will redeem two series of senior notes totaling €3.25 billion on February 7, 2021. This includes €2 billion of Floating Rate Senior Notes and €1.25 billion of 0.736% Fixed/Floating Rate Senior Notes, both due February 7, 2022. The redemption price will be €1,000 per €1,000 Calculation Amount, plus accrued interest, paid on February 8, 2021. Following the redemption, the company will request the Financial Conduct Authority to cancel the notes' listing and the London Stock Exchange to revoke their trading admission.

Bank of America reported its fourth-quarter 2020 financial results, showcasing its robust position as a leading financial institution. The company serves around 66 million clients through extensive banking networks, including 4,300 retail financial centers and approximately 17,000 ATMs. Noteworthy is the 39 million active digital banking users, with 31 million mobile users, highlighting the company's digital momentum. The investor conference call will provide deeper insights into earnings, revenue, and strategies moving forward.