Bank of America - BAC STOCK NEWS

Bank of America allocated over $13 million in 2020 to support Native American communities impacted by the coronavirus. This funding included $10 million to Native American Bank, facilitating small business loans and affordable housing projects, alongside $3.1 million in philanthropic grants to nonprofits addressing health, hunger, and job-related needs.

The bank's investments aim to tackle the economic challenges faced by Native American populations, exacerbated by the pandemic, particularly in states with significant Native American populations.

Bank of America will release its fourth-quarter 2020 financial results on January 19, 2021, at approximately 6:45 a.m. ET. An investor presentation will follow at 8:30 a.m. ET. Interested parties can access the news release and supplemental filing through the Bank of America newsroom and the Investor Relations website. A listen-only connection for the investor presentation is available via phone, and a live audio webcast will also be provided on the company’s website.

Bank of America announced the redemption of all outstanding shares of its 6.200% Non-Cumulative Preferred Stock, Series CC on January 29, 2021. A total of 44,000,000 Series CC Depositary Shares will be redeemed at a price of $25 per share. This redemption includes a declared dividend of $0.3875 for the current quarterly period, payable on the same date. All necessary approvals for the redemption have been secured, and the process will follow the established procedures through The Depository Trust Company.

Bank of America has announced a cash dividend for its preferred stock series. Noteworthy dividends include $18.125 for the 7.25% Series L, $0.3875 for the 6.200% Series CC, and $0.375 for the 6.000% Series EE, among others. The record date for most dividends is January 1, while the payment dates range from January 25 to February 3. This dividend declaration reinforces the company's financial stability and commitment to returning value to shareholders.

Bank of America released the 2020 Small Business Owner Report, revealing that U.S. small business owners have shown resilience during the pandemic. The survey, featuring over 1,000 business owners, indicates optimism for recovery with 79% expecting stronger consumer spending. However, confidence in the economy has dropped significantly; only 39% foresee local economic improvement in the next year. Access to capital remains critical, with 42% having applied for loans during the crisis. The bank continues to support small businesses through relief programs and reports $51.3 billion in outstanding small business loans.

Bank of America has launched a new multimillion-dollar initiative in Texas aimed at assisting students of color in completing their education and training. This program, part of a nationwide $25 million effort, includes $1 million each for Dallas College-El Centro Campus and Prairie View A&M University. The initiative seeks to address low graduation rates among Black and Hispanic-Latino students, which stand at 28.8% and 37.1%, respectively. Bank of America has also committed $1 billion over four years to advance racial equality and economic opportunity.

Bank of America has granted $1 million to the 1921 Tulsa Race Massacre Centennial Commission for the "Greenwood Rising" project, a history center dedicated to the famed "Black Wall Street" and the 1921 race massacre. This funding is part of the bank's $1 billion initiative to promote racial equality and economic opportunity in minority communities. The center aims to foster education, entrepreneurial mentorship, and community healing, while also serving as an economic anchor in Tulsa's Historic Greenwood District.

On June 2, Bank of America announced a commitment of $1 billion over four years to promote racial equality and economic opportunity. This initiative includes $50 million earmarked for minority depository institutions (MDIs) and community development financial institutions (CDFIs). The bank has completed 10 equity investments in MDIs, acquiring approximately 4.9% equity in each, enhancing their ability to support community growth through lending and revitalization efforts. Additionally, Bank of America holds a $1.6 billion CDFI portfolio to aid underserved communities.