BoA Pledges $750B for Community Development

Bank of America Corp. has pledged $750 billion in community development loans and investments over the next 10 years.The pledge, which BoA termed the largest of its kind, represents the expanded joint contribution of BoA and FleetBoston Financial, as the banks are expected to merge sometime this year upon the approval of the Federal Reserve Board. The new goal replaces prior commitments: in 2003, BoA completed the fifth year of a 10-year $350 billion goal to invest in community and small business development, affordable housing, and lending to low- and moderate-income borrowers. Since 1999, BoA has delivered nearly $230 billion, while Fleet has already surpassed its five-year commitment to invest $14.6 billion by the end of 2004, delivering over $18.4 billion in community development lending and investing. "Consistent with previously stated pledges by Bank of America to the Fleet region to maintain employment and charitable contributions levels, more than $100 billion of this new goal will be achieved through lending and investments in Fleet markets," said Kenneth D. Lewis, BoA's chairman and chief executive officer.