Bank of America - Employment

 Hispanic Fact Sheet

      Superación Constante: Constantly Striving for the Best

From fulfilling hopes for homeownership, higher education and small-business ownership to developing vibrant communities, Bank of America constantly strives for higher standards in helping people achieve their dreams.

Bank of America takes pride in serving Hispanic consumers and tailors its products and services to meet their specific needs. Providing increased financial services to Hispanic consumers, who have an estimated buying power of $452 billion, is a strategic business priority for the company, which recognizes that this segment has long been underserved by the financial services industry.

Here are just some of the ways Bank of America is working aggressively to meet the needs of Hispanic individuals, families, businesses and communities:

In serving Hispanic customers, Bank of America . . .

• Staffs banking centers throughout its markets with bilingual, Spanish-speaking associates.
• Was the first commercial bank to introduce Spanish-language ATMs; offers Spanish-speaking customers access to nearly 9,000 bilingual ATMs across the United States, plus more than 300 bilingual Talking ATMs for visually-impaired customers.
• Provides access to Spanish-language automated telephone service 24 hours a day, seven days a week.
• Offers customers free access each time they withdraw funds or perform balance inquiries at any of 1,770 Grupo Financerio Santander Serfin ATMs throughout Mexico. Santander Serfin customers also enjoy the same benefit when using more than 13,200 Bank of America ATMs nationwide. (In 2002, Bank of America acquired 24.9% of a Santander subsidiary, Grupo Financiero Santander Serfin, the most profitable and third largest bank in Mexico.)
• Offers SafeSend, a safe, trustworthy and convenient international remittance service to Mexico that uses the telephone, Internet and ATM network. With SafeSend, consumers in the United States can send money by phone or electronically to family or friends in Mexico.
• Accepts the Mexican Consulate ID Card (also known as the "Matrícula Consular") for identification when opening new accounts and cashing checks at its banking centers.
• Offers a Spanish-language Web site at www.bankofamerica.com/espanol.
• Houses the nation's first Small Business Administration bilingual business center in Richmond, Virginia.
• Appointed Edward Romero, former U.S. Ambassador to Spain, to the Bank of America Board of Directors, which demonstrates the company's commitment to current and prospective Hispanic customers.
• Is the top SBA lender to minority groups; in 2002, one out of every three of its SBA loans went to minority-owned businesses, with $26 million to Hispanic-owned businesses.
• Leads the financial services industry in providing banking services to Mexican citizens who live in the United States, according to the Congressional Hispanic Caucus.
• Has been, and will continue to be, an industry leader in creating and developing informational and educational materials in Spanish, such as first-time homebuyers' guides and a homebuyers' workshop kit.
• Advertises in dozens of Spanish-language media vehicles across the U.S.; partners with López Negrete Communications, an independent, Hispanic-owned and operated agency specializing in Hispanic marketing.
• In 2003, launched an advertising campaign targeted exclusively to Hispanic consumers - created and developed entirely in Spanish. TV, radio and print ads include the tagline Superación Constante, which means, "Constantly Striving for the Best."
• Teamed with Yahoo! En Espanol to create a Spanish-language financial Web site and has exclusive placement in the Centro Bancario section, housed in Yahoo! Finanzas.

In fulfilling hopes for homeownership, Bank of America . . .

• Markets innovative mortgage programs and services designed for multicultural consumers. From 1999 to 2001, the bank increased financing to Hispanics by more than 25%.
• Partners with the Neighborhood Assistance Corporation of America to provide $3 billion in home mortgage loans for low- and moderate-income families. The loans require no down payment, closing costs or application fees.
• Presented a $1 million grant to the National Council of La Raza to help provide nationwide affordable housing opportunities for Hispanic families.
• Provides Spanish-speaking loan officers and bilingual loan processing staff in retail mortgage offices and loan centers - an effort that grows as the market grows.
• Introduced Neighborhood Advantage Credit Flex and Zero Down mortgage products to address the needs of low-income and first-time homebuyers. Because of the success of these products, the bank then doubled its commitment on the Zero Down product from $500 million to $1 billion and increased its commitment for the Credit Flex program from $500 million to $1 billion.
• Partners with ACORN Housing Corporation, which offers extensive pre-purchase counseling and technical assistance to increase homeownership opportunities for first-time buyers in metropolitan areas across the U.S. Since 1992, the partnership has provided $172 million in mortgage loans to low-income homebuyers who receive pre-purchase mortgage counseling and credit education from ACORN Housing Corporation.
• Has consistently earned Community Reinvestment Act rating of "outstanding" for its efforts to meet the needs of underserved and emerging markets.
• Supplied $5.7 million in capital for Villa del Sol, a former housing project on the West Side of Kansas City. Villa del Sol (Village of the Sun) offers affordable housing for families with incomes as low as $5,000 a year.
• Made an $8.2 million loan to Comunidad, a Latino-run community development organization, to build "Residence at the Oaks," an affordable housing project located in a low-income community in Dallas.
• Will fund 55 new Habitat for Humanity homes in Mexico over the next four years.
• Makes a difference in multicultural homeownership with associates that serve in leadership roles in the National Association of Hispanic Real Estate Professionals (NAHREP) and similar groups.

In practicing culturally and ethnically diverse employment, Bank of America...

• Has been named several times to Hispanic Magazine's Corporate 100 list for providing the most opportunities for Hispanics and contributing to the advancement of the Hispanic community in the areas of recruitment and hiring, scholarships, minority business development and support for Hispanic organizations.
• Has been included in Fortune magazine as one of the 50 Best Companies for Asians, Blacks and Hispanics.
• Has been ranked by Latina Style magazine as one of the top 50 companies in America for Hispanic women to work.
• Partners with the National Society of Hispanic MBAs and supports the Hispanic Scholarship Fund with need-based scholarships. Bank of America personnel executive Elizabeth Ferrer is a member of the Hispanic Scholarship Fund board of directors.
• Formed an ongoing partnership in the 1990's with the Hispanic Association on Corporate Responsibility to ensure the inclusion of Hispanics in Corporate America.
• Made a $1 million annual corporate commitment to INROADS, which prepares talented multicultural students for careers in business and industry.
• Was honored by leading woman- and minority-owned businesses as one of the premier companies promoting multicultural business opportunities in a survey conducted by Div2000.com, a business-to-business Internet portal that serves as an information center for multicultural businesses.
• In a DiversityInc Web site survey, received top honors for its efforts on behalf of women executives, Latinos and African Americans and was ranked among the top ten companies serving these groups.
• Expanded its Diversity Advisory Council to 25 members, who lead the company in advising on diversity-related issues.

Bank of America builds critical partnerships with . . .

• National Council of La Raza (NCLR), the largest Hispanic advocacy organization in the U.S., since 1992 to enhance the community development capacity of Hispanic nonprofit organizations. Bank of America will contribute $20 million in capitalization over 10 years to the National Council of La Raza Hope Fund, established to increase opportunities in Hispanic communities by working with community-based organizations. Bank of America also participates in the En Su Casa homeownership initiative with NCLR and Freddie Mac, to provide homeownership counseling through NCLR affiliates in 13 cities.
• The League of United Latin American Citizens (LULAC) to help advance the economic condition, educational attainment, political influence, health and civil rights of the Hispanic population in the United States.
• The U.S. Hispanic Chamber of Commerce to advocate, promote and facilitate the success of Hispanic-owned businesses. For the past several years, it has sponsored the Chamber's national convention. In addition, regional Hispanic Chambers of Commerce in Kansas City, Corpus Christi and Atlanta have recognized Bank of America for its commitment to the local economic development of the Hispanic community.
• The National Conference for Communities and Justice (NCCJ) to underwrite a national survey called Taking America's Pulse II, designed to gauge Americans' attitudes toward race and discrimination. Through this $1.3 million grant, the company will work with NCCJ to develop programs in six key cities to address issues raised in the survey.
• Hispanic Magazine to create and cosponsor the Adelante Awards, which recognizes outstanding Hispanic small-business owners who have demonstrated leadership, attained business success and contributed to the community.
• Organization for a New Equality to further economic opportunity for women and people of color.
• New California Media, a network of more than 400 ethnic media organizations, as a founding sponsor since 1996.
• The National Institute for Community Empowerment to help empower communities across the United States using the principles and philosophy of nonviolent social change.
• The National Association of Latino Elected Officials (NALEO), in sponsoring the organization's 20th annual conference.

In developing vibrant communities, Bank of America . . .

• Will continue its commitment to multicultural communities through donations and community development banking. In 2001, the Bank of America Foundation contributed more than $85 million in cash to nonprofit organizations across the country in support of education, community development, arts and culture and health and human services.
• In 1998 pledged an unprecedented $350 billion over a ten-year period for community development lending and investment. To date, the company has delivered more than $113 billion to provide affordable mortgages, build affordable housing, support small businesses and create jobs in historically underserved and disadvantaged neighborhoods.
• Sponsored National Council of La Raza's American Latino Media Arts Awards, which honors the achievements and contributions of Hispanic Americans in the arts, including television and film, and to recognize television programming and films with positive and accurate portrayals of Latinos.
• Provided a $1.4 million construction loan and a $490,000 line of credit to the Mexican Fine Arts Center Museum in Chicago, helping to triple the size of the museum's space. The Mexican Fine Arts Center Museum is the largest Hispanic cultural institution in the country.
• Partnered with the U.S. Small Business Administration, the National Community Reinvestment Coalition and eight large American banks to provide loans and technical assistance to stimulate small business formation and job creation in multicultural rural and inner city areas.
• Continues its Multicultural Supplier Development Initiative and set an aggressive goal of spending 15 percent of its procurement dollars with businesses owned by multicultural, female and disabled individuals. Since the initiative began in 1990, the bank has spent more than $1 billion with multicultural-, female- and disabled-owned business enterprises. Bank of America has also received more than 60 regional and 10 national awards in recognition for supplier diversity efforts.
• Invested $500,000 in a community development initiative for small towns along the U.S.-Mexico border, to promote lending opportunities that stimulate affordable housing, job creation and economic vitality to rural areas. Partners included the U.S. Department of Agriculture and the Ford Foundation.
• Made a $3.6 million commitment to the National Council of La Raza (NCLR) to support the organization's work to improve the lives of Hispanics living in the United States.
• Donated $250,000 to the Hispanic Culture Foundation in support of the National Hispanic Cultural Center of New Mexico in Albuquerque. The center will present and preserve Hispanic-America's cultural roots, heritage and vitality.
• Participated in the San Joaquin Valley Pilot, a program that focused on studying Woodlake, a rural neighborhood typical of more than 100 rural California communities with high Latino populations. The purpose of the project to was to find ways to help rural communities like Woodlake access internal and external resources to improve their economic environment.
• Helped victims of the January 23, 2003, Mexican earthquake, waiving all fees for funds sent to Mexico via SafeSend.
• Honors Hispanic Heritage Month (September 15 - October 15) by offering specially designed products and services, targeted advertising and marketing campaigns and Fiestas Patria events.

In helping children succeed, Bank of America . . .

• Pledged $2.5 million to improve child literacy in Southern California. Of that amount, $1 million is directed to "Reading by 9," a program that encourages a love of learning early in a child's life. The program's goal is to ensure that 95 percent of all children in greater Los Angeles learn to read in English by the third grade.
• Committed $3.2 million to the National Council on Economic Education (NCEE) to create and implement Financial Fitness for Life, the most comprehensive personal finance curriculum for children in grades K - 12, as well as their parents. The Parent Guide will be available in Spanish.
• In 1999, pledged a $50 million, five-year grant to United Way of America to support the expansion of the "Success by 6" program throughout the bank's franchise and in underserved markets. "Success by 6" works with organizations to assess child development needs and the availability of community services.