Bank of America - Employment

African-American Fact Sheet

Bank of America values its relationship with African American consumers, who have an estimated buying power of $572 billion¹ and represent 12% of the population or 20 million people in its market footprint. Recognizing that this segment has long been underserved by the financial services industry, Bank of America is committed to delivering higher standards and being a trusted financial advocate for the African American community.

Here are just some of the ways Bank of America is working to be a financial advocate for African American individuals, families, businesses and communities:

In fulfilling dreams of home ownership, Bank of America . . .

• Is one of the top mortgage lenders to African Americans, having made more than $3 billion in mortgage loans to African Americans in 2002.
• Introduced Neighborhood Advantage Credit Flex and Zero Down mortgage products to address the needs of low-income and first-time homebuyers.
• Partnered with the Neighborhood Assistance Corporation of America to provide $3 billion in home mortgage loans for low- and moderate-income families.
• Partners with ACORN Housing Corporation, which provides extensive pre-purchase counseling and technical assistance to increase homeownership opportunities for first-time buyers in metropolitan areas. Since 1992, the partnership has provided $172 million in mortgage loans to low-income homebuyers.
• Partnered with the National Association for the Advancement of Colored People (NAACP), the nation's oldest and largest civil rights organization, and Fannie Mae to expand mortgage financing, home ownership counseling and information to help underserved and minority families become homeowners.
• Made a grant to Inner City Community Development Corporation in Dallas to provide support for their Home Buyer Education and Counseling Program.
• Partners with HomeFree USA to provide homebuyer education through a National Crusade for Homeownership Program.

In meeting financial needs, Bank of America . . .

• In August 2003, launched new brand advertising designed specifically for African American customers that features products and services such as MyAccess^TM free checking with direct deposit, Bank of America Online Banking, the nation's largest ATM network and Total Security Protection®, which offers to reimburse customers for fraudulent charges if their debit or credit card is ever lost or stolen.
• Joined the Collective Banking Group in Washington, D.C., the area's largest coalition of faith-based organizations assembled to bring financial services to the African American community. The bank has provided more than $32 million in loans and $50,000 in grants for scholarships.

Bank of America builds critical partnerships with . . .

• Congress of National Black Churches - the first partnership of its kind between a financial institution and a national faith-based organization - to rebuild minority neighborhoods around historically black churches. The company made a grant of $300,000 to support development projects in four pilot cities: Atlanta, Columbia, Dallas and Kansas City.
• National Association of Real Estate Brokers (NAREB), a predominantly African American group that works to enhance the economic situation of its members and minority communities. In 2003, Bank of America sponsored NAREB's 56th annual convention and trade show and NAREB presented Bank of America with the Partnership Award, the organization's highest recognition for the commitment of outside partners.
• National Urban League (NUL) to provide a $3 million investment, part of which is being used to increase technical skills of NUL affiliates.
• 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.
• The Los Angeles Times to launch the Road to Reading Adventure program in Southern California. The program will expose children to a variety of learning experiences through partnerships with 17 organizations, such as the Museum of Tolerance and the California African American museum.
• The NAACP and Fannie Mae to expand mortgage financing, home ownership counseling and information to help underserved and minority families become homeowners.
• Organization for a New Equality to further economic opportunity for women and people of color.
• HomeFree USA to provide homebuyer education through its National Crusade for Homeownership Program and new joint, national initiatives that will launch in 2003 and 2004.

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

• Has consistently been included in Fortune magazine's 50 Best Companies for Asians, Blacks and Hispanics.
• Provides a $1 million annual corporate commitment to INROADS, which prepares talented multicultural students for careers in business and industry.
• In a survey by DiversityInc.com, a Web site devoted to diversity issues, was ranked in the top 10 best companies for diversity achievement and received top honors for its efforts on behalf of women executives, Latinos and African Americans.
• 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.
• Expanded its Diversity Advisory Council to 25 members, who lead the company in advising on diversity-related issues.
• Has been consistently named by Minority MBA magazine as one of the top ten companies for minorities with MBA degrees.

In developing vibrant communities, Bank of America . . .

• Will continue its commitment to multicultural communities through donations and community development banking. In 2002, the Bank of America Foundation contributed more than $77 million in cash to non-profit organizations nationwide 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 $167 billion to provide affordable mortgage, build affordable housing, support small business and create jobs in historically underserved and disadvantaged neighborhoods.
• Created the Bank of America Block-by-Block® program to promote positive, sustainable community development in several cities, including Anacostia, Maryland, through long-term strategic planning and leveraging financial and technical resources.
• Has consistently earned Community Reinvestment Act ratings of "outstanding" for efforts to meet the needs of underserved and emerging markets.
• 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.
• Is the top Small Business Administration lender in the United States and the top lender to minorities.
• Under its Multicultural Supplier Development Initiative, has set an aggressive goal of spending 15% of its procurement dollars with businesses owned by multicultural, female and disabled individuals. The bank has spent more than $1 billion and received more than 60 regional and 10 national awards in recognition for its supplier diversity efforts.
• Purchased the Hewitt Collection of African American Art, one of the country's largest and most diverse private collections of African American art, and sponsored its tour to museums and cultural centers throughout the U.S. The bank used the signature piece from the collection - "Easter" by Jonathan Greene - in a Black History Month calendar that was distributed to Bank of America banking centers throughout the nation.
• Recognizes and rewards Bank of America associates who work toward creating stronger neighborhoods through their community development work at the bank or outside activities through the Bank of America Spirit Awards program.
• Made the first loan in the United States through the HUD Loan Recovery Guaranty Fund for burned African American churches - $187,000 to Greater Mount Zion Tabernacle in Portsmouth, Va.
• For the past several years, has sponsored the prestigious Central Intercollegiate Athletic Association (CIAA) basketball tournament, a competition among twelve historically black colleges and universities from the southeast.

In helping children succeed, Bank of America . . .

• Made a five-year, $2 million gift to the United Negro College Fund (UNCF). Half of the funds will form the Bank of America Scholarship Endowment, which provides resources to encourage young African American students to pursue careers in education. The remaining $1 million supports the Bank of America Teacher Education Program at UNCF Colleges of Education.
• Has pledged more than $10 million to historically black colleges and universities, including the Meharry Medical College, Morehouse College, Hampton University and Virginia State University.
• Pledged a $50 million, five-year grant to United Way of America to support the expansion of the "Success by 6" program throughout its franchise. Success by 6 works with community organizations to assess child development needs and the availability of community services.
• 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 tries to instill a love of learning early in a child's life.
• 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, including their parents.
• Provides funding for Make A Difference Centers, community centers established in multi-family rental properties with large populations of children ages six through twelve. In 16 cities throughout the bank's franchise, the Centers provide stimulating, positive after-school environments for children, who may work on computers, get help with homework, use library services or participate in planned activities.

Hewitt Collection of African American Art

The Hewitt Collection consists of 55 two-dimensional works of art by 20 artists and includes renowned works such as "The Card Players" by Hale Woodruff, "Morning Ritual" by Romare Bearden, "Woman in a Blue Coat" by Ernest Crichlow, "Gate in Tangier" by Henry O. Tanner, "Easter" by Jonathan Green, and "Head of a Woman" by Elizabeth Catlett.

Bank of America purchased the collection in 1998 from John and Vivian Hewitt of New York. The collection represents more than 50 years of collecting and is regarded as one of the most important and comprehensive collections of African American art during the 20th century.