Bank of America Extends More Credit in 2009 Than Any Other U.S. Bank
Bank of America issued its fourth-quarter Lending & Investing Initiative Report, noting the extension of more than $758 billion in credit during 2009, including nearly $180 billion during the fourth quarter alone. This quarterly report outlines the company’s progress in driving economic recovery through 10 key areas, including lending to consumers and businesses of all sizes, support for municipalities and nonprofits, community development and other initiatives.
The company reported that it extended more than $16 billion in new credit to small businesses last year. Bank of America also assisted more than 60,000 small business clients by modifying payment structures to improve their monthly cash flows to help ride out the recession. In the fourth quarter, Bank of America announced it will increase 2010 lending to small- and medium-sized businesses by $5 billion.
Bank of America said it also surpassed a significant milestone of lending more than $1 billion to Community Development Financial Institutions (CDFIs), becoming the nation’s largest single lender to this group that extends credit to low-income and disadvantaged communities for small business microlending, housing, charter schools, childcare centers, and new primary health care facilities.
“Bank of America can only succeed by doing all we can to contribute to the success of our customers, clients and the communities we serve,” said Brian T. Moynihan, president and chief executive officer, Bank of America. “The state of the national economy will continue to have a tremendous influence on our shared progress. But the recovery is underway. Bank of America contributed to this recovery by extending more than $758 billion in credit across both the consumer and commercial sectors, more than any other U.S. bank. This report provides a sampling of what we’re doing and how.”
In December, Bank of America fully repaid the U.S. Treasury $45 billion as part of the Troubled Asset Relief Program (TARP).
For more information and to review please click on this link: http://ahead.bankofamerica.com/?cm_mmc=EBZ-CorpRep-_-vanity-_-EE01VN0004_ahead-_-NA
Tuesday, February 09, 2010
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