Bank of America Extends Nearly $150 Billion in Credit in First Quarter

CHARLOTTE, N.C., April 27 /PRNewswire/ -- Bank of America today issued its latest Lending and Investing Initiative Report, noting the extension of nearly $150 billion in credit in the first quarter of 2010 – the most extended by any U.S. bank.

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The quarterly report, which delivers on a commitment to provide greater transparency into the company's lending and investing efforts across the enterprise, demonstrates how Bank of America is supporting the U.S. economy in 10 areas critical in driving economic recovery, including small business lending, home loan modification solutions and financing of Community Development Financial Institutions (CDFIs).

"Now more than ever, I am confident that our economic recovery is fully underway," said Brian T. Moynihan, president and chief executive officer, Bank of America. "Bank of America contributed to this recovery in the first quarter by extending almost $150 billion in credit across both the consumer and commercial sectors, driving economic activity in the U.S. significantly. We are also vigorously modifying home loans and credit card balances for consumer and business customers in addition to eliminating debit card overdraft fees – steps that are necessary to help customers overcome financial challenges and succeed in this economy."

Home lending and neighborhood preservation continued to be an important focus for Bank of America. The company extended nearly $70 billion in first mortgages in the first quarter, helping more than 323,000 people purchase a home or refinance an existing mortgage. Of this, nearly $17 billion in mortgages were made to 115,000 low- and moderate-income customers or for the purchase of homes in low- and moderate-income neighborhoods.

Bank of America completed more than 77,000 permanent home loan modifications in the first quarter and helped more than 560,000 customers with a permanent mortgage modification since 2008. The company also became the first lender to join and the first to extend offers to customers through the Treasury Department's Second Lien Modification Program, as well as announced a new program that will allow earned principal forgiveness on certain mortgages as an additional strategy to help families stay in their homes.

As part of Bank of America's commitment to support and stimulate economic activity, the company extended $3.4 billion in new credit to small businesses in the first quarter. The bank also announced a freeze on small business credit card interest rates for existing balances, and extended its Clarity Commitment to small business card customers.

In addition to the quarterly Lending and Investing Initiative Report, Bank of America will soon be releasing its first-year results of a new 10-year, $1.5 trillion community development goal that commenced in 2009, tracking lending and investing to low- and moderate-income communities and underserved populations. In the first year of this ambitious goal, the largest of its kind by any U.S. financial institution, Bank of America provided more than $168 billion to underserved communities.

The full Lending and Investing Initiative Report, which provides detailed summaries of Bank of America's progress in key growth sectors and other areas, can be accessed at bankofamerica.com/ahead.

Bank of America

Bank of America is one of the world's largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 58 million consumer and small business relationships with more than 5,900 retail banking offices, more than 18,000 ATMs and award-winning online banking with nearly 30 million active users. Bank of America is among the world's leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients in more than 150 countries. Bank of America Corporation stock (NYSE: BAC) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange.

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SOURCE Bank of America