Bank Extends $183 Billion in Credit in First Quarter Alone
CHARLOTTE, N.C., April 27 /PRNewswire/ -- Today, Bank of America issued the first Lending & Investing Initiative quarterly report, a comprehensive look at the company's business activity in 10 areas key to reviving the nation's economy. The report follows up on a pledge made in January by Bank of America Chairman and Chief Executive Officer Kenneth D. Lewis to provide greater transparency into the company's lending and investing efforts across the enterprise.
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"In times of economic difficulty, one of the most important economic assets we have - and one of the most rare - is confidence," said Lewis. "The point of this report is to illustrate the things we are doing through our businesses and with our partners to drive economic growth and support our communities."
In the first quarter of 2009 alone, Bank of America extended $183.1 billion in credit, including $85 billion in mortgages, $82 billion in commercial loans, more than $5 billion in domestic and small business card, $4 billion in home equity products and more than $6 billion in other consumer credit.
The full report can be accessed here. Key highlights include an overview of economic currents by Bank of America Chief Economist Mickey Levy, a deeper analysis of activity within two important business sectors (small business and home loans), and snapshots of other key initiatives.
As announced in January, Bank of America will continue to track progress against 10 key planks vital to the recovery of the U.S. economy (see report for updates):
- Consumer lending
- Loss mitigation
- Small business lending
- Commercial lending
- Nonprofit, government and anchor institution support
- "Green" financing
- Community development
- Socially responsible private equity
- Real estate owned properties
- Supplier diversity
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 55 million consumer and small business relationships with more than 6,100 retail banking offices, more than 18,500 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 more than 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 is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange.
www.bankofamerica.com
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SOURCE: Bank of America
Web site: http://www.bankofamerica.com/
