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Bank of America Charitable Foundation Brings Nationally-Recognized Neighborhood Excellence Initiative to Greater Richmond

$450,000 to be awarded to local nonprofits, individuals

Wednesday, February 14, 2007 8:08 am EST

Dateline:

RICHMOND, Va.

Public Company Information:

NYSE:
BAC
"The Neighborhood Excellence Initiative is truly unique among corporate giving programs"

The Bank of America Charitable Foundation (Foundation) today announced it will expand its signature philanthropic program -- the Neighborhood Excellence Initiative -- into Greater Richmond in 2007, the fourth year of the national program. In 2007, the Foundation will designate $20 million nationally to the initiative, which recognizes, nurtures and rewards organizations, local heroes and student leaders helping to rebuild and revitalize their communities. By the end of this year, the Foundation will have committed nearly $70 million to the Neighborhood Excellence Initiative nationally. Greater Richmond will be among 44 of Bank of America's major markets participating in the program next year.

In addition to Greater Richmond, 2007 will be the third year for the Neighborhood Excellence Initiative in Hampton Roads. Counting both markets, the Foundation will commit over $900,000 to the program in Virginia in 2007, bringing the total commitment to over $1.8 million for the life of the program in the state.

"The Neighborhood Excellence Initiative is truly unique among corporate giving programs," said Thomas E. Goode, Richmond market president, Bank of America. "NEI bolsters a nonprofit organization's capacity to grow by awarding operating grants that support the group's overall goals. Additionally, the program recognizes individuals and young leaders making a difference in our community. We are thrilled to add this exciting program to Bank of America's already extensive philanthropic giving platform here in Greater Richmond."

Applications and nominations for the awards are currently available online at http://www.bankofamerica.com/foundation.

The Neighborhood Excellence Initiative fuels revitalization efforts by creating partnerships with the nonprofit community, providing leadership development and funding flexibility. As part of the initiative, local bank and community leaders identify the organizations best positioned to address critical issues facing the area.

Working with community partners, the Foundation developed the Neighborhood Excellence Initiative to provide Greater Richmond and 43 other markets with essential support through three key programs:

  • Neighborhood Builders: $200,000 in grant funding and leadership training over the course of two years to two local nonprofit organizations working to promote vibrant neighborhoods. These grants are "unrestricted funds" - highly unusual in the nonprofit community - and can be utilized by the organization to cover operating expenses and build program capacity.
  • Local Heroes: recognition of five community heroes whose achievements and leadership on local issues contribute significantly to neighborhood vitality. Recipients will direct a $5,000 contribution to an eligible nonprofit of their choice.
  • Student Leaders: development of five exemplary high school students with an interest in improving their neighborhoods. To further their personal and educational growth, the Foundation provides funding for each student to participate in a paid, eight-week summer internship with a community-based organization as well as a series of leadership training and community service activities with local Bank of America executives.

A significant component of the Neighborhood Excellence Initiative is leadership training for key executives of the organizations recognized as Neighborhood Builders. The 2007 Greater Richmond Neighborhood Builder award recipients will have the opportunity to attend leadership training sessions with nonprofit leaders from across the country in 2008.

Award recipients will be chosen by a local selection committee comprised of private, public and nonprofit sector leaders and chaired by Bank of America Richmond Market President Goode.

Funding for the Neighborhood Excellence Initiative will be added to the already significant philanthropic support the Foundation provides in Greater Richmond. Presently, the company's charitable giving priorities in Greater Richmond include arts and culture; community development; and education.

Bank of America Corporate Philanthropy

Bank of America has embarked on an unprecedented 10-year goal to give $1.5 billion to nonprofit organizations engaged in improving the quality and vitality of their neighborhoods. The bank will give more than $200 million in 2007, making it one of the most generous corporate donors in the world. Bank of America approaches giving through a national strategy called "neighborhood excellence" under which it works with local leaders to identify and meet the most pressing needs of individual communities. Through Team Bank of America, bank associate volunteers contribute more than 500,000 hours each year to improve the quality of life in their communities nationwide. For more information about Bank of America Corporate Philanthropy, please visit http://www.bankofamerica.com/foundation.

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 more than 55 million consumer and small business relationships with more than 5,700 retail banking offices, through more than 17,000 ATMs and award-winning online banking with more than 21 million active users. Bank of America is the No. 1 overall Small Business Administration (SBA) lender in the United States and the No. 1 SBA lender to minority-owned small businesses. The company serves clients in 175 countries and has relationships with 98 percent of the U.S. Fortune 500 companies and 80 percent of the Global Fortune 500. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding Bank of America Corporation's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.

Contact:

Bank of America
Ernesto C. Anguilla, +1-617-434-7308
ernesto.anguilla@bankofamerica.com