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Bank of America Expands Small Business Footprint in Washington With Hiring of More Than 30 Small Business Bankers

Includes 10 New Bankers in Seattle Metro Area

Tuesday, June 26, 2012 12:00 pm EDT

Dateline:

Seattle, Wash.
"Small businesses are without question the primary driver of the Washington economy. The hiring of our small business bankers will bring more expertise to business owners so they can remain focused on growth"

Bank of America announced today that it has hired more than 30 small business bankers throughout the state of Washington to provide guidance and counsel to local small business owners. Ten of these hires are located in the Seattle metro area. These additions are part of the bank’s previously announced plan to hire approximately 1,000 small business bankers nationwide.

“Small businesses are without question the primary driver of the Washington economy. The hiring of our small business bankers will bring more expertise to business owners so they can remain focused on growth,” said Roger Forman, Small Business Banker manager for Washington. “In communities across Washington, Bank of America’s small business bankers will be meeting with clients on their turf to better understand their unique needs. By forging deeper relationships with clients, we’ll be able to help them meet their goals more efficiently, which in turn will help our entire state.”

According to the U.S. Small Business Administration (SBA), there are 532,162 small businesses in Washington. These businesses account for over 97 percent of all employers and employ over 50 percent of the private-sector workforce.

Through a small business banker relationship with Bank of America, clients will have convenient access to local small business expertise and a dedicated resource that knows their business. Small business bankers will consult with small business owners at their place of business and assess their deposit, credit and cash management needs.

Bank of America has continued to actively lend to small businesses across the U.S. and Washington. In the first quarter of 2012, Bank of America extended more than $106 million to small businesses across the state, a 6 percent increase over the same period in 2011. This includes $60.8 million in new originations, which has helped enable Bank of Americato exceed its national small business lending pledge to the White House and the SBA.

Bank of America is also the leading bank supporting Community Development Financial Institutions (CDFIs), providing more than $200 million to finance small businesses that cannot qualify for traditional loans. The CDFI grant program, created in 2010 to unlock low-cost Federal micro-capital for small businesses, has allowed CDFIs to access more than $102 million from the SBA and USDA, serving over 9,000 local businesses and helping to retain more than 14,000 jobs.

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 inthe United States, serving approximately 57 million consumer and small business relationships with approximately 5,700 retail banking offices and approximately 17,250 ATMs and award-winning online banking with 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 through operations in more than 40 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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www.bankofamerica.com

Source:Bank of America

Reporters May Contact:
Britney Sheehan, Bank of America, 1.206.358.7563
britney.w.sheehan@bankofamerica.com