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Bank of America Charitable Foundation Announces $1 Million Donation to Aid Southern California Fire Relief Efforts

Wednesday, October 24, 2007 8:08 am EDT

Dateline:

LOS ANGELES

Public Company Information:

NYSE:
BAC
"Southern California families, businesses and entire communities are in dire need of immediate aid and we wanted to begin to address that need as quickly as possible"

The Bank of America Charitable Foundation today announced it will contribute $1 million to aid victims and first responders of the Southern California wildfires. The grant is the first in a series of steps the company will take to help relieve the suffering of fire victims and assist those who are trying to control the blazes.

$500,000 of the grant will go directly to the American Red Cross to assist in disaster relief efforts, and $500,000 will assist local nonprofits based on specific need in the impacted areas.

"Southern California families, businesses and entire communities are in dire need of immediate aid and we wanted to begin to address that need as quickly as possible," said Janet Lamkin, President of Bank of America California. "This is the first in a series of resources Bank of America will provide to help Southern Californians during this time of need."

"The American Red Cross is grateful to the Bank of America Charitable Foundation for its generous donation that will enable the Red Cross to provide immediate relief to the victims of the California wildfires," said Kathleen Loehr, interim senior vice president of development at the American Red Cross. "We thank them for their support of our humanitarian mission."

Bank of America customers impacted by the fires are encouraged to contact their nearest banking center for additional assistance with their personal banking needs. Bank of America is also working directly with city leaders in San Diego and Los Angeles to determine additional resource needs, and will make its Team Bank of America Volunteer Network, consisting of thousands of associates in Southern California, available to help fire victims.

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 of America Charitable Foundation will give more than $200 million in 2007, making the bank 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.

Contact:

Colleen Haggerty, Bank of America, +1-213-621-7414,
colleen.haggerty@bankofamerica.com