Bank of America today announced that Merrill Lynch Executive Matt McCormack will succeed Kathie Sowa as market president, serving as the company’s enterprise leader in the greater Sacramento region. McCormack will work across El Dorado, Placer, Sacramento, San Joaquin, Stanislaus, and Yolo counties to connect businesses, families and individuals to Bank of America’s banking and investment teams, and will help direct the company’s philanthropic resources to address local priorities.
McCormack has spent his entire 19-year career with Merrill Lynch in offices across the United States, including the company’s flagship financial center on Fifth Avenue in Manhattan. He also serves as the Merrill Lynch Wealth Management market executive for the greater Sacramento region, which includes Merrill Lynch offices in Chico, Folsom, Redding, and Roseville.
"Matt is a proven leader in our company and leads a team committed to delivering great financial service and capabilities to our clients and sharing our success with the Sacramento community," said Brian Moynihan, chief executive officer, Bank of America.
Bank of America has 68 financial centers and 272 ATMs in the region. Last year in the market, the company extended $282 million in small business loans, $1.7 billion in commercial business loans, and $562 million in home loans. Contributing to this responsible growth is the bank’s environmental, social and governance (ESG) focus, which encourages a holistic approach to supporting local community needs. This includes nearly $2 million in grants and sponsorships to local nonprofits working to remove barriers to economic mobility, and 10,000 hours of employee volunteerism in 2017 as part of Bank of America’s annual goal of contributing 2 million volunteer hours across the company (#BofAVolunteers).
"Bank of America under Kathie Sowa’s market president leadership established a strong record of service to this community," said McCormack, a University of Florida graduate who resides in Roseville with his wife and two daughters. “I am honored and excited to have the opportunity to deepen and extend Bank of America’s impact in the greater Sacramento region.”
Sowa, who served for 10 years as market president, will continue in her role as Central Valley commercial bank market executive.
Bank of America is one of the world's leading 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 47 million consumer and small business relationships with approximately 4,500 retail financial centers, approximately 16,000 ATMs, and award-winning digital banking with approximately 35 million active users, including approximately 24 million mobile users. Bank of America is a global leader in wealth management, 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 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in all 50 states, the District of Columbia, the U.S. Virgin Islands, Puerto Rico and more than 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
Reporters May Contact:
Colleen Haggerty, Bank of America