6.08.2006 ET

(CSRwire) MINNEAPOLIS--(BUSINESS WIRE)--June 8, 2006--Community Reinvestment Fund, USA (CRF), a nonprofit organization that connects community based and economic development lenders with the capital resources of Wall Street, today announced Bank of America has made a $10 million program related investment (PRI) in the organization. The low-interest funding is the first PRI by Bank of America in CRF and matches the largest single investment CRF has received to date.

CRF will use these funds to purchase economic development and affordable housing loans in underserved communities located within the geographic areas served by Bank of America, which has branches in 29 states around the country and the District of Columbia.

"As a national leader in community development, Bank of America recognizes the significant role CRF plays in targeting investments to strengthen low- and moderate-income communities and businesses," said Paul Hinds, Program Related Investments manager for Bank of America. "CRF's national reach ensures our funds are re-loaned and reinvested in ways that encourage entrepreneurial businesses and help families attain economic self-sufficiency."

"We are pleased to receive support from a financial institution with such a formidable reach and reputation," said Frank Altman, president and chief executive officer for CRF. "Bank of America's generous investment in our cause is a testament to both the significance of our secondary market for community development financing and the growing investor confidence in CRF. This PRI will allow us to direct more private capital into the underserved communities within the large portion of the United States served by Bank of America."

About 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 54 million consumer and small business relationships with more than 5,700 retail banking offices, more than 16,700 ATMs and award-winning online banking with more than 19 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 79 percent of the Global Fortune 500. Bank of America Corporation stock (NYSE:BAC) is listed on the New York Stock Exchange. www.bankofamerica.com

About CRF

Community Reinvestment Fund (CRF), USA, a Minneapolis-based nonprofit organization, is the nation's leader in bringing capital to public and private, nonprofit community development lenders through the secondary market for loans. Formed in 1988, CRF has injected hundreds of millions of dollars into low-income and economically disadvantaged communities around the country to help stimulate job creation and economic development, provide affordable housing, and support community facilities. www.crfusa.com


Copyright Business Wire 2006

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