CSR Press Release

Bank of America has been named the Outstanding Philanthropic Corporation by the National Society of Fund Raising Executives (NSFRE), the largest association of charitable fund raisers in the world. Bank of America will be honored at NSFRE's International Conference on Fund Raising in New Orleans on March 27.

Formed by the October 1, 1998 merger of NationsBank and Bank of America, the new company has already created a strong tradition of philanthropic support and made an indelible impact on communities across the country. From the beginning, Bank of America has made philanthropy an important part of its mission. On its second day of business, the bank announced a one million dollar grant-making initiative to 100 not-for-profit groups in 100 different communities.

In 1998, Bank of America contributed over $91 million and over three million volunteer hours to a wide variety of causes, including nearly 1,400 educational programs, 3,300 community development organizations, over 3,000 human service organizations, and 1,100 arts organizations. Just a few of the projects the bank supported that year include a bilingual Classroom on Wheels serving low-income pre-school children in Nevada; United Way's "Success by Six" programs across the country; the Living History Museum of Seattle's Intiman Theatre, which sends actors to schools to serve as teachers for residency; and the Oklahoma City National Memorial.

Last year, the bank announced a $50 million commitment over five years in support of early childhood development. The funds will be allocated to United Way agencies across the country for "Success By Six", an initiative that helps prepare children for school through literacy programs, early immunization, health care and parent training. In 1999, the bank contributed $94.7 million more than 6,000 nonprofit organizations.

While Bank of America's breadth of involvement in causes is especially noteworthy and compelling, its encouragement of others to become active in philanthropy sets it apart. On October 3, 1998, just the Bank's third day of business, more than 180,000 associate volunteers worked on charitable projects across the country - one of the largest such campaigns in history.

Bank of America encourages volunteerism through its grant programs. If an associate volunteers for more than 50 hours at any eligible not-for-profit organization, the Bank will make a $250 grant to that organization. For 100 hours of volunteer time, the grant is $500. The Bank has also established an annual Leadership Excellence in Neighborhood Development award, which recognizes associates who give of their time and talent towards creating stronger neighborhoods. Associates so honored can pick a not-for-profit organization of their choice, and the bank will make a $1,000 contribution to that organization in the associate's name.

Bank of America's philanthropic activities are clearly rooted in its senior management. Hugh L. McColl, Jr., Bank of America's President & CEO, maintains that "our company is only as strong as our associates and the communities we serve. Bank of America has committed its vast resources to help improve people's lives. There is no higher goal our company can have."

Bank of America was nominated by NSFRE's Charlotte North Carolina Chapter. Accepting the award for the bank will be Caroline Boitano, Executive Director of the Bank of America Foundation.

The National Society of Fund Raising Executives is a professional association of fund-raising executives that advances philanthropy through its more than 22,000 members in 155 chapters throughout the United States, Canada, and Mexico. Through its advocacy, research, education, and certification programs, the Society fosters development and growth of fund-raising professionals, works to advance philanthropy and volunteerism, and promotes high ethical standards in the fund-raising profession.

Source: National Society of Fund Raising Executives (NSFRE)

For more information, please contact: