WASHINGTON - Bank of America has set a goal of making $50 million in loans, investments, and grants to community development financial institutions over four years.
Bank of America Community Development Bank, Bank-America Corp.'s community development subsidiary, also pledged that whatever deposit insurance rebates it receives under federal law will be reinvested in the community in the form of grants for economic and community development.
The bank's $50 million commitment is in addition to its current 10-year goal of $12 billion in community reinvestment loans in the 10 western states where it does business.
In 1993, Bank of America provided a total of more than $5 billion in loans and investments benefiting low-income and moderate-income consumers and communities.
