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Bank of America Adds Two to Board

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Bank of America (BAC) is expanding its board.

The nation's second biggest bank by assets said Wednesday that it has named Arnold Donald, a former chief executive of Merisant, and Lionel Nowell 3rd, a former treasurer at PepsiCo, directors.

The appointments expand Bank of America's board to 18 from 16 members.

Donald, 58, served as CEO of Merisant, a maker of Equal and other sweeteners, which he co-founded in 2000 after holding a series of senior posts at Monsanto.

Nowell, also 58, was chief financial officer of The Pepsi Bottling Group and a controller of the company before serving as treasurer for roughly eight years starting in 2001. He previously held a series of senior financial posts at RJR Nabisco, Pillsbury and Pizza Hut.

"The board welcomes the extensive expertise and judgment Arnold and Lionel bring," Charles Holliday, Bank of America's chairman, said in a press release.

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10 Key Insights About the Unbanked
They are spending a lot, just not with you.

Revenue is growing significantly and steadily for products targeting people outside the financial mainstream.

Though they use banks very little or not at all, these consumers do use financial products and services. It is a market segment that generated an estimated $107 billion in fee and interest revenue during 2014, up 4.6% from the prior year, according to estimates from the Center for Financial Services Innovation.

Two recent studies offered some key insights about these so-called "underbanked" and "unbanked" consumers. Here is a quick overview, with charts to illustrate.

(Image: Bloomberg News)

[Conference Program Note: Join CFSI and American Banker for the 10th annual EMERGE Forum, with an agenda featuring the latest insights and strategies to help you meet the needs of underserved consumers responsibly and profitably.]

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