B of A's Support For DNC Came With Strings Attached

WASHINGTON — Bank of America gave generously for both this year's Republican and Democratic conventions, but at least in the latter case B of A got a boost to its lending portfolio.

The Center for Responsive Politics reported last week that in addition to $5 million donated to the Democrats' gathering in Charlotte, where B of A's headquarters are located, the bank also exceeded that amount in financing to Democratic committees hosting the event. In total, the committees owe the bank $7.4 million in repayments, and owe an additional $500,000 to Mechanics & Farmers Bank in Durham, N.C. The financing comes through a line of credit guaranteed by Duke Energy, and is due to be repaid by February.

Meanwhile, B of A was reported to donate $1 million to the GOP convention in Tampa, as well as $150,000 in in-kind donations, the center said.

Yet while B of A's funding for the Democrats' bash appears greater than the Republican equivalent, the bank has given more to GOP candidates. According to the center's data, B of A contributed $1,726,070 to individual Republican candidates and $668,107 to Democrats this election cycle.