BankAmerica Corp. said today it will distribute $250,000 to neighborhood development organizations in Los Angeles County.
Under the program, BankAmerica's lead banking unit will award $5,000 to a nonprofit about once a week for a year.
The initiative is part of a push, announced by BankAmerica last year, to increase the company's charitable contributions in Los Angeles County to $22.6 million over three years.
"This is to reward unsung nonprofits that are working at a local level to improve living conditions in their neighborhoods," said Bank of America spokeswoman Deborah Mack.
To start off the program, the company said, it will give $5,000 each to five nonprofits, including a day-care center, an organization that works to improve race relations, and a youth center.
- Olaf de Senerpont Domis