BankAmerica Corp. said Wednesday that it would give $250,000 in grants to nonprofit neighborhood development organizations in Oakland, Calif.
Under the program, BankAmerica's lead banking unit will award grants of $5,000 to two nonprofits about once a month for a year.
To start the program off, however, BankAmerica has given $150,000 to three nonprofits: the East Oakland Youth Development Center, the East Bay Asian Local Development Corp., and the Oakland Citizens Committee for Urban Renewal.
"These agencies are outstanding examples of grassroots community development," said Bank of America senior vice president Caroline Boitano.
A similar program was announced by the bank in February, for nonprofit organizations in Los Angeles County.
BankAmerica agreed last month to merge with NationsBank Corp., Charlotte, N.C.