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CHARLOTTE, N.C. (Profitable.com) Bank of America extended more than $173 billion in credit to individuals and businesses during the third quarter, bringing its year-to-date total credit extended to nearly $500 billion. Details about the bank’s loans to consumers, small businesses, corporations and nonprofits, along with other investments and initiatives that are helping to drive economic recovery, are provided in the company’s Lending and Investing Initiative Quarterly Impact Report, released today and available at bankofamerica.com/opportunity.
The report provides a transparent review of the company’s lending and investing results in 10 areas that are helping to drive the economy forward, including programs to help financially distressed homeowners and initiatives to help small businesses succeed.
“As people across America continue to push our economic recovery forward, we continue to do our part,” said Bank of America President and Chief Executive Officer Brian Moynihan. “During the first nine months of this year, Bank of America has loaned nearly half a trillion dollars to individuals and businesses, and invested billions more in our communities. These resources are helping people, companies and nonprofit organizations pursue their goals and create opportunity every day.”
Third quarter highlights from the report include:
- Approximately $72 billion in first mortgages, helping nearly 322,000 people purchase a home or refinance an existing mortgage.
- Nearly $16.2 billion in mortgages to more than 103,000 low- and moderate-income customers.
- Nearly 50,000 home loan modifications completed this quarter (700,000 modifications since January 2008, inclusive of Countrywide).
- Almost $5.7 billion in credit extended to companies with revenues up to $20 million.
- $11 billion in credit extended to nonprofit, government and anchor institutions and nearly $48 million in corporate philanthropy.
- More than $917 million in “green” commercial real estate debt and equity transactions and more than $218 million in “green” energy and power financing.
- Almost $543 million in Community Development Banking commercial real estate-based lending.
Bank of America
Bank of America is one of the world’s largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 57 million consumer and small business relationships with approximately 5,900 retail banking offices and approximately 18,000 ATMs and award-winning online banking with 29 million active users. Bank of America is among the world’s leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in more than 40 countries. Bank of America Corporation stock (NYSE: BAC) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange.