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SNV - Bank of America Only Big Bank Participating in Main Street Lending
Synovus Financial Corp.
The Boston Federal Reserve released its initial list of banks that will be participating in the Federal Reserve's Main Street Lending Program, and only one mega bank was on the list -- Bank of America (NYSE: BAC)
Bank of America was also the only bank to be listed as a lender in all 50 states, plus Washington D.C.
Beyond Bank of America, only one other top 10 bank, Truist (NYSE: TFC), was on the list of participating banks. Truist will provide loans in 16 states, followed by KeyBank (NYSE: KEY), which was listed as a lender in 15 states.