Bank of America Stock ( NYSE:BAC )
On Tuesday, Bank of America ( NYSE:BAC ) announced that it would increase its investments in minority-owned banks by depositing an extra $100 million into so-called Minority Depository Institutions (MDIs).
That’s twice what the bank had previously invested in MDIs, and it’s part of BofA’s $2 billion portfolio of loans, deposits, and investments in CDFIs and MDIs that was revealed last year.
Bank of America ( NYSE:BAC ) has invested $42.5 million in equity in 22 MDIs and CDFIs to broaden its racial equality programs. BofA has said it would purchase equity holdings in each lender amounting to less than 5%.
Bank of America chief administrative officer, Steve Boland, stated, “We are dedicated to exploring new methods to grow and broaden the reach of our capital to enable access to economic opportunities and assist different communities around the nation.”
On June 2, 2020, Bank of America pledged $1 billion to various economic inclusion programs.
The COVID-19 epidemic has exacerbated economic and racial inequalities. Bank of America ( NYSE:BAC ) has pledged $1 billion over four years to assist local communities in addressing these issues.
This renewed dedication strengthens B...
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