Bank of America gives $5.3B in loans, investments in Md.

Goal to help underserved, minority communities

May 19, 2011|By Hanah Cho, The Baltimore Sun

Bank of America, Maryland's largest bank by deposits, said Thursday that it made $5.3 billion in community development loans and investments serving low- and moderate-income, minority and underserved customers in Maryland last year.

The Charlotte, N.C.-based financial institution provided about $4.8 billion in affordable housing investment, which includes mortgages to low- and moderate-income and minority families in Maryland.

The bank also provided $331 million in small business loans and other lines of credit, $93 million in consumer loans and $113 million in economic development investment.

Bank of America's investments in Maryland are part of the company's goal to provide $1.5 trillion in loans and other investments in underserved, minority and low- and moderate-income communities. The 10-year campaign began in 2009, the company said.

Companywide, the bank provided $168.5 billion in community development loans and investments in markets where it does business.

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