Bank of America Commences Second Year of Neighborhood Excellence Initiative, bringing total commitment to over $30 million

$450,000 to be awarded to Central Florida nonprofit organizations

Central Florida– Bank of America Charitable Investments today commenced the second year of its innovative Neighborhood Excellence Initiative, designating an additional $17 million to recognize, nurture and reward organizations, local heroes and student leaders helping to rebuild and revitalize their communities.  Central Florida is among 38 of the bank’s major markets included in the program.  The launch brings Bank of America’s total commitment under the Neighborhood Excellence Initiative to over $30 million.

“Under the Neighborhood Excellence Initiative, we are able to direct financial, educational and leadership support to the organizations and individuals who are really making a difference in the Central Florida area,” said Market President, Ed Timberlake.    

Working with community partners, Bank of America developed the Neighborhood Excellence Initiative to provide Central Florida and 37 other markets with essential support through three key programs:

• Neighborhood Builders: $200,000 in grant funding and leadership training over the course of two years to two local nonprofit organizations working to promote vibrant neighborhoods. The combination of operating support and leadership training helps strengthen the capacity and infrastructure of the selected organizations and promotes the professional development of their leaders.

• Local Heroes: recognition of five community heroes whose achievements and leadership on local issues contributes significantly to neighborhood vitality.  Recipients will direct a $5,000 contribution to an eligible nonprofit of their choice and will be honored at a public ceremony.

• Student Leaders: development of five high school students in their junior or senior years who are exemplary young people with an interest in improving their neighborhoods. To further their personal and educational growth, each student will participate in an eight-week paid summer internship with a community-based organization, as well as a mentorship program arranged by Bank of America.

Award recipients will be chosen by a local selection committee comprised of private, public and nonprofit sector leaders and will be chaired by Ed Timberlake, Central FloridaPresident.  The Selection Committee includes:

• Jacob Stuart, President, Orlando Regional Chamber of Commerce

• Percy Luney, Jr., Dean, FAMU College of Law

• Linda Landman-Gonzalez, Director of Diversity and Community Affairs, Darden Restaurants

• Mark Brewer, President/CEO, Community Foundation of Central Florida

• Dr. John Hitt, President, University of Central Florida

• Jerry Montgomery, Senior Vice President Public Affairs and Multi-Market Business Development, Walt Disney World Company

“We couldn’t be more pleased with the individuals selected.  Each member is a dedicated leader with a personal commitment to our community.  Their efforts represent the higher standard that Bank of America strives to achieve with respect to our neighborhoods,” said Ed Timberlake, president, Bank of America, Central Florida. 

Applications and nominations for the awards and a list of participating communities can be found online at www.bankofamerica.com/foundation.

The deadline for applications is 8 p.m. on June 30, 2005.  Applicants are encouraged to submit as early as possible. 

Training for 2004 Neighborhood Excellence Initiative Award Recipients

One of the key components of the Neighborhood Excellence Initiative is leadership training for executives of the organizations recognized as Neighborhood Builders. 

In February, last year’s Neighborhood Builder award recipients Gary Landwirth, A Gift for Teaching and Second Harvest Food Bank joined nonprofit executives from other markets in San Francisco to attend the first session of the Neighborhood Excellence Leadership program, which provides training and leadership development to individuals who are essential to the success of their organizations and communities. 

Future sessions of the leadership program will be held April 12-15 in Chicago, May 10-13 in Boston and October 18-21 in Washington, D.C.

Bank of America Charitable Investments

With a $1.5 billion philanthropic goal over the next 10 years, Bank of America Charitable Investments is one of the largest corporate charitable organizations in the country. The mission of Bank of America Charitable Investments group is to deploy a targeted array of philanthropic resources that help neighborhoods grow and prosper, thereby creating thriving environments where the bank’s customers, associates and shareholders live, work and invest.  For more information about

Bank of America Charitable Investments, please visit the Foundation’s website at www.bankofamerica.com/foundation.

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 33 million consumer relationships with more than 5,800 retail banking offices, more than 16,700 ATMs and award-winning online banking with more than twelve million active users. Bank of America is the No. 1 overall Small Business Administration (SBA) lender in the United States and the No. 1 SBA lender to minority-owned small businesses. The company serves clients in 150 countries and has relationships with 98 percent of the U.S. Fortune 500 companies and 85 percent of the Global Fortune 500. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.

Click here for a list of last year’s winners.

Reporters May Contact:

Jodie Hardman, Bank of America, 407-420-2822

Jodie.a.hardman@bankofamerica.com

Alexa Walewski, Bank of America, 407-420-2811

Alexa.g.walewski@bankofamerica.com