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Bank of America Announces Support Following Devastating Tornadoes in North Carolina and Four Other States

Banking, Finance, Press Releases

Bank of America Charitable Foundation Commits $500,000 to Aid Victims

CHARLOTTE, N.C., Apr 18, 2011 (BUSINESS WIRE) — Bank of America today announced a $500,000 commitment to the American Red Cross to aid victims of the tornadoes that swept across the Southern and Eastern United States. This includes a $400,000 grant to support efforts in North Carolina and a $100,000 grant to help with immediate and long-term recovery efforts in Oklahoma, Virginia, Mississippi and Alabama.

"We are determined to do our part in ensuring that the communities impacted by this tragedy receive the necessary, immediate relief to help our neighbors navigate this difficult period," said Brian T. Moynihan, chief executive officer of Bank of America. "Many of these communities in North Carolina, which were the hardest hit, are a short drive from our headquarters. As families affected by these devastating tornadoes begin to rebuild their lives and their cities, they will need help from individuals and organizations such as Bank of America to succeed."

As the American Red Cross continues to assess damages, North Carolina is the most affected state with 62 tornadoes having impacted the region, more than 130 homes destroyed and more than 700 damaged. Some of the hardest hit areas are still inaccessible, and officials are still assessing damage throughout the state. Bank of America has been in contact with the Governor's office, which is leading the response and has declared a state of emergency.

"The state and federal governments will do everything we can to help North Carolinians recover from these devastating tornadoes, but we cannot do it alone," said Gov. Bev Perdue. "Our corporate partners, nonprofit and faith-based organizations are vital team members as we begin this massive recovery effort. I applaud Bank of America for their continued corporate leadership in the community."

In addition, the Bank of America Charitable Foundation will match employee pledges through the bank's Matching Gifts program and will not limit its overall relief donation.

www.bankofamerica.com

SOURCE: Bank of America

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