Bank of America (NYSE:BAC) shares were flat Friday, as the lending giant announced a $250- million commitment over the next five years to support families and individuals experiencing food insecurity and other basic needs in communities nationwide.
“This investment,” to quote Friday’s news release, “builds on the company's long-standing support in this area, as it currently provides annual philanthropic funding to more than 1200 organizations that focus on combatting hunger and other related needs.”
As part of its new commitment, Bank of America will deliver $5 million to nearly 100 nonprofit organizations currently addressing urgent food needs for individuals and families. This move will help ensure these organizations can address increasing needs at the local level.
"Our ongoing commitment to the needs of the local communities where we work and live is foundational to who we are at Bank of America," said Sheri Bronstein, Chief People Officer at Bank of America. "We work closely with food banks, food pantries, and other basic needs-focused organizations every day, and this new commitment builds on decades of giving, volunteering, and partnership."
In addition to philanthropic support, Bank of America employees plan to volunteer more than 100,000 hours between now and the end of the year to assist organizations focused on hunger relief and other critical services. Bank of America will also match employee contributions, dollar for dollar, to organizations focused on combatting hunger in the communities it serves.
BAC shares began the week’s and month’s last session down five cents to $52.98.
