Bank of America Corporation - BAC STOCK NEWS

Bank of America has made a significant contribution of $1 million towards the construction of the Kirk Kerkorian School of Medicine at UNLV, marking its first donation for this project which began in October 2020. This project has, to date, secured over $150 million in private donations. Upon completion, the school will serve up to 120 students, doubling its capacity. A study estimates it could bring about $1.2 billion annually to the local economy in 15 years.

Bank of America has announced the winners of the inaugural Miami Small Business Bootcamp, held in conjunction with StartUP FIU and The Underline. Ten small businesses were chosen based on unique value propositions and sustainability potential. Each winner receives a $2,000 stipend and the opportunity to showcase their offerings at the upcoming Small Business Holiday Village on December 10-12 and December 17-19. This initiative is part of Bank of America's $1.25 billion commitment to advance racial equality and economic opportunity in Miami.

Bank of America has named Al McRae as the new president of Bank of America Atlanta, succeeding Wendy Stewart, who has joined the senior management team. McRae aims to foster strong relationships within the local community and streamline the bank's offerings across its eight business lines. He also holds the position of Diverse Segments business development executive for Bank of America Private Bank. With 17 years at the company, McRae is committed to addressing social concerns and enhancing the workplace environment.

Bank of America plans to report its fourth-quarter 2021 financial results on January 19, 2022, at approximately 6:45 a.m. Eastern Time, a date change from previous announcements. A conference call for investors will follow at 11:00 a.m. Eastern Time. The bank serves approximately 66 million consumers and small businesses across the U.S. with a robust network of 4,200 retail centers and 17,000 ATMs. It also supports 3 million small business households with innovative online services.

Bank of America has committed $10 million to Johnson C. Smith University (JCSU) in Charlotte, NC, as part of a broader $1.25 billion initiative aimed at advancing racial equality and economic opportunity. This funding supports various efforts, including educational programs, closing the digital divide, and increasing employment opportunities for diverse candidates. The university aims to strengthen its business program and foster entrepreneurship among Black students. This latest investment contributes to over $25 million allocated for the Mayor's Racial Equity Initiative in the area.

Bank of America has launched Account Validation, a new fraud prevention service aimed at corporate and public sector clients. This service allows clients to verify account status and authenticate account ownership before processing payments, mitigating fraud risks. Powered by Early Warning Services, Account Validation enhances real-time payment processing, ensuring compliance with the NACHA WEB Debit Account Validation rule. The service is designed to reduce misdirected payments and improves operational efficiency, aiding companies in saving time and money.

Bank of America released a study revealing that 80% of Gen Z (ages 18 to 24) have taken positive financial actions in the past year, with 70% increasing savings and 26% investing. Despite pandemic challenges, 68% remain optimistic about their financial futures, prioritizing savings and frugality. Key barriers include insufficient income and job instability, with 34% rating their financial knowledge as low. The research highlights disparities among racial groups and gender in financial independence and education access, indicating a crucial need for enhanced financial education tailored to diverse communities.

Frontdoor, Inc. has expanded its board of directors to nine members by appointing D. Steve Boland, currently chief administrative officer at Bank of America Corporation, as a new director effective October 21, 2021. Boland, who has significant experience in customer-focused, digitally enabled businesses, will also serve on the nominating and corporate governance committee. His expertise in strategic planning and public policy is expected to enhance Frontdoor's operational goals.