Bank of America Corporation - BAC STOCK NEWS

Bank of America has announced cash dividends for various series of preferred stock, with notable amounts including $18.125 for Series L, $32.500 for Series Z, and $0.375 for Series EE. The record date for these dividends is April 1, with payment dates ranging from April 23 to May 3. These dividends reflect the company's ongoing commitment to shareholder returns. Bank of America serves around 66 million consumers and small businesses, maintaining a robust retail presence with over 4,300 locations.

Bank of America has allocated over $22 million in philanthropic funding to support education, jobs, health, and housing initiatives for communities of color, building on its $1 billion commitment. The funding focuses on workforce development, small businesses, and health needs, with major investments in education and minority entrepreneurship, aiming to address critical community challenges.

On February 25, 2021, Early Warning Services, LLC and The Clearing House announced that Zelle transactions can now be cleared and settled over the RTP network. This integration enables Bank of America and PNC Bank to deliver real-time payments, improving efficiency and reducing costs for both consumers and businesses. The partnership provides a fully digital payment experience, allowing businesses to enhance customer satisfaction and streamline operations. Consumers will benefit from greater control over payment timing and immediate payment confirmations.

Bank of America has announced a commitment of $1.1 million to assist Texas communities recovering from a severe winter storm. This includes $250,000 to the American Red Cross and Feeding Texas, with the remainder directed to local nonprofits for shelter, food, and essential supplies. Funds will also match employee donations through March 26. Contributions include $100,000 for Austin housing repairs, $300,000 for Dallas food banks, $350,000 for Houston relief efforts, and $100,000 for San Antonio charities. Over 5,600 cases of water and various supplies were distributed to employees.

Bank of America, in collaboration with the Black Economic Alliance Foundation, Morehouse College, and Spelman College, has announced the establishment of the Center for Black Entrepreneurship (CBE) in Atlanta. This initiative aims to cultivate and empower Black entrepreneurial talent by providing education, mentorship, and access to capital. The CBE is backed by $10 million in funding from Bank of America, part of its broader $1 billion commitment to promote economic opportunity and racial equality. The center will offer a comprehensive curriculum and resources to support aspiring Black entrepreneurs.

Bank of America achieved a historic milestone in 2020, filing 722 patent applications, the most in its history, while 85% of its workforce operated remotely due to COVID-19. The bank received 444 patents, also a record, amidst a 1% decrease in overall U.S. patents. Its patent portfolio includes innovations in information security, ATM technology, and AI data integrity. Bank of America ranked #108 on the Intellectual Property Owners Association's list, emphasizing its commitment to innovation and diversity in its workforce.

Bank of America has announced its commitment to achieving net zero greenhouse gas emissions in its operations, financing activities, and supply chain by 2050, aligning with the Paris Climate Agreement. The company plans to set interim science-based emissions targets, particularly for high-emission portfolios. As part of its broader sustainability strategy, Bank of America aims to reduce location-based greenhouse gas emissions by 75% by 2030 and increase the use of zero carbon electricity. The bank will also invest $445 billion in low-carbon technologies by 2030.

Bank of America Community Development Banking (CDB) announced a record $5.87 billion in loans and investments in 2020, exceeding last year’s $4.88 billion. CDB deployed $3.62 billion in debt commitments and $2.25 billion in investments to enhance affordable housing and economic development nationwide. The financing facilitated the creation of over 13,800 housing units, with more than 13,000 deemed affordable. This includes significant contributions towards green housing and facilities for seniors and veterans, supporting Bank of America's broader commitment to advancing racial equality.

Bank of America has announced an increase in its affordable homeownership initiative to $15 billion by 2025, aiming to assist over 60,000 individuals and families in purchasing homes. Initially launched at $5 billion in 2019, the program has already helped nearly 21,000 families with affordable loans and more than $180 million in grants. The initiative focuses on down payments and closing costs, providing significant financial support for low- and moderate-income families, with average assistance of about $14,000 per homebuyer.