Bank of America has announced a $250 million commitment over the next five years to support families and individuals facing food insecurity and other basic needs across the United States. The initiative expands on the bank’s existing philanthropic efforts, which currently provide annual funding to more than 1,200 organizations focused on hunger and related issues.
As part of this new pledge, Bank of America will distribute $5 million to nearly 100 nonprofit organizations that are working to address urgent food needs for individuals and families. This funding aims to help these nonprofits respond to increasing demands at the local level.
Sheri Bronstein, Chief People Officer at Bank of America, stated, “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. 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 financial contributions, Bank of America employees plan to volunteer more than 100,000 hours by the end of the year in support of organizations addressing hunger relief and other essential services. The company will also match employee donations dollar for dollar to nonprofits combatting hunger in its service areas.
Bank of America serves nearly 70 million consumer and small business clients in the United States through about 3,600 retail financial centers and roughly 15,000 ATMs. Its digital banking platform has approximately 59 million verified users. The company operates in more than 35 countries globally and is listed on the New York Stock Exchange under BAC.
Reporters seeking additional information can contact Carla Molina at Bank of America by phone or email.
