Merged Bank Pledges $100-Million a Year

The new Bank of America — created by the merger of NationsBank Corporation, in Charlotte, N.C., and BankAmerica Corporation, in San Francisco — has announced that it will give $100-million annually.

The foundation also has made its first set of grants.

One hundred non-profit groups, located near bank branches, will receive $10,000 each. All of the recipients provide educational help, such as tutoring or scholarships, to poor children and families.

The Bank of America Foundation, based at the merged bank’s headquarters in Charlotte, N.C., plans to give a total amount each year that is slightly more than the total of what the two banks gave last year: NationsBank donated about $60-million, while BankAmerica gave about $35-million.

The new fund will give mostly to education programs, but also to arts and culture, community development, and health and human services. Grant-making guidelines will be available in January.

For more information, contact Bank of America Foundation, 100 North Tryon Street, 18th Floor, Charlotte, N.C. 28255.