‘NACfi: 

FOR IMMEDIATE RELEASE 

Wednesday,?uly-9~1;199~~, , 

CONTACT:’ BRUCE MYKSI EXECUTIVE DIRECTOR: 

JQ_H_bLBEi’,lETEW MEDIA DIRECTOR: 

Phone: 617-250-6222 Pager (617) 835-4477 

NACA, NATIONAL NON PROFIT ACTIVIST GROUP, TESTIFIES IN SUPPORT OF 

THE NATIONSBANK MERGER WITH BANK OF AMERICA 

The Neighborhood Assistance Corporation of America (“NACA”) a national housing 

services and advocacy organization that has lead high profile fights against 

discriminatory and unfair lending and mortgage scams will be testifying today before 

the Federal Reserve Bank of San Francisco in support of the merger of NationsBank 

and the Bank of America. 

[Attached is the letter of support from NACA Executive Director Bruce Marks.] “The 

$350 Billion community reinvestment program put forward by NationsBank/Bank of 

America”, states Bruce Marks, “is unprecedented and will insure that individuals and 

communities that have been denied access to credit will now have access to funds on 

terms they can afford. NationsBank/ Bank of America will in fact become the nation’s 

largest private sector affordable housing developer and primary lender to low and 

moderate income people and communities.” 

Accompanying Marks are homeowners who have benefited from the variety of housing 

services and programs provided by NACA, and funded by NationsBank. These 

homeowners are traveling to San Francisco to show the tremendous impact of 

NationsBank’s community investment program. 

l First-time homebuyers: Carolyn and Freddie Hawkins, Charlotte NC and 

Naomi Martin of Washington DC. 

l Purchase-rehab homebuyer: Mayo Funderburg of Atlanta, Georgia. 

l Refinance from predatory loan: Genie McNab of Decatur, Georgia. 

NACA began in 1988 in Boston and has expanded nationwide providing the best 

mortgage program for working people: no downpayment, no closing costs, no fees 

and free comprehensive housing services. NACA was in the forefront of the 

campaign against Fleet Finance’s predatory lending. After a 41/2 year war and 

extensive exposure in national media, Fleet committed over $8.5 Billion to low and 

moderate income people and communities. NACA is currently leading a high-profile 

campaign against lending abuses by Ford Motor Company and its lending subsidiary, 

Associates Financial, the country’s largest home equity lender. NACA’s research and 

reports have been featured on all three major networks. 

Headquarters (Boston): 3607 Washington St, Jamaica Plain MA 02120 

Phone: 617-250-NACA (6222) . Fax: 617-250-6262 

Unfair Lending : I-BM)-W-SHARK l Housing Services : I-888~3M-NACA 
BluCC Marks ChierExecu,iveO~cer Mr. A. Linwood Gill, Ill 

Federal Reserve Bank of Richmond 

Rev. Gravlm Scan Haeler 70, E. Byrd Street 

Tuesday, June 30,1998 

Richmonb VA 23219 

Dear Mr. Gill, 

Please consider this letter in support of the merger of NationsBank and Bank of 

America particularly as it relates to the principles of the Community Reinvestment Act. 

As you know, the Community Reinvestment Act was designed to insure that all 

communities and individuals have access to credit. 

With that in,mind, one can only commend the commitment extended to low and 

moderate income communities by NationsBank and Bank of America. While both 

institutions have had strong track records in the area of community reinvestment their 

most recent proposal is extraordinary. 

This $350 Billion community reinvestment program is unprecedented. This institution 

will in fact become the nation’s largest private sector developer of affordable housing 

and the primary lender to low and moderate income people and communities. While 

this proposal may sound too good to be true on paper, NationsBank’s track record of 

follow-through and speedy completion of their previous substantial commitments 

demonstrates that such proposals are backed with action. 

This current commitment encompasses the full range of financing that is necessary for 

neighborhood and community stabilization. Thus there are considerable funds for 

affordable housing development, support for mortgage financing, as well as monies for 

small business development. It is truly a program offering access to credit for people 

and communities that have historically been denied such opportunity. For as we 

know, the life-blood to any community’s fiscal and economic health is access to credit. 

In any initiative the devil is often in the details. Looking at some of the details, 

however, we see an initiative that will provide billions of dollars for people who have 

been victimized by predatory lenders. Homeowners will be able to refinance a high 

rate or predatory loan at an interest rate of less than 7% with no points, fees or other 

costs. As you know, the rate for non-conforming loans is between 12% and 16%, 

with four to eight points; and other fees packed in (there are many examples of much 

higher rates, points, and fees). It is only a matter of time before many of these 

victimized homeowners face loss of their homes. 

In addition to refinancing homeowners, the NationsBankIBank of America 

reinvestment program will provide unbelievable home ownership opportunities for low 

Headquarters (Boston): 3807 Washington St., Jamaica Plain MA Ml30 

Phone: 617~ZS&NACA(6222) . Fax: 617~250-SE.2 

Unfair Lending : l-800-S&SHARK * Housing Sewlces : ,-E&3%?-NACA 
and moderate income people and communities nationwide. The ability to purchase a 

home with no down payment, no closing costs, no application fee, no perfect credit, at 

less than 7% interest is incredible. This initiative will revolutionize mortgage lending 

throughout the country. 

It is virtually impossible to put this $350 Billion dollar initiative in context unless it is 

compared to programs of similar scope. The most obvious are the programs either 

sponsored or funded by the Federal Government. HUD has scaled down its 

commitment in this area and as our organization and others have pointed out, HUD is 

allowing mortgage brokers even greater regulatory freedom to exploit homeowners by 

failing to put regulatory teeth in its enforcement acts. Fannie Mae’s guidelines, on the 

other hand, are so restrictive that low and moderate-income homebuyers, and buyers 

with untraditional credit are often excluded. The other regulatory agencies, particularly 

the Federal Reserve, have continued to show very little initiative in strictly enforcing 

the Community Reinvestment Act. 

The reality is that NationsBank/Bank of America have begun to fill this void. They are 

doing far more for low and moderate-income people and communities then the 

Federal Government or any other lenders. 

They need to be applauded and supported. The regulators need to approve the 

application immediately and get back into the business of regulating the many 

discriminatory and predatory financial institutions that prey on working people. 

The proof is often in the results. Ask the tens of thousands of low and moderate 

income people who are already benefiting from what NationsBank is doing. They 

meet every Saturday around the country to begin the process of purchasing or saving 

their home. They gather in homebuyer workshops in Atlanta, Charlotte, Columbia, 

Jacksonville, Washington, Memphis, Baltimore and other cities. 

You need to listen to these low and moderate income people who understand 

firsthand the incredible opportunities provided by NationsBank and the combined 

NationsBanklBank of America. 

Please contact me should you have any questions. Thank you for your gonsideration. 

p&igji 

Bruce Mar s 

Executive Director 
THE WALL STREET JOURNAL. 
Terms of new NACA loan program unbelievably good 

JOHN ADAMS 

n 

:lass and obtain one.on-one counseling 

about the responsibilities or homeownwhip. In addition, if you fall behind in 

your payments, NACA representatives 

will meet with you and try lo get you 

back on track. Such post-purchase 

counseling has proven effective berore 

in Atlanta. but rnos~ lenders aren’r set 

up to react quickty to late paymems 

rrom borrowers As a result. it ma): be 

six months before a tender actuall) 

talks with a delinquent homeowner. By 

[hen, the financial hole may already be 

to0 deep. 

Barriers to ownership 

We kno\v that there is a direct relationship between homeownership and 

wealih accumulation ill this conntry 

Yet one in three Americans cominues 

to live in a home that the head of 

household does nor own. The ws, of us 

live in owned homes. We call that percentage the homeownership rate. and 

it has hovered around 66 percent for 

sevetxl years The principal factor 

nrreclillg the rare in the pasr has been 

iufercsl raies~ Wherl rates drop, ownw 

ship nres. but only slightly. As with mosl targeted tending prop 

grams, there are strings attached, 

These loans al-c intended primarily rur 

firs!-time home bl~yers. atthou@~ refix 

nanc~n~c ror debl :onsolid,llion and 

home improvemcnl are allowed. You 

may not own other property. and you 

musI live in the home you finance as 

long as you own it 

Nso. you must make enough to qu;,tify ror the loan you seek, hui houcchol: 

mcome is tnmrcd depending on the 

number or people living wi:h you. 

Smgle.apphcanl income cannot exceel 

S?O,lOO, while n fnmily oisi?: can ear-~ 

utl I0 S-18.250 tlu;iei~ if your twmL 

falls within the “priori~)’ area.” no 

household incume hmils apply. Some 

of the targeted areas are parts of Fulto” County south or Ponce de Leon 

Avenue; rn0s1 or DeKalb County south 

or College Avenue and inside 1.285; 

Forest Park, Easr Point: and Hapeville 

Maps of target and sewice areas are 

available rrom NACA~ 

/ohn Adorrjs IS 0 broker. investor and 

SIudies have shown thar the No. 1 

barrie: in homeownership among 

Americaiis or low to moderate income 

is lack 0: funds for a down paymenr. 

Anothr: ma,or barrier is lack or infor. 

n;ation abou: the home buying process 

This loan program addresses these bar. 

riers head-on and seeks 10 make it eas. 

ier ror anyx~? lo own his own honk In 

ad&lion. the loans are being oriered 21 

or below current market inwresr rates. 

One interesting feature of this program is Lhat NACA controls the entire 

home buying process. It provides buyer 

education and individual counseling. 

and even orrers a buyer brokerage ser. 

vice t0 help purchasers find a home 

and ne~ot~ale a good deal. In addition, 

NACA offers rehab management services and pos~owwrship assistance ir 

a borrower falls behind in mongage 

paymenis, 

Pro.gams such as this one have been 

tried I” the past, but never on such a 

scale KationrBank has agreed 10 orrcr 

$500 mittion in home loans nationwide. 

11 YOU thmh YOU can take advamage or 

IhiS inilialivc. call NACA in Arlanra a[ 

401.37;-4545~ 
H E R A L D 

JANUARY 26. 1996 

Nearly 2,000 potential home buyers fill out applications at the NACA 

and NationsBank kickoff event at the Plymouth Congregational 

United Church of Christ in Northeast Washington on the Martin 

Luther King. Jr., Birthday Holiday. (Photo 0 1996 J~sor MICCOLO 

JOIIWO~.) 

NATIONSBANKPITCHESINTOHELP 

BLACKSREALIZETHEDREAM 

. 
Y. rqc 1vncr~JilltJtoll mrtcG 7 UESDAY, DECEMBER 19, 199.5 , 

NationsBank-NACA program 

helps poor home buyers get loans 

NationsBank Corp. and a Boston-based housing group announced yesterday they will provide %500 million in unusually 

flexible and inexpensive mortgages ror home buyers in low 

income urban areas. including 

Washington. 

The agreement between the nation’s fourth-largest bank and the 

National Assistance Corp. of 

America (NACA) is believed to be 

the largest commitment yet for 

such mortgages.The loans feature 

no down payments. no closing 

costs. no application fees and “liberal underwriting Bt a market 

rate.” 

“This is the best mortgage produc, in the country tha,, meets the 

needs or working people,” said 

Bruce Marks; executive director 

of the housing group. 

NationsBank said that p&haps 

~O.OOII ramilies will get flexible 

toans to buy a home, refinance a 

mortgage or pay ror home improvements.Theprograminitially 

will be orrcrcd in \\‘x.hi~~gton. A,- 

tanta, ljaltimore and Charlotte. 

N.C., where NationsBank is based. 

and will be expanded later. 

Catherine I? Bessant. NationsBank’s top community investment 

executive. said the program will 

help the bank lend more to innercity residents. 

“We’re really excited and have a 

lot of optimism that we’ll be able 

toexpnnd the markets in which we 

do business,” she said. 

Orher banks have made larger 

commitments r0r community 

lending. such as an $18 billion initiative Clwmical Banking Corp. 

and Chase Manhattan Corp. an. 

nounced alter they disclosed 

merger plans. But the NationsBank and NACAagreement is signiricant because its unusually 

flexible termsaredesigned ror the 

working poor, said John Taylor, executive director or the National 

Communily Reinvestment Conlition. 

“Itisoneorthemost majorcommitmentseverintermsorwhothis 

money will be available for;’ Mr 

‘I!~ylor said. 

Separately. the Federal Reserve 

yesterday approved NationsBank’s $1.8 billion acquisition .or 

Atlanta-based Bank South Corp. 

on R 6-O vote. The acquisition, expected to close next month, will 

create the dominant bank in Gewgia. 

In 1994. Mr. Marks’ group 

reached an agreement with Fleet 

Financial Group Inc. to market 

$140 million 0r similar mortgages 

8s part or a large community lending plan by the Providence. R.I.. 

based bank. 

The agreement with Fleet came 

alter an extended and bitter dispute over lending practices or 

Fleet‘s rimmce company.unit in 

lower-income neigbborhuods. Mr. 

Marks. a sell-described “banking 

terrorist,” crashed Fleet’s nnnunl 

meetings and bounded its chnirman at public speeches to push (or 

more lending to locv.income people. 

rlc had no similar dispute in the 

Nationsnank case. 

“\Ve Lvere not under anv sneciric 

legal pressure to talk 16 l&we: 

bliss I3essnnt said 

The deal announced yesterday 

WRS born Oc,. 2 when Mr. Marks 

called NationsBank to reqoest a 

meeting will, Miss Bessant and 

Chairman Hugh McCall. Later 

that arternoon the wo executives 

called back and agreed to negotiale n deal. 

According to documents pro. 

vided lo the Associated Press. loan 

applicants won’t be penalized ir 

they’ve had numerous jobsaslong 

as their income has remained 

steady throughout the period. 

In an unusual twist. the loans 

nre not covered by private mortgage insurance. which protects 

the lender ir the borrower doesn’t 

rrp:~y tllc loan. llousing activists 

have complained such insurance is 

too expensive. 

Under the NACA loans, the bar. 

rower pays each month into a special loan rund called the Neighborhood Stabilization Fund. run by 

NACA in conjunction with neighborhood residents. The rund 

makes emergency loans to help 

borrowers ir they encounter emergencies such as temporary jub 

loss. 

NACA provides extensive counseling to ensure the applicants 

understand theobligationsofbuying a home. It also monitors home 

repairs to ensure the work is done 

correctly and wifhin budget. 

Mr. Marks said be’s been run. 

ning n similar lonn program since 

IYBR.ond rhose loans”tmvenot had 

one deroutt snd not one r0recio. 

sure.” 

Miss Bessant wouldn’t discuss 

her analysis or the existing NACA 

loons, other than to say, “We satislied ourselves that the perrormante is predictable and can be underwritten successfully:’ 
Economic 

llwwqmlt center 

Carolinas, Inc. 

Suite U 

Waterford Center 

800 Clanton Road 

Charlotte. NC 28217 

June 25, 1998 

TO: 

FROM: 

Ms. Joy Hoffman-Molloy 

Community Affairs Offtcer 

Federal Reserve Bank of San Francisco 

Division of Banking Supervision and Regulation 

Mail Stop 620 

101 Market Street 

San Francisco, California 94105 

Mr. Kermitt Waddell 

President/CEO 

Economic Development Center of the Carolinas 

800 Clanton Rd., Suite U 

Charlotte, North Carolina 28217 

RE: Testifying in favor of the proposal by NationsBank Corporation, 

Charlotte, North Carolina, to acquire BankAmerica Corporation, 

San Francisco, California. 

This letter is submitted in support of the merger between NationsBank and 

BankAmerica. My affiliation with NationsBank began in 1992 as a result ofthe 

partnership forged between the bank and the National Association for the Advancement 

of Colored People (NAACP). This was but one of the partnerships NationsBank 

entered into to help reach their goal of loaning one billion dollars over a ten year period 

to low to moderate income persons and small businesses. The goal was actually 

achieved within three years. 

Under that partnership, I headed up the North Carolina NAACP Community 

Development Resource Center (CDRC) which opened in Charlotte in April 1992. In 

the following months other centers were opened in Richmond, Va., Columbia S. C., 

Atlanta, Ga., Fort Lauderdale, Fla., Austin, Tex. and Baltimore, Md. From 1992 

thorough December 1996, the CDRC’s facilitated over one hundred million 

(%lOO,OOO,OOO.OO) in loans through NationsBank. I am proud to say that the North 

Carolina center was responsible for over sixty-five million dollars ($65,000,000.00) of 

that total. I let? the NAACP CDRC in October 1997 to establish the Economic 

Development Center of the Carolinas (EDCC), a non-profit NationsBank partner. Since 

October 1997, the EDCC has over two and a half million dollars in loans closing to its 

credit with several million dollars in the pipeline. 

Tel: (704) 529.5515 

Fz\: (704) 529.54 I5 I HOH-PnOIIr Y.tion,bnL PamTHEn 
The purpose of the EDCC is to promote economic development through community 

development lending in partnership with NationsBank, community based organizations 

and other institutions. Our target population and the major beneficiaries of our efforts 

are those persons and communities which traditionally have been under served by the 

major lending institutions. We provide consultation, advocacy, and home ownership 

and small business education classes. Clients receive assistance in credit counseling, 

budgeting, asset management, business plan preparation and technical assistance. 

NationsBank provides the curriculum and classroom materials~for the education classes. 

It is from such first hand experience that I can confidently advocate for the merger of 

these banks. My staff and I have aggressively seized the opportunity offered by our 

afftliation with NationsBank, first with the NAACP and currently as the EDCC. 

Through our partnership, we have been able to assist clients who had never dreamed of 

owning a home to become homeowners. The bank has responded positively to many of 

our suggestions on how to better serve the community and several innovative changes 

have resulted that have proven of benefit to the community and to the bank. 

The motto of the EDCC is taken from a Frederic Douglas quote, “The history of 

civilization shows that no people can or will rise to a degree of mental, or even moral 

excellence without wealthy A people uniformly poor and compelled to struggle for 

barely physical existence will be dependent and despised by their neighbors and will 

finally despise themselves.” We appreciate the opportunity we have through 

NationsBank to affect so many lives in such a positive manner. There is no question in 

my mind that the merger between these two banks will only prove to be an even greater 

benefit to the greater community. 

Very truly yours, 

/ --Y 

Kemtitt N. Waddell 

President/CEO 
ECONOMIC DEVELOPMENT CENTER OF THE CAROLINAS 

PROFILE AND HISTORY 

“The history of civilization shows that no people can or will rise to degree of mental or even moral 

excellence without wealth. A people uniformly poor and compelled to struggle for barely physical 

existence will be dependent and despised by their neighbors and will finally despise 

themselves. “. . . . . . . . .,. Fredrick Douglas 

The Economic Development Center of the Carolinas (EDCC) was incorporated March 24, 

1997 in the state of North Carolina and was granted recognition as an exempt entity under 

section 501 (a) of the Internal Revenue Code as an organization described in section 501 (c)(3). 

With the support of its primary partner NationsBank, the organization serves as a community 

outreach arm to assist the bank in accomplishing its goals under the Community Reinvestment 

Act (CRA). 

-The mission of the EDCC is to promote economic development among low to moderate 

income groups in an effort to improve the quality of life for all people. Particular focus is 

given to raising the consciousness level of our constituents to expect more of themselves and 

others around them. The EDCC offers Money Management, First Time Home Buyer and 

Business Success Education, Loan Facilitation, Technical Assistance, Individual Counseling 

and Advocacy. The major beneficiaries are those persons and communities which traditionally 

have been under served by the major lending institutions. However, because of the quality of 

service offered, our clientele includes persons from all social, economic and ethnic 

backgrounds. 

The EDCC staff, Kermitt N. Waddell, Rose Marie Cotton, Norman T. Little and Carolyn G. 

Clyburn have had extensive experience working in the area of community and economic 

development. From April 1992 through October 1997, Waddell and Cotton operated the North 

Carolina NAACP Community Development Resource Center (CDRC) prior to starting the 

EDCC. The North Carolina CDRC is one of seven centers operated under a partnership 

between the NAACP and NationsBank. By the period ending December 3 1, 1996, the 

resource centers had facilitated over one hundred million dollars ($lOO,OOO,OOO.OO) in 

economic development loans through NationsBank. The North Carolina center alone was 

responsible for over sixty-five million dollars (%65,000,000.00) of that total. Mr. Norman T. 

Little came to the EDCC from the Sickle Cell Disease Association. He is a former auditor for 

the State of North Carolina and has operated as a private accountant and business consultant. 

He serves on the boards of several neighborhood organizations involved in the revitalization of 

their communities. Ms. Clyburn is the former Administrative Secretary of the CDRC, with the 

EDCC, she will be working in the First Time Homebuyer Program. 

The staff is proficient in providing training and counseling to its client base of businesses 

churches and consumers. Consumer counseling includes: credit, budgeting, mortgage 

application, home selection, home improvement, employment and income, civic and 

community involvement, and pride in self and family. We feel the in depth instruction and 

counseling has produced a more credit worthy and informed buyer. Undoubtedly, this directly 

accounts for the fact that our clients have experienced no defaults or foreclosures to date. 
KERMITT N. WADDELL 

Kermitt N. Waddell is a native of Charlotte, North Carolina and a product of the 

Charlotte-Mecklenburg school system. He graduated from North Carolina A&T State 

University and North Carolina Central School of Law. His scholastic achievements 

included being selected a Herbert Lehman Foundation Scholar, President of the Senior 

Class (1970) North Carolina A&T State University and Whos Who in American Colleges 

and Universities. Sparked by his passion for community service and human rights, Mr. 

Waddell has distinguished himself in various career and volunteer positions. 

Mr. Waddell established the Economic Development Center of the Carolinas, Inc. 

(EDCC), which was incorporated March 24, 1997 in the state of’North Carolina and was 

granted recognition as an exempt entity under section 501(a) of the Internal Revenue 

Code as an organization described in section 501(c)(3). He currently serves as the 

President/CEO and with the support of its primary partner, NationsBank, EDCC serves as 

a community outreach arm to assist the bank in accomplishing its goals under the 

Community Reinvestment Act (CRA). 

Previously, he served as the Director of Operations of the North Carolina NAACP 

Community Development Resource Center (CDRC). The office was one of seven 

established through a partnership with the NAACP and NationsBank. The CDRC acted 

as an effective delivery system for NationsBank’s program and services to low to 

moderate income consumers and small businesses. Mr. Waddell views this as one of the 

most gratifying positions he has held, in that, results were tangible. Under his leadership, 

the North Carolina center has facilitated approximately $60,000,000 in loans since 1992. 

. . 

Mr. Waddell’s past position as Special Assistant to the Regional Director, NE Region, US 

Bureau of Census during the 1990 census, led to his appointment to the National African 

American Advisory Committee for the Year 2000 Census. He currently serves as 

Chairman of the committee. Additionally, he currently serves on the N C Health Planning 

Commission Community Health District Advisory Committee, is Chairman, Board of 

Trustees, Lautinburg Institute, member, Charlotte Black Political Caucus, Omega Psi Phi 

Fraternity and International Omega Housing Committee. He was the first African 

American department head in Mecklenburg County government - leading the Offtce of 

Minority Affairs. His involvement with the NAACP has spanned fifteen years. In that 

time, he has served in such capacities as State Vice President and Chair of the State Legal 

Redress Committee. On a national level, he served as a member of the NAACP Economic 

Development Department’s Fair Share Advisory Team. 

Mr. Waddell is a member of St. Michael and All Angels Episcopal Church where he is a 

past Junior Warden. He also served on the Statewide Racism Task Force of the Episcopal 

Diocese of North Carolina. His numerous honors and awards include: the 1997 

NationsBank President’s Award and the NAACP’s Torch of Freedom Award. His 

hobbbies are public speaking, listening to music, reading, sports and sports cars. 
Tel: (505) 24G2261 

Fax: (MS) 2464.613 

STATE OF NEW MEXICO 

OFFICE OF CULm AFFAIRS P.O. Box 12317.87195 

HISPANIC CULTURAL DMSION 17014th SW 

Albuquerque, NM 87102 

July 9, 1998 

Members of the Hearings Board 

Federal Reserve Bank of San Francisco 

Division of Banking Supervision and Regulation 

10 1 Market Street 

San Francisco, California 94105 

Dear Board Members, 

Thank you very much for allowing me to speak on behalf of the proposed 

acquisition of BankAmerica Corporation of San Francisco, California, by 

NationsBank Corporation of Charlotte, North Carolina. 

My name is Edward Lujan. I am from Albuquerque and have been quite active in 

community affairs for both Albuquerque and the State for over 30 years. 

Presently I serve as the Chairman of the Economic Development Commission for 

the State of New Mexico and as Chairman of the New Mexico Hispanic Cultural 

Center Board. 

Why do I support the acquisition of BankAmerica Corporation by NationsBank? 

NationsBank has been in existence for 70 years, and as the bank grew it helped the 

city and the state grow, both with employee activities and its resources. I am 

delighted to say that NationsBank has continued the tradition of what was 

originally Albuquerque National Bank. 

New Mexico Hiianic Cultural Center 
Page 2 

Time doesn’t permit me to go over all of the employees of NationsBank who are 

active in the community but two come immediately to mind. David Baird, is 

President of NationsBank, New Mexico, and belongs to the Albuquerque 

Economic Forum, Albuquerque Economic Development Board and Leadership 

New Mexico. Alex Romero is Executive Vice President and Consumer Banking 

Executive. Alex belongs to the Hispanic Culture Foundation and also presently 

serves as Chairman of the Board of the Albuquerque Hispano Chamber of 

Commerce. 

When it comes to economic development, NationsBank is right there helping with 

both their employees and their resources. 

I previously mentioned that I was Chairman of the Board of the New Mexico 

Hispanic Cultural Center. A few of us started with the dream of building a 

national cultural center to share and preserve a unique culture for the nation. Our 

goal was to raise $45 million for this endeavor. We started working by going to 

the State legislature and securing $16 million in funding and creating a division 

within the Office of Cultural Affairs for the State of New Mexico. We went to the 

City of Albuquerque and to the Middle Rio Grande Conservancy District. The 

City gave us 16 acres in downtown Albuquerque, and the Conservancy District 

gave us 14 acres of bosque (or riverside land) bordering the land from the City. 

We went to see U.S. Senators Domenici and Bingaman and secured $18.9 million 

in Federal funding for the performing arts theater. 

Having secured the cooperation and funding from the City, the Conservancy 

Distict, the State, and the Federal government, we then went to the private sector 

for the additional $10 million that is needed to complete the Center. Without our 

asking, NationsBank gave the Center the largest donation to get our private sector 

fund raising campaign underway. 

I have also worked with the management of Bank of America and have found 

them to also be good corporate members of our community. Their history and 

their commitment to both the cultural aspects and economic vitality of our great 

state says to me that as one bank they will continue to be involved. 
. . 

Page 3 

I wish to wholeheartedly endorse the acquisition of Bar&America Corporation by 

Nations Bank Corporation. 

Edward L. Lujan, 

NM HispanicCultural Cenier Board