BANJL~MERICA’S MERGER WITH NATIONSBANK 

REMARKS BY 

DAVID A. COLJLTER 

CHAIRMAN AND CHIEF EXECUTIVE OFFICER 

BANKAMERICA CORPORATION 

FEDERAL RESERVE BANK OF SAN FRANCISCO 

JULY 9. 1998 
As have millions of individuals who count on Bank of America when the time 

comes to purchase their home, educate their children, or start their business. 

I can assure you that Bar&America has brought unparalleled commitment to the 

communities we serve. The new Bar&America will continue in this manner, but on a 

much larger scale than ever before - in fact - it will be positioned to create economic 

opportunity nationwide. 

Long ago, Bank of America sought to empower people by opening bank branches 

in hundreds of communities throughout California. Today, we’re bringing a wide array 

of financial services even closer to home, and making them available to customers 24 

hours a day. 

And we are not turning our back on the communities that need financial services 

the most. In South Central Los Angeles, for example, we have more branches than all 

other banks combined. 

We have played a principal role in capitalizing one of Los Angeles’ three Atiican 

American-owned financial institutions, Founders National Bank. Just last month the 

CEO of that bank, Carlton Jenkins, said this in a letter to the Federal Reserve Bank in 

Richmond, Virginia: 

“Bar&America has been an extremely significant participant in the growth and 

maturation of Founders National Bank. This, in spite of the fact that in several of our 

branch locations, we are clearly a competitive institution to them.” 

The BankAmerica Board of Directors has established as a goal that its major 

operating units receive “Outstanding” ratings for their CRA activities. We are living up 

to that standard. 

Bar&America Corporation has five bank subsidiaries, and all five currently hold 

“Outstanding” Community Reinvestment Act ratings. two of those have been earned 

under the new CRA regulations. 

Our flagship institution, Bank of America National Trust & Savings Association, 

has received four consecutive “Outstanding” ratings. Our Federal Savings Bank is rated 

outstanding by the Office of Thrift Supervision. Our Community Development Bank is 

rated outstanding by the FDIC. Bank of America Texas and our Credit Card Bank in 

Phoenix are rated outstanding by the Office of the Comptroller of the Currency. 

We believe that allocating the resources and performing at a level to achieve these 

outstanding ratings is important. We believe it is equally important to reward outstanding 

banks by placing value on their outstanding ratings at times like this. 
. 

4 

mortgage loans were made to minorities and low-and-moderate-income 

borrowers. 

We have just introduced a new zero-downpayment mortgage program for lowand-moderate-income borrowers, which has had stunning results in our 

demonstration markets. In fact, we accepted nearly $300 million in 

applications in just three months. 

In 1992, we introduced Advantage Business Credit, a lending initiative that 

has taken much of the paperwork out of small business loan applications for 

$100,000 or less. In fact, the application for this product is just one page 

During the last six years, our ABC program has generated loans of 

$4.1 billion. 

And we have trained more than 15,000 of our employees in diversity 

programs so that they can respect and cherish the differences that make our 

company and our communities unique. We believe that changing 

demographics represent new markets and opportunities for us to serve people. 

Or as my predecessor, Dick Rosenberg, said so often: “service to low-income 

communities is the right thing to do, and the smart thing to do.” 

We’re also helping to meet the financial needs of a changing population by 

delivering ATM service in three languages and staffing many branches with 

employees who speak Spanish, Japanese, Korean, Chinese and Tagalog. 

And, since 1991, we have helped to strengthen local education, economic 

development and environmental quality with $206 million in contributions to 

non-profit organizations across the western United States. 

We were a leading advocate for the revised CRA regulations, encouraging 

banks, regulators and politicians to give the regulations a chance. We recently 

commented positively to the Federal Reserve on Regulation B, which calls for 

the voluntary collection of race and gender data on small businesses. We have 

spoken out and taken leadership positions on child care, Proposition 13, urban 

sprawl, water, Hispanic higher education and other issues important to all of 

our communities. 

We’ve established ourselves as good corporate citizens through an 

environmental program that has resulted in, among other things, debt-fornature swaps to preserve Latin American rain forests. We were the first major 

financial institution to sign the CERES Principles, which hold signatories to a 

strict environmental code of conduct. 

Throughout the nation, Bank of America’s record is one of commitment -. 
BankAmerica Corporation NEWS 

BANK OF AMERICA’S For release: 

COMMITMENT TO COMMUNITY REINVESTMENT 

In 1906, following the earthquake that destroyed much of San Francisco, Bank of America 

founder A.P. Giamrini set up shop on a street comer and began lending money to help 

local residents rebuild. It was an early example of what is now called community 

development lending. While his competitors were catering to the wealthy, Giannini 

pioneered a system of branch banking that helped millions of people, including farmers, 

immigrants and wage-earners, to buy homes, build businesses and save for the future. 

Today, Bank of America continues to demonstrate that community development lending is 

good business. Indeed, between 1992 and the end of 1996, Bank of America made 

$1 S.9 billion in community reinvestment loans. Last year, the bank announced a IO-year 

pledge of $140 billion for small business, affordable housing, lower-income mortgage 

lending and consumer loans. And recently, for the fourth consecutive time, federal 

regulators gave Bank of America their highest rating -- an “Outstanding” -- for meeting 

the credit needs of communities and lower-income borrowers, 

The San Francisco-based Greenlining Institute goes even farther. In an October 1997 

letter to then-Comptroller of the Currency Eugene Ludwig, the institute’s executive 

director and general counsel wrote that the “so-called ‘Outstanding’ rating given to almost 

half of all very large financial institutions is inadequate regarding Bank of America. As we 

previously discussed, Bank of America is the overall CRA leader. We believe the rating 

for Bank of America should be “Outstanding Plus.” 

SUPPORTING SMALL BUSINESS 

Making Loans nndLines - Between 1992 and 1997, the bank made $3 billion in 

conventional small business loans and lines of credit for less than $50,000. In 1997, we 

made $1.1 billion in loans and lines for $100,000 or less. 

Clcting Red Tape - The bank offers conventional small business loans through 

Advantage Business Credit, a program that streamlines the application process and 

shortens turnaround times for loans and lines of credit as high as $100,000. The 

application for this product is just one page and no supporting financial documents are 

required for most requests of $50,000 or less. 
2 

Offering Unsecured Credit for Working Capital - Our ABC Express Line features 

unsecured revolving lines of credit of up to $10,000 for short-term working capital. The 

program also provides an optional overdraft protection service for checking account 

customers, In addition, Bank of America’s Business Card offers small business credit lines 

of %25,000 or less. 

Helping Firms That Don’t Qualify for Conventional Loans - Through its Community 

Development Bank subsidiary and the community development division of its Federal 

Savings Bank, Bank of America has booked nearly $1.5 billion in government-related 

small business loans and $2 billion in credit for multi-family affordable housing, including 

more than $600 million in the first half of 1998. BofA’s Community Development 

Banking Group... 

l Has Preferred Lending Status in all of the SBA districts where we operate; 

l Was the first bank to book loans under the SBA’s FA$TRAK program aimed 

at widening credit access; 

l Made more government-guaranteed loans in the SBA’s four-state western 

region than any other lender last year; 

l Earned the SBA’s recognition for its record of lending to firms owned by 

women and minorities. 

l Received Certified Lender status in all of the U.S. Department of Agriculture 

districts in which we operate. 

PROMOTING HOME OWNERSHIP 

Lending to Lower-Income Borrowers - Between 1992 and 1997, Bank of America 

booked $12.8 billion in home loans to lower-income borrowers and those in lower-income 

census tracts. 

Creating Mortgage Program That Are FIevible and Affordable - In 1990, Bank of 

America introduced its Neighborhood Advantage, which combines special underwriting 

criteria with low downpayment options to make home mortgages more easily available to 

lower-income borrowers and census tracts. In addition to offering down payments as low 

as 5 percent, this initiative also considers the employment and credit histories of loan 

applicants. 

Introducing a Zero-Downpayment Option - This year, we announced the creation of a 

$500 million zero-downpayment program for creditworthy borrowers in 23 states and the 

District of Columbia. 
3 

FINANCINGAFFORDABLEHOUSINGCONSTRLICTION 

Providing Clean, Safe and Affordable Places to Live - Bank of America Community 

Development Bank is the nation’s largest source of multi-family affordable housing 

construction finance. During the last five years, the Community Development Bank and 

the community development division of our Federal Savings Bank have booked more than 

% 1.7 billion of affordable housing loans, 

Investing in LowZncome Housing Tax Credits - BofA has invested $667 million in 

federal tax credits aimed at expanding the availability of low-income housing throughout 

the United States. 

Introducing Fired-Rate, Low-Cost Construction Financing - In 1997, we perfected the 

utilization of affordable housing bonds to incorporate both construction and term 

financing for affordable housing projects. 

MAKING CONTRIBUTIONSAND~NVESTMENTS 

Helping to Build Strong Communities - Bank of America and the BankAmerica 

Foundation together this year will contribute $40 million to non-profit agencies across the 

nation. Since 1991, we have helped to strengthen local education, economic development 

and environmental quality with $206 million in contributions to non-profit organizations 

across the western United States. 

Battling Poverty in the Southwest - Joining the U.S. Department of Agriculture and the 

Ford Foundation, Bank of America has invested $500,000 in a community development 

initiative for small towns along the U.S.-Mexico border. 

Forming Economic Development ANiances - We were the founder of the California 

Community Reinvestment Committee, which provides permanent financing for multifamily affordable housing and serves as the model in the western United States for other 

bank consortiums. We have invested in dozens of other similar multi-bank organizations. 

Supporting Minority Capital Formation - To help create jobs and stimulate economic 

growth in minority communities we have invested more than $32 million in minority 

venture capital fimds. 

Encouraging Community Leadership - In 1996, we joined the Development Training 

Institute and the Local Initiatives Support Corporation and to create the BankAmerica 

Leadership Academy, an intensive training program for non profit management. Our $2.8 

million investment in this initiative includes $1.1 million for start-up hmding and $1.7 

million for community development grants. 
4 

Helping to Shape Sound Policies - We were a leading advocate for the revised CPA 

regulations, encouraging banks, regulators and politicians to give the new rules a chance. 

We also supported voluntary disclosure of small business lending data and the permanence 

of a federal tax-credit program that offers incentives for the development of low-income 

housing. We have spoken out and taken leadership positions on many issues important to 

our communities -- issues like education, child care, urban sprawl and water. 

Preserving Environmental Quality - In addition to organizing debt-for-nature swaps 

aimed at preserving Latin American rain forests, Bank of America was the first major 

financial institution to pledge adherence to the so-called CERES Principles, which hold 

signatories to a strict environmental code of conduct. 

TAILORING INITIATIVES To MEET LOCAL NEEDS 

Encouraging Rural Development - In 1997, Bank of America became the first major 

financial institution to launch a widespread rural initiative, which includes $500 million for 

community development lending in rural areas across the United States. 

Promoting Neighborhood Revitalization - Working with several community-based 

organizations, Bank of America has undertaken a pilot program called BONUS -- Building 

on Neighborhood Unifying Strategies -- that directs lending and other resources to six 

communities in three states. 

Helping to Rebuild Inner-CiQ Conmumities - An example of Bank of America’s 

innovation can be found in Los Angeles, where we set aside $25 million to help 500 

businesses that had been damaged or destroyed in the civil unrest of 1992. These loans 

required no payments on principal or interest for three years. They provided “patient” 

capital that enabled inner-city entrepreneurs to get back on their feet. 

Reflecting the Diversity of Our Customers - Bank of America is helping to meet the 

financial needs of the country’s changing population. Many Bank of America branches are 

staffed by employees who speak Spanish, Japanese, Korean, Chinese and Tagalog. We 

also deliver ATh4 service in three languages -- English, Spanish and Chinese. And our 

community reinvestment initiatives support the growing demand for affordable housing, 

small business lending and consumer finance. 

### 
NationsBank 

Hugh L. McCall Jr., ChiefExecutive Officer. NationsBank Corporation 

Testimony on Community Investment Commitment 

Federal Reserve Board Public Hearings 

San Francisco, California 

July 9, 1998 

Thank you, David. 

This meeting is about the effects bank mergers have on communities. 

Tb@ is a subject that is close to my heart - as all of you know, my 

company has been through many mergers over the past 20 years. 

In each, our intention has been to employ more people, lend more 

money, do more business with minority vendors, be more active in the 

community and generally make a bigger difference than our 

predecessor institutions. 

In fact. in reviewing the effects of these mergers on our communities, 

we have found - almost universally -that employment, lending, 

community development efforts and charitable contributions actually 

increase. 

That has been our vision, and it will continue to be so with this merger 

-in San Francisco, in Charlotte and throughout our coast-to-coast 

franchise. 

Our goal is for the new Bar&America Corporation to be the best 

community development bank in this country. 

So, I welcome the opportunity to share with you the values. efforts and 

achievements that make NationsBank a positive force in all the 

communities where we do business. 

As you know, NationsBank has a strong record of community 

investment. We have achieved and maintained “Outstanding” CRA 

ratings. We have been a leader in our local markets. And we have 

consistently sought out local community-based partners to help us 

achieve our community development goals. 

3 

Our partners include national organizations as well as hundreds of 

local community-based organizations in cities, towns and 

neighborhoods where we do business. 

These alliances represent a fundamental way we do business. We seek 

partnerships for the betterment of neighborhoods. Our purpose in 

these partnerships is not to compete against community-based 

organizations but, rather, to work with them to improve 

neighborhoods 

Our decentralized management philosophy means that we understand 

one size does not fit alI for communities in need. In other words, 

associates across the country a0 not get community development 

instructions horn Charlotte, North Carolina. They get the resources 

they need, and they get a corporate culture that backs them up when 

they decide what needs to be done. 

Our commitment to accountability is self-evident. Since 1992, we have 

provided detailed reportiug at the local, state and national level on all 

our results. 

This process ensures that we car&rue to meet the evolving needs of 

our communities. Equally important. it provides further opportunities 

to gain feedback from community groups, civic leaders and the public. 

Let me be perfectly clear about one thing our goal has never been 

simply to meet the requirements of the Community Reinvestment Act. 

We strive to lead in everything we do, and that includes building 

strong communities. 

Our commitment to our communities extends throughout the company 

. . to every business line and to every assotite tbroughout the 

franchise. 

Beyond our core business activity, which fuels the economy, supports 

the tax base and provides employment, there are five areas in which 

NationsBank and its associates are active in supporting our 

communities. They sre: (1) community leadership and associate 

volunteerism: (2) individual and corporate philanthropy; (3) 

commitment to diversity; (4) minority business development; and (5) 

progressive marketing programs and business policies. 
4 

I’ll touch on each of these areas briefly. 

Community leadership and associate volunteerism are important parts 

of the NationsBank culture. At the corporate level, we provide 

leadership to our communities by putting our financial muscle behind 

important community projects _._ by advocating for a stronger CRA and 

a permanent Low Income Housing Tax Credit .._ and by working with 

local governments and community organizations to achieve shared 

goals. 

We also have a strong culture of associate volunteerism. Associate 

volunteers receive two hours of paid time off every week to work in the 

schools... local counr5ls wbb.in the bank identify volunteer 

opportunities for associates ._. and our newest program, NationsBank 

NFIGHBORS, offers cash grants in an associate’s name to 

organizations at which associates volunteer. 

The next area I mentioned is philanthropy. 

Simply put, NationsBank is the most generous &mncial institution in 

the country, and the new Be&America will be so by a long shot. Our 

combined budget this vear will exceed $100 million. No one else even 

comes close. 

One of the most important aspects of our de&ion-making process is 

that we put control over charitable dollars in the hands of local 

executives who know best how to seive their communities. This policy 

has resulted in not just increased giving, but more effective giving, 

with dollars going where they are needed most throughout the 

franchise. 

The third area in which we work very hard to strengthen communities 

is building diversity among our own associates. Our company will 

stretch 6-om coast to coast and will include the entie sunbelt, the 

Pacific Northwest. the Midwest and the Mid-Atlantic. While we are 

unalterably opposed to auotas of any type, we @.lJ continue to support 

aErmative action, and we a have one of the most diverse workforces 

of any large corporation in the country. 

And, it is our intention that our board of directors will be one of the 

most diverse corporate boards in the country - not at some time in the 

distant future -but on dav one. 

One of our most important areas of focus in building strong 

communities is minority business development. 
5 

NationsBank has been a pioneer and a national leader in creating and 

sustaining a strong minority business development program. 

NationsBank was the &st financial institution to be recognized by the 

Minority Supplier Development Coundl as the Corporation of the Year 

- and the tist to receive this recognition two years in a row. 

In 1990, NationsBank set a goal of 10 percent for directing 

discretionary spending to women- and minority-oamed businesses. 

Since then, we have averaged more than 15 percent, amounting to 

more than $470 million spent with women- and minority-owned 

businesses. Once again, our self-imposed goal turned out to be a floor. 

not a ceiling. And in typical NationsBank fashion, we blew it away. 

Finally, we are supporting our communities through progressive 

marketing programs and business policies. 

For example, we have had a formal Hispanic Marketing Program for 

more than five years in an effort to reach out to this growing segment 

of our population. 

We’ve installed bi-lingual ATM’s, hired bi-lingual tellers and 

telemarketers and formed partnerships with the National Council of 

La Rsza, the Hispanic Association on Corporate Responsibility and 

SER-Jobs for Progress Inc. 

Through these partnerships, we have begun to develop programs and 

products that will make banking with us easier and more accessible for 

all members of the Hispanic community. 

What we want to establish with our customers - all our customers, 

regardless of race, ethnicity or economic means - are strong 

relationships. That’s why we implemented a relationship approach to 

fees and pricing that minimizes fee increases for as many of our 

individual deposit account customers as possible. 

This Spring NationsBank broke from the pack to offer pricing benefits 

to a vast number of customers. We eliminated check card fees for all 

customers, and fees for a broad array of services associated with our 

two most popular accounts were eliminated or frozen through the year 

2000. 

1 l l 
6 

Now, we’ve heard David Coulter talk about his company’s commitment 

to builcling strong communities across the Western half of the United 

States. And you’ve heard me talk about my company’s commitment to 

doing the same across the NationsBank franchise. 

In fulfilling these commitments. both our companies have a strong 

record of accessibility and proactive partnership with local community 

groups. In fact, since our merger announcement, we’ve met with 

hundreds of community organizations to talk about ways we can best 

work together to improve our neighborhoods and communities. 

Bringing our companies together will only enhance our ability to 

dehver on all ourcommitments. 

The compziny we will create will be the leading American bank of the 

Zlst century, and we’ll be this country’s premiere community 

development bank as well. This will benefit sll our constituents. 

First .__ our customers will see a new standard for choice, 

convenience, value and market presence. 

Second ._. our associates will realize more opportunities from 

working at a larger, stronger company. 

Third .__ by investing in our communities . . . by providing good jobs 

and creating new ones _.. and by helping to improve the quality of 

Life for customers and associates alike ._. we wiLl be the model for 

corporate citienship. 

We will build on the best initiatives horn both banks, retaining the 

Bank of America Community Development Bank and the NationsBank 

Community Development Corporation. These vehicles, as well as new 

initiatives to promote rural development and Indian Country lending 

and investment, will be used to rebuild neighborhoods. create jobs and 

provide access to the Enaxial system as never before. 

We will keep decision-making in the hands of local bankers and 

managers, who know best how to serve their communities. 

We will continue to lead, locally and nationally - and we will deliver 

on our commitments, whatever and wherever they may be. 
Recently we announced a 10-year, $350 billion commitment to 

community development lending and investing. The commitment 

targets $180 biRion for small business lending. $115 billion for 

affordable housing, $25 billion for economic development and $30 

billion for consumer lending. 

Let me underscore, this is a floor and not a ceiling. Furthermore, 

fubilbng this commitment will not be easy. It will be a stretch. This 

commitment will push our new company - and each of us individually 

- to be even more proactive, more innovative and more creative than 

we have ever been. We view this as a challenge - and. as with all 

challenges, we are ready and eager to take it on. 

Bq&h banks have a demonstrated record of working with community 

partners. Yet, there are those who oppose this merger because we have 

not signed”CRA agreements,” and because we have not itemized the 

commitment by market or product. 

I understand the passion these organizations have for their specilic 

communities. As I’ve said, we share common goals. However, their 

desire to receive the greatest financial support possible for their 

individual causes should not overshadow the fact that our pledge - 

the largest of its kind ever -is designed to benefit all our 

communities. 

When we created this commitment, we decided to not itemize the 

commitment by market or by product. There is a good reason for this. 

Because community needs and ticumstances are always changing, we 

believe the best approach is a flexible commitment that establishes 

goals on a nationwide basis, and relies on capacity and demand within 

each market to determine how goals are met. 

Our outstanding record of achievement, accountability and public 

reporting of results demonstrates that CRA agreements and itemized 

commitments are unnecessary for our company. 

They are unwarranted. They are burdensome to manage. They divert 

resources from the areas most in need. They prevent us and our 

partners from meeting the changing needs of our communities. 

In short, they are not in the best interests of underserved 

neighborhoods. 
8 

For our part, NationsBank is-and the new BankAmerica will be - 

devoted to building strong, growing, vigorous communities everywhere 

we do business. 

Community development has been a part of both our cultures, and it 

will be an .jntegral part of our new culture. 

It’s a fundamental part of the way we do business. It’s essential to the 

future health of our company. And, perhaps most important, it’s aimply 

the right thing to do. 

This is what we have always believed. It’s what we believe today. And. 

I assure you. it’s not going to change. 

Thnk you. 

** TOTGL PRGE. 03 ,** 
FOR IMMEDIATE RELEASE 

Contacts: Scott Scredon, NationsBank, (404) 607-5225 

Cat-y Walker, Bat&America, (213) 228-2558 

July 9, 1998 - The chief executive officers of NationsBank and BankAmerica today 

outlined their combined company’s goals for community investment, corporate 

philanthropy and diversity at a public meeting held as part of their proposed merger. On 

April 13, NationsBank and Bat&America signed a definitive agreement to merge. 

“Our goal is for the new BankAmerica Corporation to be the best community 

development bank in this country,” said Hugh L. McCall, Jr., chief executive officer of 

NationsBank. 

“I can assure you that Bat&America has brought unparalleled commitment to the 

communities we serve,” said David A. Coulter, chief executive officer of Bar&America. 

“The new BankAmerica will continue in this manner, but on a much larger scale than 

ever before. In fact, it w-ill be positioned to create economic opportunity nationwide.” 

In prepared remarks made in San Francisco at a meeting called by the Federal Reserve 

Board of Governors, McCall also said: 

-- The new company’s board of directors “will be one of the most diverse 

corporate board of directors in the country - not at some time in the distant future-but 

on day one” of the merger. He added that the new Bat&America “will have the most 

diverse workforce of any large corporation in the country.” 

-- The new BankAmerica Corporation will be the most generous financial 

institution in the United States “by a long shot.” The philanthropic budget for the 

combined companies in 1997 will exceed $100 million. “No one else even comes close.” 

“My company has been through many mergers over the past 20 years,” McCall said. “In 

reviewing the effects of these mergers on our communities we have found - almost 

universally - that employment, lending. community development efforts and charitable 

contributions actually increase. 

--This has been our vision , and it will continue to be so with this merger - in San 

Francisco, in Charlotte and throughout our coast-to-coast franchise.” 

McCall also said that the new combined company will continue to operate the Bank of 

America Community Development Bank once the merger is completed. In the past five 

years, this unit has booked nearly $1.5 billion in government-related small business loans 

and $2 billion in credit for multi-family affording housing. the number-one source for 

these loans in the United States. 
BankAmerica has long sought to empower people by opening bank branches in hundreds 

of communities throughout California,” Coulter said. “We are not turning our back on 

the communities that need financial services the most. We have more branches in south 

central Los Angeles than all other banks combined.” 

Each company currently holds an “Outstanding” rating from the Office of the 

Comptroller of the Currency, which is the highest rating given to a bank for its 

compliance with the Community Reinvestment Act. 

Both chief executives provided details of their companies’ community development 

accomplishments at the meeting. Coulter pointed out the following results at 

Bat&America: 

-- The company has expanded home ownership among low-income and minority 

borrowers through the Neighborhood Advantage Program, which has generated more 

than $15 billion in ,loans. In 1997, nearly one-fourth of the bank’s mortgage loans were 

made to minorities and low- and moderate-income borrowers. 

-- BankAmerica recently introduced a new zero downpayment loan program for 

low-income borrowers that has generated nearly $300 million in home mortgage loan 

applications in just three months in demonstration markets. 

-- In 1992, the bank introduced Advantage Business Credit, a lending initiative 

that has taken much of the paperwork out of small business loan applications for 

$100,000 or less. During the last six years, the program has generated $4. I billion in 

small business loans. 

-- Last year, BankAmerica became the first major bank to launch an initiative 

tailored specifically around the banking needs of rural America-a $500 million 

community development lending and philanthropy program called Rural 2000. 

McCall pointed out the following results at NationsBank: 

-- In 1997 alone, the company made more than $2.7 billion in mortgage loans to 

minority borrowers and more than $2.5 billion in mortgage loans in low-income 

neighborhoods; 

-- NationsBank is the leading small business lender in the United States. It made 

more than $11 billion in 1997, including $2.3 billion in low-income areas. The company 

is the number one lender among banks of loans guaranteed by the U.S. Small Business 

Administration; 
-- The NationsBank Community Development Corporation (CDC) has developed 

or renovated more than 14,000 affordable housing units by investing more than $300 

million. The CDC is the only bank-owned CDC that serves as both a developer and 

investor to develop affordable housing. 

-- The company’s commitment to supporting minority-owned financial 

institutions and community development financial institutions has resulted in investments 

of more than $50 million. 

NationsBank Corporation, with $3 15 billion in total assets, is the third largest U.S. bank 

with full-service operations in 16 states and the District of Columbia. 

BankAmerica, with $260 billion in total assets, delivers financial services to more than 11 

million households and nearly 1 million businesses in the western United States and 

around the world. 

uulv.nationsbank.com 

www.bankamerica.com