Bank of America Announces Aid To California Flood Victims.

SAN FRANCISCO--(BUSINESS WIRE)--Jan. 6, 1997--Bank of America today announced actions to help individual and small business customers affected by the devastating floods in California, including special loan programs, assistance for existing loan and credit card customers, and a toll-free number, 1-800-THE-BofA (1-800-843-2632), for affected customers to call for information. The bank also will make a $50,000 donation to the American Red Cross to assist relief efforts in California as well as in Northern Nevada and the Pacific Northwest.

For customers in counties which have been declared federal disaster areas, the bank will:

-- Make available a special home equity loan program for customers whose homes were affected by the floods. Under this program, homeowners may borrow from $7,501 to $25,000 with preferential pricing and no fees or points, to handle their immediate financial needs.

-- Make available personal loans for customers affected by the floods. Loans from $1,000 to $7,500 will be available with no points or fees and may be used by homeowners or renters to help reestablish their residences.

-- Offer special assistance to BofA consumer loan customers affected by the floods by extending or revising their loans. BofA consumer loan and home loan customers affected by the floods will be eligible for up to a three-month moratorium on their monthly payments without being subject to any late charges.

-- Provide emergency credit line increases to BankAmericard VISA and MasterCard customers who are flood victims, as well as delaying upcoming monthly payments.

-- Waive all early withdrawal penalties on time deposits and individual retirement accounts for flood victims who wish to withdraw funds from these accounts.

-- Provide small business customers with payment deferrals on existing loans of up to 90 days and increases to existing lines of credit of up to 20 percent of the current credit amount up to $100,000. For BofA small business customers who have been approved for government-sponsored disaster loans or who have approved insurance claims, BofA will provide bridge financing of up to 90 days for amounts up to $100,000. In addition, special loans and lines of credit are available up to $50,000 with streamlined processing for all applicants.

"We are very concerned about our customers recovering from such widespread disaster," said EVP Vicki Kennedy, the bank's Northern Region Manager. "We recognize that this can be a very stressful time and we want to provide support to help customers recover as soon as possible," she said.

Additional information about the special loan programs is available from BofA branches in affected areas in California or by calling 1-800-THE-BofA. Current home loan customers can call 1-800-362-7030 for assistance. Current consumer loan customers can call 1-800-248-0417 for assistance with their existing loans. New and existing small business loan customers can call 1-888-287-4637.

BankAmericard VISA and MasterCard borrowers may request emergency credit line increases by calling 1-800-227-5458. Customers who anticipate difficulty in making a bankcard payment may request that their payment be skipped for one month by calling 1-800-582-4332.

CONTACT: Bank of America 

Jane Feledy, 415/622-6953