Bank of America pledges $1.1 million to new Leadership Academy.WASHINGTON--(BUSINESS WIRE)--June 3, 1997--Bank of America Community Development Bank today announced a $1.1 million commitment to establish the Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. Leadership Academy, a unique executive training program for community-based development Community-based development occurs when communities are responsible for planning, managing, and implementing developmental change with little, if any, intervention from governments, non-governmental organization, or other external actors. organizations nationwide. BofA will fund the academy, which will be operated by the Development Training Institute (DTI Diffusion tensor imaging (DTI) A refinement of magnetic resonance imaging that allows the doctor to measure the flow of water and track the pathways of white matter in the brain. ) with the support of the Local Initiatives Support Corporation (LISC LISC Local Initiatives Support Corporation (New York, NY) LISC Little Illini Soccer Club (Champaign-Urbana, Illinois) LISC Long Island Subaru Club LISC Laboratory for Intelligent Systems and Controls ). The announcement came during a reception held by Treasury Secretary Robert Rubin Robert Edward Rubin (born August 29, 1938) is an American banker who served as the 70th United States Secretary of the Treasury during both the first and second Clinton Administrations during a time of peak performance for the U.S. economy. recognizing BofA and 37 other banks for their increased support of community development efforts. BofA, which received $2.6 million in Bank Enterprise Awards from the Treasury Department, has pledged to return all of its award money back to the community. The BEA BEA - Basic programming Environment for interactive-graphical Applications, from Siemens-Nixdorf. program was created out of the Community Development and Regulatory Improvement Act of 1994 as a way to encourage commercial banks to increase their lending and investments in distressed low-income and high unemployment communities. It is administered by Treasury's Community Development Financial Institutions Fund Established through the Reigle Community Development and Regulatory Improvement Act of 1994, the Community Development Financial Institutions Fund, or CDFI Fund, is administered under the U.S. Department of the Treasury. . Over the next three years, the Years, The the seven decades of Eleanor Pargiter’s life. [Br. Lit.: Benét, 1109] See : Time Bank of America Leadership Academy will provide comprehensive training to 105 leaders of a wide variety of community-based organizations through a series of skills building workshops focusing on; affordable housing production, economic development, asset management, organizational development, collaboration building, and professional leadership development. Each participant will receive 30 days of intensive training over a nine-month period in workshops conducted at DTI's Baltimore campus. The academy is the only program of its kind designed to train executive directors and senior managers of community-based development organizations. "We are very pleased to be involved in this effort with DTI and LISC," said BofA Executive Vice President Donald Mullane. "We think this investment in human capital is the most important investment we can make. This Academy fills a critical need." The Local Initiatives Support Corporation recruited most of the participants for this year's program. The Development Training Institute designed, organized and conducts the workshops. "We are pleased to work with Bank of America and the Development Training Institute in creating a national network of community development leaders," said Orlando Artze, LISC Program Vice President. "These are proven people of talent and potential, who have a real commitment to America's neighborhoods." LISC, based in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , is the nation's largest community development support organization. Established by the Ford Foundation in 1979, LISC has raised more than $2.4 billion for community based development in more than 100 cities. DTI was established in 1982 to advance the knowledge and practice of community building across the U.S. through training and technical assistance programs. DTI President Joe McNeely said Bank of America's commitment far surpasses anything any other bank has ever done to train community organization executives. "We believe this program will inspire and nurture community development practitioners to build the kind of organizations that will revitalize re·vi·tal·ize tr.v. re·vi·tal·ized, re·vi·tal·iz·ing, re·vi·tal·iz·es To impart new life or vigor to: plans to revitalize inner-city neighborhoods; tried to revitalize a flagging economy. America's neighborhoods," McNeely said. "And the nice part is that everyone benefits, from the community groups to the banks to the public at large. BofA is really providing a great service." CONTACT: BofA Bob Wynne, 415/953-3836 (Available after 2 p.m.) or LISC Claire Weinraub, 212/455-9342 or DTI Jeff Nugent, 410/338-2512 Ext. 118 |
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