Bank of America to occupy new facility in Rancho Cordova.SACRAMENTO, Calif.--(BUSINESS WIRE)--Oct. 15, 1996--Bank of America and Sacramento County today announced that they have reached an agreement that will enable the bank to occupy a new facility of up to 200,000 square feet to be built in Rancho Cordova Rancho Cordova (răn`chō kôrdō`və), uninc. residential city (1990 pop. 48,731), Sacramento co., N Calif. A suburb of Sacramento, it experienced rapid growth in the late 20th cent. that will house a BofA consumer loan processing center. The bank's move to the new facility is subject to final lease negotiations with the building's developer. 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. will relocate re·lo·cate v. re·lo·cat·ed, re·lo·cat·ing, re·lo·cates v.tr. To move to or establish in a new place: relocated the business. v.intr. the approximately 1,200 employees currently located at the Capital Center II office complex in Rancho Cordova to the new facility when it is completed in late 1997. The new facility is located at the intersection of Zinfandel and Data Drive, approximately one mile from the current site "Sacramento County has been very receptive receptive /re·cep·tive/ (re-cep´tiv) capable of receiving or of responding to a stimulus. to our interest in staying in Rancho Cordova, and we're pleased to reconfirm re·con·firm tr.v. re·con·firmed, re·con·firm·ing, re·con·firms To confirm again, especially to establish or support more firmly: reconfirmed the reservations. our long-term commitment to the area," said Eric Greenwood Greenwood. 1 City (1990 pop. 26,265), Johnson co., central Ind.; settled 1822, inc. as a city 1960. A residential suburb of Indianapolis, Greenwood is in a retail shopping area. Manufactures include motor vehicle parts and metal products. , executive vice president of Bank of America's National Consumer Assets Group. "Our new state-of-the-art facility will greatly improve the working environment for our employees as well as give us the flexibility to expand in the future ." "We view Bank of America's decision to remain in the County of Sacramento as being in the best interests of all parties," said Roger Dickinson Roger Dickinson is a long time Sacramento County supervisor. Dickinson was first elected to the board in a special election in January of 1994. Dickinson was defeated in the Democratic primary for the State Assembly in 1996 by Deborah Ortiz, a Sacramento City Councilwoman. , chairman of the board of supervisors for the County of Sacramento. "We are very pleased. This board has adopted a policy of economic development, which gives us confidence that we are extending incentives that not only bring and retain business, but are fiscally prudent to the county as well. The net effect has been that we make wise decisions that expand the local area's economic well-being without endangering the fiscal health of the county." Greenwood said several factors influenced the bank's decision to remain in Rancho Cordova, including the high quality of the employees, the cooperation of the county in coming up with attractive incentives, and the long-term strength of the Sacramento economy. The Rancho Cordova operation processes home equity loans, auto loans, and installment loans Noun 1. installment loan - a loan repaid with interest in equal periodic payments installment credit consumer credit - a line of credit extended for personal or household use loan - the temporary provision of money (usually at interest) . The new facility will include ergonomically designed work stations, training and conference rooms and on-site parking. Bank of America has been doing business in Sacramento County since 1921 and today has more than 2,000 employees working in the county. CONTACT: Bank of America Betty Riess, 415/622-6397 or County of Sacramento Mike Figliola, 916/440-5266 |
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