Citibank Announces $200,000 in Grants to Establish Individual Development Accounts.

SAN FRANCISCO--(BUSINESS WIRE)--Nov. 11, 1998--Citibank has awarded $50,000 grants to four California non-profit community organizations to be used in establishing individual development account (IDA) programs for lower income individuals.

IDAs are dedicated savings accounts, similar in structure to Individual Retirement Accounts, that help people overcome economic disadvantages through asset acquisition rather than simply through income. IDAs, which are managed by community organizations and held at local financial organizations, can only be used for purchasing a first home, education or job training expenses, or capitalizing a small business.

The savings of IDA participants are typically matched by contributions from private and public sources. In addition, participants in IDA programs are required to participate in financial literacy training to learn the basics of money management, from setting up budgets and savings schedules to cleaning up their credit.

The four recipient organizations of the Citibank grants are: -0-

--   Juma Ventures, a San Francisco-based organization that serves
     inner-city youth by providing job training and employment
     opportunities;

--   The Bay Area IDA Collaborative, a partnership comprised of 12
     community-based organizations working together to promote savings
     and asset attainment by low to moderate income individuals in the
     Bay Area;

--   Community Foundation of Silicon Valley, one of several
     foundations supporting a comprehensive revitalization initiative
     targeting the Mayfair neighborhood of East San Jose;

--   The Community Development Technologies Center, a Los
     Angeles-based organization that provides training, workforce
     development and technical assistance to small businesses and
     public sector organizations in lower income communities.

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The recipient organizations will utilize the Citibank grants to create and implement IDA programs to help lower income individuals in their communities, and to establish pools for matching funds.

"Citibank is truly proud to be a partner in IDA programs," said William R. Silver, president and CEO of Citibank California. "We strongly support the notion that asset accumulation moves people into the economic mainstream, which is one of our highest community development objectives. IDAs provide a feasible strategy and mechanism to make asset accumulation possible."

As part of its Community Investment Program, Citibank provides an extensive range of financial services to non-profit and community organizations. Citibank has 80 branches in 70 California communities. In the U.S., there are 430 Citibank branches in nine states and the District of Columbia. A subsidiary of Citigroup, a global financial services organization, Citibank and its employees serve communities, businesses, governments and individuals in 100 countries around the world.

For more information about Citibank, please visit our web site, www.citibank.com.