Bank of America and Albemarle Corporation Announce $20 Million Investment in Driving Economic Mobility in Charlotte
September 27 2018 - 8:00AM
Business Wire
Funds Will Be Invested in Nonprofits With a
Proven Track Record for Success in Addressing Key Factors That
Impact Economic Mobility
Bank of America and Albemarle Corporation (NYSE: ALB), a leader
in the global specialty chemicals industry, today announced a $20
million investment in Charlotte-area nonprofits to drive local
economic mobility.
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Bank of America CEO Brian Moynihan and Albemarle Chairman,
President and Chief Executive Officer Luke Kissam agreed to make
the combined investments and encourage other local companies to
help Charlotte address economic mobility. The decision doubles the
impact of each company’s individual investments, which focus on
nonprofits that have research and data to demonstrate and track the
success of their work in the Charlotte area.
“Advancing the economic health of Charlotte and creating shared
success are core to how we drive responsible growth,” said Charles
Bowman, Charlotte market president for Bank of America. “By
addressing the underlying issues that impact economic mobility, we
can help build a stronger local economy and a pathway for the
future workforce.”
The funds will be provided to a number of key nonprofits over a
five-year period, with the potential for more nonprofits to receive
additional funding over time. These nonprofits each focus on one of
three key factors that impact economic mobility: early child care
and education; college and career readiness; and family and child
stability.
“Our priority is to work closely with the many great resources,
task forces and organizations in Charlotte that have paved the way
for us to power the potential of our community,” said Sandra Holub,
executive director of the Albemarle Foundation. “We hope this
investment sets a tone to encourage others to step up however they
can, with dollars, sweat equity or social capital, and help address
economic mobility in Charlotte.”
The Albemarle Foundation, a philanthropic affiliate of Albemarle
Corporation, is dedicated to the communities where it lives and
operates. Throughout the Charlotte area, many partner organizations
will benefit from this investment, such as Carolina Youth
Coalition, whose mission is to prepare high-achieving,
under-resourced students to enter, excel in, and graduate from
college to become active participants in society.
Nonprofits receiving funds as part of this investment
include:
- Augustine Literacy Project
- Charlotte Mecklenburg Schools
- YWCA of Central Carolinas
- Johnson & Wales University
Bank of AmericaBank of America is one of the world’s leading
financial institutions, serving individual consumers, small and
middle-market businesses and large corporations with a full range
of banking, investing, asset management and other financial and
risk management products and services. The company provides
unmatched convenience in the United States, serving approximately
67 million consumer and small business clients with approximately
4,400 retail financial centers, including more than 1,700 lending
centers, more than 1,900 Merrill Edge investment centers and more
than 1,300 business centers; approximately 16,100 ATMs; and
award-winning digital banking with more than 36 million active
users, including 25 million mobile users. Bank of America is a
global leader in wealth management, corporate and investment
banking and trading across a broad range of asset classes, serving
corporations, governments, institutions and individuals around the
world. Bank of America offers industry-leading support to
approximately 3 million small business owners through a suite of
innovative, easy-to-use online products and services. The company
serves clients through operations across the United States, its
territories and more than 35 countries. Bank of America Corporation
stock (NYSE: BAC) is listed on the New York Stock Exchange.
For more Bank of America news, including dividend announcements
and other important information, visit the Bank of America
newsroom. Click here to register for news email alerts.
www.bankofamerica.com
About AlbemarleAlbemarle Corporation (NYSE: ALB), headquartered
in Charlotte, NC, is a global specialty chemicals company with
leading positions in lithium, bromine and refining catalysts. We
power the potential of companies in many of the world’s largest and
most critical industries, from energy and communications to
transportation and electronics. Working side-by-side with our
customers, we develop value-added, customized solutions that make
them more competitive. Our solutions combine the finest technology
and ingredients with the knowledge and know-how of our highly
experienced and talented team of operators, scientists and
engineers.
Discovering and implementing new and better performance-based
sustainable solutions is what motivates all of us. We think beyond
business-as-usual to drive innovations that create lasting value.
Albemarle employs approximately 5,400 people and serves customers
in approximately 100 countries. We regularly post information to
www.albemarle.com, including notification of events, news,
financial performance, investor presentations and webcasts,
non-GAAP reconciliations, SEC filings and other information
regarding our company, its businesses and the markets it
serves.
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Reporters May Contact:Ferris Morrison, Bank of America,
1.980.387.5843ferris.morrison@bankofamerica.comHailey Cobb,
Albemarle Corporation, 1.980.299.5640Hailey.Cobb@albemarle.com
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