As we approach the end of the year, we want to personally thank you for the important work we’ve done together in support of the people who live and work in the North Bay. Working with partners like you, we’ve been able to drive responsible growth, invest in our community, support the health and wellbeing of our employees and our neighbors, and meet the financial needs of our clients.
Supporting our community
In response to the health crisis, and the impact it’s having on our communities – including the disproportionate impact on communities and people of color – we made a series of investments this year:
- Committed $100 million to support and address pressing needs related to the coronavirus, including healthcare, food, education and needs in vulnerable communities, in addition to the $250 million provided each year in philanthropic giving.
- Provided more than $250 million in capital to community development financial institutions (CDFIs) and minority depository institutions (MDIs) to facilitate lending through the Paycheck Protection Program, on top of $10 million in philanthropic grants to help fund the operations of CDFIs and MDIs.
- Made a $1 billion, four-year commitment to help drive racial equality and economic opportunity, focusing particularly on affordable housing, job training/reskilling, support to small business and health. We’ve already directed one-third, or $300 million, of the $1 billion commitment across the U.S. and globally. For instance, we recently announced our efforts with CVS Health to fund a no-cost flu voucher program for under-resourced communities across the U.S., including Black/African American, Native American and Hispanic-Latino populations that may not have access to low- or no-cost preventative flu shots.
- Donated more than 15 million personal protective equipment masks and more than 7,000 cases of sanitizer to the most vulnerable populations by partnering with local organizations across the country. In the coming weeks, we will distribute an additional 5 million masks, 2.5 million pairs of gloves and 160,000, 8-ounce bottles of hand sanitizer to communities most impacted by rising coronavirus cases.
Here in the North Bay, we’ve supported Community Action Marin, La Luz Center, 10,000 Degrees, Canal Alliance, and more. And we are partnering with Redwood Empire Food Bank, Downtown Streets, and La Luz to provide 46,000 masks to those who need them most. All the while, we have continued to support longstanding partners to help them continue their operations, including arts and culture nonprofit organizations. In the North Bay, that meant supporting the “Tested by Fire” photography exhibit at the Napa Valley Museum, Yountville.
Supporting our employees
We’ve continued our focus on being a great place to work by investing in the health and wellbeing of teammates and their families, including:
- Providing no-cost coronavirus testing; no-cost virtual general medicine and behavioral health consults; mental health resources.
- Provided over 1.7 million days of back-up child and adult care and invested more than $200 million in child and adult care reimbursements through September.
- Helped our employees manage their stress, build resiliency and avoid burnout, offering new training programs created in partnership with Thrive Global.
This focus also includes our longstanding work to ensure a diverse and inclusive workplace, including:
- Encouraging employees to talk about what they are experiencing, including helping our teammates have conversations about racial, social and economic injustices, with more than 165,000 employees participating in virtual courageous conversations in the first half of the year alone.
- Increasing diverse representation in nearly every area of the company, starting with a Board of Directors and management team that are nearly 50% diverse. Within the top three levels of our company, more than 40% are women and nearly 20% are people of color. I invite you to view our 2020 Human Capital Management Report to see a details of all we do to invest in our teammates.
- After just three years, we surpassed our five-year goal to hire 10,000 people from low- and moderate-income communities across the country as part of our Pathways Program. To do this, we work with local partner organizations to build a pipeline of talent.
Supporting our clients
This year, we’ve provided critical financial relief to clients, and have been a trusted source of advice, guidance and capabilities. This includes:
- Supporting more than 2 million payment deferrals through our Client Assistance Program, including for mortgages, credit cards and auto loans.
- Helping small businesses access more funds than any other bank through the Small Business Administration’s (SBA) Paycheck Protection Program. Here in Napa, Marin, & Sonoma, we have helped more than 2,032 small businesses access $162M in funding.
- Expanded on our solutions to help clients build financial wellness, by introducing Balance Assist, a new low-cost, short-term loan designed to help clients budget, spend, save and borrow responsibly and achieve financial stability. With Balance Assist, clients can borrow up to $500, for up to 90 days, for a flat $5 fee. Balance Assist joins products like SafeBalance, Keep the Change and Secured Card, helping clients develop good financial habits.
- Continued our focus on affordable homeownership through our Community Homeownership Commitment, which includes down payment assistance and closing cost help combined with low down payment mortgages to help low- and moderate-income (LMI) clients buy homes. Since its launch in 2019, it’s helped nearly 13,000 homebuyers with more than $130 million in grants.
As we look to the future, I invite you to view the Outlook 2021 Webcast, available Dec. 17 at 2 p.m. ET. It will feature experts from the Chief Investment Office and BofA Global Research who will share their perspective and analysis about the year ahead.
Napa, Marin, Sonoma
Napa, Marin, Sonoma