BAC: Bank of America Expands Hybrid Vehicle Program Nationally

Bank of America today announced that it is expanding its program to reimburse $3,000 to associates purchasing a new hybrid vehicle. The program will now be available to more than 185,000 U.S.-based associates. Last June, the company introduced the program to associates living within 90 miles of the three pilot program cities, Boston, Charlotte, and Los Angeles.


"Our associates were very enthusiastic about this program and have responded well to the opportunity," said Anne Finucane, Bank of America chief marketing officer and head of the company's environmental council. "In fact, since we launched the program and within the three cities where it was piloted, hybrid vehicle purchases by our associates have more than quadrupled. The program continues to expand our commitment to the environment and offers our associates a way to participate in making a difference while cutting down on their commuting costs."

The company will continue to evaluate the program, assessing how it could be rolled out to associates outside of the U.S. The program mirrors the Internal Revenue Service's hybrid vehicle tax credit program and applies toward a new hybrid vehicle as defined by the agency. Associates are eligible for this reimbursement only once, and the reimbursement is subject to all applicable federal, state and local withholdings. All full-time and part- time, U.S.-based associates working at least 20 hours per week are eligible.

Bank of America is committed to continued leadership on environmental issues. The bank's environmental initiatives include:

  Facilities and operations:
   -- The company is building the Bank of America Tower at One Bryant Park
      in Manhattan, which will be the world's most environmentally-sound
      sky scraper.
   -- The company is also building a 32-story office tower in Charlotte,
      which will be one of the most environmentally-sound office towers in
      the Southeast.
   -- The company has set aggressive, voluntary goals to reduce greenhouse
      gas emissions across the company nine percent by 2009 through the
      reduction of its energy consumption.  On track to achieve this target,
      the company reduced electric consumption by four percent through 2005
      by taking steps such as monitoring and controlling energy consumption
      in many bank buildings across the franchise.

  Paper usage and recycling:
   -- From 2000-2005, the company reduced operational paper usage 32 percent
      even as its customer base grew 24 percent.
   -- Annually, the bank recycles nearly 50,000 tons of paper, effectively
      recycling more paper than it uses for internal operations.
   -- The bank has an industry-leading paper procurement policy that
      furthers paper reduction and recycling, addresses illegal logging,
      promotes sustainable forest practices and protects endangered forests.
   -- The company offers online banking customers the option of electronic
      statements in place of paper, for which more than 5 million customers
      have signed up.  Additionally, for every paper statement suppressed,
      Bank of America donated $1 to The Nature Conservancy's reforestation
      programs, up to a total donation of $500,000.

  Lending practices:
   -- Bank of America has comprehensive policies covering forestry and
      biodiversity issues that prohibit the bank from financing projects
      that would destroy primary moist tropical rainforests, certain
      endangered forests or from financing companies involved in illegal
      logging.
   -- Bank of America works with its energy and utility customers to reduce
      greenhouse gas emissions in their operations.
   -- Through Community Development Banking, we have financed the
      construction of notable "green" buildings including 1400 Fifth Avenue,
      NYC -- the largest "green," affordable mixed-use condominium
      development in the U.S.

  External reporting:
   -- We report on environmental issues annually through the Global
      Reporting Initiative,
    http://www.bankofamerica.com/environment/pdf/EnvironmentalReport_FN2.pdf