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.
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 companys 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.
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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:
Bank of America Bank of America is one of the worlds 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.
About Albemarle Albemarle 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 worlds 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.