45-City Student Leaders® Program Combats Severe Teen Unemployment, Prepares Gen Y for Workforce

CHARLOTTE – As the national teen unemployment rate hovers around 26 percent and is expected to worsen, Bank of America is partnering with 90 nonprofit organizations and putting 230 civic-minded high schoolers to work this summer as part of its Student Leaders program. The Student Leaders, selected in recognition of their service to the community, participate in eight-week local nonprofit internships, funded by the Bank of America Charitable Foundation, where they gain hands-on experience and learn the finer points of nonprofit management and leadership while simultaneously providing valuable service to nonprofits in critical need of resources. This year alone, the company is investing more than $1 million in the internship program and has committed more than $7 million since the program’s inception in 2004.

The Student Leaders program is one component of the Neighborhood Excellence Initiative® (NEI), the company’s signature philanthropic program in its seventh year that recognizes and rewards service and leadership by organizations, individuals and students in 44 cities across the country and in London. Bank of America recognizes five exemplary high school juniors or seniors in each market who have demonstrated a commitment to community service and leadership. By the end of the summer, more than 1,400 students will have participated in the program since its inception.

The Student Leaders program supports Bank of America’s long-standing belief that investing in leadership – from students to nonprofit leaders – is critical to revitalizing the economic and social health of communities. The program’s goals include:

· Priming students to develop further as the next generation of strong, knowledgeable leaders who create positive change beginning in – and ultimately extending beyond – their own backyards;

· Strengthening the capacity and resources of nonprofits in communities served by the bank and where students live, and;

· Expanding the company’s efforts to create a culture of global service to address pressing community issues.

“Our nation’s high unemployment rate disproportionately affects teens, many of whom face financial challenges while preparing for higher education and their future careers,” said Kerry Sullivan, president, Bank of America Charitable Foundation. “We know that roughly one in five young workers can’t find a job, which is a rate more severe than before the Great Recession. At Bank of America, we feel the Student Leaders program represents an important investment in the next generation of leaders who will address the issues facing our communities. The program initiates a ripple effect that leads to higher levels of civic service, a greater understanding of how nonprofits work and additional positive impact in the communities we serve.”

The extra labor comes at a good time for nonprofits. A recent report issued by the Center on Philanthropy at Indiana University and the Giving USA Foundation found that charitable giving in the U.S. fell 3.6 percent in 2009 – underscoring the need in the nonprofit sector for support, now more than ever.

In addition to the internships, Student Leaders participate in a weeklong Bank of America Student Leadership Summit, occurring July 18-23, 2010. Now in its third year, the summit aims to inspire students to serve their communities and provide them with greater tools and resources to effect change.

Through a series of interactive workshops and hands-on activities, the summit provides students with an understanding of how service creates positive change in communities; how corporate, nonprofit and government collaboration is instrumental in community revitalization; and the important role that nonprofit organizations play as community anchors, particularly during difficult economic times.

Summit activities include educational seminars and the participation of several special guests, including Patrick Corvington, CEO of the Corporation for National and Community Service, who will address the students on July 21.

All 2010 Neighborhood Excellence Initiative category winners, including Neighborhood Builders® (nonprofit organizations) and Local Heroes (community leaders), will be honored in local community ceremonies this fall.

About the Neighborhood Excellence Initiative

The Bank of America Charitable Foundation’s Neighborhood Excellence Initiative annually recognizes organizations, individuals and students who have shown a commitment to improving their communities. Over six years, the Bank of America Charitable Foundation has committed more than $110 million globally to the NEI program and will invest over $20 million in 2010 alone.

This fall, as part of the Neighborhood Excellence Initiative, Bank of America will also announce Neighborhood Builders, two local nonprofits in each of the 45 participating markets that will be awarded $200,000 each in unrestricted funding for their commitment to improving and revitalizing their communities, and Local Heroes, five individuals in each market with proven dedication to improving their communities through community service who will be able to direct a $5,000 contribution from the Bank of America Charitable Foundation to an eligible nonprofit of their choice.

Bank of America Corporate Philanthropy

Building on a long-standing tradition of investing in the communities it serves, last year Bank of America embarked on a ten-year goal to donate $2 billion to nonprofit organizations engaged in improving the health and vitality of their neighborhoods. Bank of America approaches giving through a national strategy called “neighborhood excellence” under which it works with local leaders to identify and meet the most pressing needs of individual communities. Bank associate volunteers contributed more than 800,000 hours in 2009 to enhance the quality of life in their communities nationwide. For more information about Bank of America Corporate Philanthropy, please visit www.bankofamerica.com/foundation.