Bank of America (NYSE: BAC) announced Tuesday that it extended $150 billion in credit during the first quarter of 2010, the most provided by any U.S. bank. The information was part of the bank’s Lending and Initiative Report, which helps deliver on the goal to provide better transparency into the lending and investing activities performed by Bank of America.
The nation’s biggest bank said it extended nearly $70 billion in first mortgage during the first quarter, which helped 323,000 people buy a home or refinance an existing mortgage.
“Now more than ever, I am confident that our economic recovery is fully underway,” said Brian T. Moynihan, president and chief executive officer, Bank of America.
“We are also vigorously modifying home loans and credit card balances for consumer and business customers in addition to eliminating debit card overdraft fees – steps that are necessary to help customers overcome financial challenges and succeed in this economy,” said Moynihan.
As for small business lending, Bank of America provided $3.4 billion in new credit to the small business sector during the first quarter of the year.
Bank of America serves about 58 million consumers and small businesses through more than 5,900 banking branches.
