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BofA Expands Veteran Support with $350k Grant

1. Bank of America grants $350,000 to ACP for veteran mentorships. 2. 250 mentorships will support veterans' transitions to civilian careers. 3. BofA aims to hire 10,000 veterans over the next five years. 4. The initiative highlights BofA's commitment to workforce development. 5. ACP's programs show high success rates for veterans post-mentorship.

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Why Bullish?

BofA's commitment to hiring veterans aligns with broader workforce trends, potentially enhancing its reputation and attracting more clients, similar to past initiatives that showcased corporate social responsibility and resulted in stock price increases.

How important is it?

This initiative strengthens BofA's public image and competitive edge, signaling long-term investments in key demographics that can enhance its operational success and resilience.

Why Long Term?

The long-term impact stems from establishing positive employer branding and improving employee retention by fostering a culture of inclusion, as seen in companies that prioritize diversity and social responsibility.

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250 Mentorships Celebrate 250 Years of America , /PRNewswire/ -- Bank of America (BofA) today announced a $350,000 grant to American Corporate Partners (ACP), a commitment that will support 250 mentorships for veterans and military spouses today, in honor of America's 250th birthday.  ACP is a leading nonprofit dedicated to helping veterans and military spouses transition into meaningful civilian careers through one-on-one mentoring. This philanthropic investment will fund mentorship and career support over the next year, underscoring Bank of America's commitment to creating opportunity that enables new careers and economic growth while honoring military service. BofA first partnered with ACP in 2018, and since then, nearly 200 employees have taken part in 400 mentorships, providing guidance on career planning, networking, and professional growth. To date, dozens of individuals have come through ACP to join the bank.  This expanded partnership builds on BofA's most recent commitment to hire 10,000 more veterans and individuals with military backgrounds over the next five years, in addition to the 20,000 veterans and individuals with military backgrounds the company has hired since 2015. It also advances the bank's broader workforce development strategy, which emphasizes skills-first hiring both within the company and across the communities it serves.  "Veterans and military spouses bring invaluable skills, leadership, and resilience to the workforce," said Meghan Hughes, Head of Workforce Development at Bank of America. "By expanding our partnership with American Corporate Partners, we're not only investing in their future—we're helping build pathways to long-term success while driving American economic growth and opportunity." "America's 250th birthday is a time to honor service, but true honor demands more than words. We must recognize the silent struggle: the incredible talent of our Veterans and Military Spouses is too often diminished by underemployment," said Sid E. Goodfriend, Founder and Chairman of American Corporate Partners. "That is why Bank of America's commitment to hundreds of dedicated mentorships is so vital. It's an act of transformation, not charity. This is a promise to dismantle those barriers, equipping our military families with the personalized guidance they deserve, ensuring their next chapter is not one of settling, but of unleashed potential and undeniable professional success." ACP's mentorship program has supported nearly 40,000 veterans and spouses nationwide, with an average post-mentorship salary of $90,000 and an 80% retention rate, compared to 56% for veterans nationally. Funding to ACP will support mentorship opportunities for veterans transitioning to roles across any industry, as well as those who may come work at Bank of America. As part of BofA's efforts to help revitalize communities and support the housing needs of those who have served and sacrificed for our nation, the bank has also donated over 6,500 residential properties with more than 2,700 of them going to nonprofits supporting military service members and their families since 2012. The bank also has a Military Support & Assistance Group for employees, with 43 chapters and more than 22,000 members nationwide.  To learn more about ACP and sign up to become a mentor go to https://apply.acp-usa.org/mentor and use Bank of America code "BACACP." American Corporate Partners American Corporate Partners (ACP) is a national nonprofit organization that bridges the gap between the military and civilian sectors, connecting experienced professionals with Veterans and Active-Duty Spouses seeking successful civilian careers. Through a tailored one-on-one mentorship, as well as strategic networking opportunities and robust online resources, ACP combats underemployment and empowers individuals to achieve their full career potential. Bank of America Bank of America is one of the world's 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 nearly 70 million consumer and small business clients with approximately 3,600 retail financial centers, approximately 15,000 ATMs (automated teller machines) and award-winning digital banking with approximately 59 million verified digital 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 4 million small business households 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. For more Bank of America news, including dividend announcements and other important information, visit the Bank of America newsroom and register for news email alerts. Reporters may contact Carla Molina, Bank of AmericaPhone: 1.512.397.2402[email protected] SOURCE Bank of America Corporation

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