Bank of America Invests $1 Million in Museum Lab at Children's Museum of Pittsburgh
Business Wire 28-Mar-2019 5:00 PM
Capstone Grant Builds on Company's Overall Commitment to Pittsburgh,
Including 13 Financial Centers, $125 Million Extended in Home and Small
Business Loans, and $7 Million Invested in Community Development
Financial Institutions Through 2018
The Bank of America Charitable Foundation today announced it will make
the $1 million capstone grant to Museum Lab at Children's
Museum of Pittsburgh, completing the organization's $18 million
capital campaign. This funding enables Children's Museum to renovate and
transform the former Carnegie Free Library of Allegheny, the first
public library commissioned by Andrew Carnegie, to serve as the home for Museum
Lab, a new hands-on museum for children ages 10 and older. During
construction, the project will provide approximately $12.8 million in
economic impact, providing 167 full- and part-time jobs. Once completed,
the project will bring an additional 29 jobs to the new location.
The grant is part of Bank of America's overall commitment to supporting
the Pittsburgh community. This also includes the expansion of its
financial center network in the Pittsburgh market, with 13 centers open
or set to open over the next two years, including the Terry Laughlin
Financial Center near the University of Pittsburgh. Through 2018, the
company has extended $125 million in home and small business loans to
help local clients achieve their goals, and expects that number to grow
with the expansion.
"We are excited to announce this $1 million capstone grant to Museum Lab
at Children's Museum of Pittsburgh, which will provide access to
skill-building and educational opportunities for youth that will enable
them to build stronger communities," said Brian Ludwick, Pittsburgh
market president. "This foundation grant, along with the business
investments we've made to expand our retail network, support community
development efforts, and create new jobs to support our business growth,
demonstrate our commitment to creating economic opportunity for the
people of Pittsburgh, a city we've served for more than 80 years."
These announcements are the latest in a series of investments that Bank
of America and its foundation are making in the Pittsburgh community.
Bank of America has invested $7 million in Pittsburgh-area community
development financial institutions to help finance small businesses,
affordable housing, and other economic revitalization projects in
primarily low- and moderate-income neighborhoods. The Bank of America
Charitable Foundation also donated $2.5
million in gifts to the University of Pittsburgh and St. Francis
University in memory of Terry Laughlin, vice chairman of the company's
wealth management businesses, who passed away in October 2018.
Children's Museum of Pittsburgh has established itself as a leader in
the design and development of research-based learning experiences for
children and families. Museum Lab will be a center of education for all
learners – educators, researchers, youth and families alike. It will
foster an environment where kids can work with experts to create
everything from furniture to apps, experiment with cutting-edge
technology to create art, collaborate on one-of-a-kind art
installations, and more.
"We appreciate Bank of America's partnership; this capstone donation
will allow us to scale our learning experiences to a broader audience,
including older children 10 and up," said Jane Werner, executive
director of the Children's Museum of Pittsburgh. "Their commitment to
this project reflects their true concern for the community and the youth
of Pittsburgh. With their help, we will have created the largest
cultural campus for children in the United States."
Bank of America also recently recognized its first Neighborhood
Builders® grantee in Pittsburgh, Hazelwood Initiative, which focuses on
sustainable development in the community. The nonprofit received
$200,000 in flexible funding, the opportunity to join a network of peer
organizations across the U.S., and access to capital to expand its
impact in Pittsburgh.
"With Bank of America's generous support, we have been able to hire a
critical full-time position ? real estate project manager ? that helps
us to fulfill our mission," said Sonya Tilghman, executive director of
Hazelwood Initiative. "The additional capacity Hazelwood Initiative has
because of the Neighborhood Builders program has allowed us to enter
into a partnership with a local landlord, where we will acquire more
than 60 housing units of affordable housing over the next three
years for long-term preservation."
Since announcing plans to bring retail banking services to new and
existing clients in the Pittsburgh market in early 2018, Bank of America
has opened seven centers to date, including a "pop-up" location at the
Mall at Robinson. The company plans to bring approximately 30 jobs to
the market this year alone, and subsidizes approximately 75 percent of
employee health care costs, meaning Pittsburgh employees are also
eligible for benefits that have an average value of almost $17,000. The
firm also offers matching 401(k) contributions of up to 5 percent and an
annual company contribution of up to 2 percent of pay after one year of
service. The continued expansion in Pittsburgh reflects Bank of
America's ongoing investment in its financial center and ATM network for
clients across the U.S.
Bank of AmericaBank 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 approximately 66 million
consumer and small business clients with approximately 4,300 retail
financial centers, including approximately 1,800 lending centers, 2,200
Merrill Edge investment centers and 1,500 business centers;
approximately 16,300 ATMs; and award-winning digital banking with more
than 36 million active users, including over 26 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.
For more Bank of America news, including dividend announcements and
other important information, visit the Bank
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Bank of America, N.A. Member FDIC © 2019 Bank of America Corporation.
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