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Bank of America Names James R. Cassady to Lead Statewide Community Development Banking Efforts in Florida

Strategic Insights

— 2 min read

James R. Cassady, a veteran banking executive with over two decades of experience, has been appointed to the newly created position of senior market executive for community development banking in Florida, part of Bank of America's operations. In this role, Cassady will oversee the bank's community development banking activities across the state, focusing on affordable housing, small business, consumer lending, and economic development. Cassady will also continue to serve as the Broward Market President.

Cassady's appointment is significant, given the bank's commitment to community development. In 1998, Bank of America announced a $350-billion, 10-year commitment to community development lending and investment, with specific allocations for various sectors. The bank has also recently launched the $500-million Bank of America Catalyst Fund to invest in inner-city neighborhoods, as part of its ongoing efforts to address economic disparities. Cassady's leadership will be instrumental in realizing these goals.

Key Takeaways:

  • James R. Cassady has been named senior market executive for community development banking in Florida, overseeing the bank's activities across the state.
  • Cassady's role includes coordinating community development banking activities, such as affordable housing, small business lending, and economic development.
  • The bank has a $350-billion, 10-year commitment to community development lending and investment, with specific allocations for small business, affordable housing, and economic development.
  • The bank has launched the $500-million Bank of America Catalyst Fund to invest in inner-city neighborhoods, as part of its community development efforts.
  • Cassady has over two decades of experience in banking, holding various management positions in Atlanta, New Orleans, and Florida.
  • Cassady has received numerous honors and awards, including the Silver Medallion Award from the National Conference of Community and Justice.
  • The bank operates over 850 banking centers throughout Florida, serving more than three million households.
  • Bank of America recently merged with NationsBank, creating the new Bank of America, which has a total of $614 billion in assets.

Statistics:

  • Bank of America has a $350-billion, 10-year commitment to community development lending and investment.
  • $180 billion of the commitment is allocated for small business lending.
  • $115 billion is dedicated to affordable housing initiatives.
  • $25 billion is reserved for economic development.
  • $30 billion is focused on consumer loans.
  • The bank plans to invest $500 million in inner-city neighborhoods through the Bank of America Catalyst Fund.
  • The bank operates over 850 banking centers in Florida, serving more than three million households.

Sources:

  • [PRNewswire, "Bank of America Appoints James R. Cassady Senior Market Executive for Community Development Banking in Florida," July 20, 1999]
  • [Bank of America Press Release, "Bank of America Announces $350-Billion, 10-Year Commitment to Community Development Lending and Investment," 1998]
  • [Bank of America Press Release, "Bank of America Launches $500-Million Catalyst Fund to Invest in Inner-City Neighborhoods," [no date mentioned in the source]]

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