Bank of America Championship Contributes $280 Million in Economic Impa

CONCORD, Mass., May 9 /PRNewswire/ -- The Bank of America Championship -- the oldest 54-hole event on the Champions Tour and the only Champions Tour event in New England -- pumped an estimated $280 million into the Massachusetts, regional and national economies during its 24-year history, according to preliminary economic impact data released today by Nashawtuc Charities, the organization that oversees the annual golf event. The tournament's economic contribution included $3.7 million in total charitable giving since the event began in 1981.

Nashawtuc Charities also announced that the Bank of America Championship is expected to produce an estimated $20 million in economic impact in 2005, its 25th anniversary season.

"The economic impact of the Bank of America Championship demonstrates how the state and the region have wholeheartedly embraced this tournament," said Tracy West, Bank of America Championship tournament director since 1999. "It's a major boon to our local economy and the nonprofit community, and it's an opportunity to showcase the history and beauty of Massachusetts and all the things this region has to offer."

"Bank of America's support for this tournament provides our company with the opportunity to contribute to and stimulate the economic vitality of the state and the larger region," said Anne Finucane, Northeast Market president for Bank of America. "We're proud of our association with this prestigious event, and the role it plays in helping our communities grow and prosper."

The economic impact analysis, which focused on direct tournament expenditures, employed a similar methodology utilized by Iowa State University for the 1999 U.S. Senior Open. The analysis estimates that the event has produced, on average, $18 million in total annual economic impact over the last five-years of the tournament, $11.5 million of which has directly benefited the Massachusetts economy each year. The analysis also estimates that the event has produced, on average, $10 million in total annual economic impact during the first 19 years of the tournament.

Nashawtuc Charities says the $18 million figure is significant, yet given the analysis is still a relatively conservative estimate as it doesn't account for indirect expenditures. West says a more formal economic impact study planned for the fall of 2005 will provide a more detailed analysis.

"The Bank of America Championship appreciates the relationship we have with the players, fans, and corporate partners that support us," added West. "Understanding how the tournament impacts our fans, the regional economy and charitable-giving efforts reinforces the strength of those relationships."

In 2004, the Bank of America Championship contributed an annual record $350,000 to local charities, which brought the tournament's total donations in its 24-year history to $3.7 million. Local charitable organizations receiving donations from the 2004 Bank of America Championship included the Boys and Girls Clubs of Boston and Assabet Valley, Emerson Hospital, The First Tee of Massachusetts, The Cam Neely Foundation for Cancer Care, Hanscom Air Force Base-Project Concern and many others.

The 25th anniversary Bank of America Championship takes place June 20-26, 2005, at Nashawtuc Country Club in Concord, Massachusetts. For information, visit http://www.bankofamericachampionship.com/, and for tickets, call toll- free 1-877-559-GOLF.

Bank of America

Bank of America is one of the world's largest 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 33 million consumer relationships with more than 5,800 retail banking offices, more than 16,700 ATMs and award-winning online banking with more than 13 million active users. Bank of America is the No. 1 overall Small Business Administration (SBA) lender in the United States and the No. 1 SBA lender to minority-owned small businesses. The company serves clients in 150 countries and has relationships with 98 percent of the U.S. Fortune 500 companies and 85 percent of the Global Fortune 500. Bank of America Corporation stock is listed on the New York Stock Exchange. http://www.bankofamerica.com/