Bank of America Raises Low-Income Loan Goal

Bank of America Corp., which plans to buy FleetBoston Financial Corp. for $47 billion, pledged to lend and invest $750 billion over 10 years in low- and moderate-income communities, the largest commitment by a U.S. financial institution.

The new goal will replace programs at both banks, a spokeswoman said. About $100 billion will be earmarked for the Northeast, a territory the Charlotte, N.C.-based bank is entering with the FleetBoston purchase.