Financial giant Bank of America was honored as the National Society of Fund Raising Executives' (NSFRE) 2000 Outstanding Philanthropic Corporation during the group's international conference in New Orleans.

Bank of America -- formed by a merger between NationsBank and Bank of America on Oct. 1, 1998 -- contributed more than $91 million and three million volunteer hours to a variety of causes in 1998, NSFRE reports. Those causes included almost 1,400 education programs, 3,300 community development organizations, 3,000 human service organizations and 1,100 arts organizations.

Just days after the new Bank of America was formed, the company -- which made philanthropy an important part of its mission -- announced a $1 million grantmaking program for 100 nonprofits in 100 communities.

Last year, the bank committed $50 million over five years to support early childhood development -- to be allocated to United Way agencies across the country for the "Success by Six" initiative. The bank gave $94.7 million in 1999.

Bank of America also encourages volunteerism through its grant programs, NSFRE reports. If an associate volunteers more than 50 hours to any eligible nonprofit, the bank will donate $250 to that group.

The bank also established a yearly Leadership Excellence in Neighborhood Development award to honor its associates who work to build stronger neighborhoods. The bank will contribute $1,000 to an organization of the associate's choice.

Bank of America was nominated for the award by NSFRE's Charlotte, N.C. chapter. The award was given March 27.