Eastern Market Receives $500,000 Grant from Bank of America Charitable Foundation Grant Earmarked to Winterize and Update Market’s Shed3, Extend Merchant’s Selling Season

Detroit, MI, May 1, 2008– State and city leaders joined officials from Detroit’s Eastern Market and Bank of America this morning to announce a $500,000 grant earmarked to winterize and update the market’s Shed 3, enabling area farmers and merchants to extend their selling season.

The grant from the Bank of America Charitable Foundation matches a Kresge Foundation challenge grant designed to raise $12.8 million to renovate three of the market's five sheds.

“This generous grant from the Bank of America Charitable Foundation will increase Metro Detroit’s accessibility to high quality, farm-fresh produce by providing a comfortable environment sheltered from the elements,” said Eastern Market President Dan Carmody. “It will also bolster Eastern Market’s economic viability.”

“We are committed to making a meaningful impact in Detroit through our philanthropic giving,” said Bank of America Michigan Market President Keith Cockrell. “By supporting the revitalization of Eastern Market, we hope to contribute to the health and vitality of this community. All of us at Bank of America are proud to partner with the Kresge Foundation and other corporate leaders to update the market for the benefit of the entire region."

Eastern Market Corporation was formed in 2003 to create and implement a reinvestment strategy for the market. One of the organization’s primary goals was to improve winterization and add refrigeration capabilities to Shed 3, allowing the market to provide a healthy array of foods year round in order to positively impact the health and welfare of the community.

Since 1891, Detroit's Eastern Market has been home to an amazing community of farmers, merchants, food lovers and residents. On any given Saturday, more than 39,000 Detroiters, suburbanites and tourists shop the market, a tradition passed on from generation to generation. More than just a shopping destination, Eastern Market is home to more than 100 residents and includes the Detroit Edison Public School Academy, winner of the Michigan State Blue Ribbon Award for outstanding academic achievement.

“All of us the Kresge Foundation thank Bank of America for its hugely significant contribution, and we congratulate the board, staff, vendors and businesses of the Eastern Market for reaching key funding and planning benchmarks for this transformation,” said Laura Trudeau, senior program officer for the Kresge Foundation.

The Eastern Market grant kicks off Bank of America’s brand launch celebration in Michigan, which officially begins Monday, May 5.

Detroit Eastern Market
Detroit Eastern Market is the largest historic public market district in the United
States. Every Saturday, Michigan's largest and most colorful market is host to more than 150 farmers and vendors from Michigan, Ohio, and Canada offering a cornucopia of fruits, vegetables, breads, baked goods, jellies, jams, honey, apple cider, cheeses, spices, herbs, plants and flowers. Eastern Market-Detroit is located between Gratiot and Mack, bordered by St. Aubin and the I-75 service drive — just northeast of downtown Detroit. The Market is open on Saturdays from 6:00 a.m. - 4:00 p.m. For more information, contact 313-833-9300 or visit the website at www.detroiteasternmarket.com.

Bank of America Corporate Philanthropy
Building on a long-standing tradition of investing in the communities it serves, Bank of America is in its fourth year of achieving an unprecedented 10-year goal to donate $1.5 billion to nonprofit organizations engaged in improving the health and vitality of their neighborhoods. Funded by Bank of America, the Bank of America Charitable Foundation gave more than $200 million in 2007, making the bank the most generous financial institution in the world and the second largest donor of all U.S. corporations in cash contributions. Bank of America approaches giving through a national strategy called "neighborhood excellence" under which it works with local leaders to identify and meet the most pressing needs of individual communities. Through Team Bank of America, bank associate volunteers contributed more than 650,000 hours in 2007 to enhance the quality of life in their communities nationwide. For more information about Bank of America Corporate Philanthropy, please visit www.bankofamerica.com/foundation.