Bank of America (NYSE: BAC), today announced that it has purchased the rights to the World Wide Web address Loans.com. The company bought the domain name for $3 million at an electronic auction on January 28.

Loans.com is a strategic investment that strengthens the company's position as the leading provider of loans in the United States. At the end of 1999, Bank of America had $370 billion in outstanding loans, including $175 billion in consumer loans.

The purchase fits with the Bank of America strategy to make the company as convenient and accessible as possible for its customers. "Those who create new and valuable uses for the Internet will win with customers and clients," Lewis said.

Bank of America operates retail banks in 21 states and the District of Columbia. Marketing loans and lending services via Loans.com potentially will enable it to reach millions of new customers over the Internet.