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.
Published: February 8, 2000
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