CHAMBERS Y. GOVERNOR April 18, 2018 Catherine P. Bessant - Chief Operations and Technology Officer Bank of America 100 North Tryon Street Charlotte, NC 28255 Dear Ms. Bessant: I am writing to invite you to Hawai?l this summer to meet with Kehau Filimoe?atu of Na Po?e K?kua in order to reach a fair and final settlement of Bank of America?s outstanding $150 million commitment to the Hawaiian people on their homelands. I am offering to serve as host for these talks. As the governor of Hawai?i, am strongly urging that the Bank of America finalize its $150 million Hawaiian commitment before August 10, 2018, the 20th anniversary of meetings on Oahu and Maui between a delegation of executives from NationsBank and Bank of America with Hawaiian kupuna (elders), state leaders and Na Po?e Kokua, which is the fiscal sponsor and institutional home of the Hawal?i Fair Lending Coalition (hereafter referred to collectively as it is my understanding that the Hawai?i meetings were the result of an agreement that NationsBank reached with on June 28, 1998 in response to Bank of America?s failure to meet its Hawaiian commitment by the mid?1998 deadline. In its August 17, 1998 order approving NationsBank's merger-with Bank of America, the Federal Reserve Board specifically referenced a NationsBank statement that the new post?merger Bank of America would honor its $150 million Hawaiian commitment.1 This commitment was first made in connection with Bank of America?s 1993 application to acquire Liberty Bank in Honolulu, which was challenged by The Federal Reserve Board?s May 31, 1994 order approving Bank of America?s acquisition of Liberty Bank was ?specifically conditioned upon compliance with all of the commitments made by BankAmerica in connection with this application,?2 which included Bank of America?s ?commitment of $150 million to the FHA 247 loan program.?3 1 Board of Governors of the Federal Reserve System. Order Approving the Merger of Bank Holding Companies: NotionsBonk Corporation Charlotte, North Carolina - August 17, 1998, p. 62 2 Hold, 630 3 Letter from Patrick 5. Antrim, Senior Counsel, Bank of America to Surjeet Sidhu, Senior Financial Analyst, Board of Governors ofthe Federal Reserve System, 16 May 1994. Catherine P. Bessant April 18, 2018 Page Two Unfortunately, June 2018 marks the 20*? year that Bank Of America continues to be delinquent on its ?four-year commitment to provide $150 million in residential mortgage loans for native Hawaiians seeking housing on Department of Hawaiian Home Lands."4 I am attaching a letter that Ms. Filimoe?atu sent to you on August 24, 2014 that includes a May 3, 2012 letter to her from then Chairman of the Hawaiian Homes Commission, Albert ?Alapaki? Nahale?a. I believe that together these two letters provide a fair outline of the history of Bank of America's Hawaiian commitment. Since becoming the governor of Hawai?i, my cabinet members and I have been working hard to address Hawai?i?s intractable affordable housing crisis, including the challenges of homelessness. Tragically, native Hawaiians represent a significant proportion of our state's houseless and under? housed population. One important part of the solution for native Hawaiian families is a home on Hawaiian home lands. However, because of the unique characteristics of these trust lands, access to capital for these families is a real and ongoing challenge. Ful?lling Bank of America?s commitment could be an important part of addressing this challenge. I look forward to hosting you so that you and Na Po?e Kokua can do the work necessary to ful?ll Bank of America?s commitment in Hawai?i. If you are open to accepting this invitation, please RSVP to William (Billy) Oku, Jr. of my office by April 25 with dates in June or July when you can come to Hawai?i. Mr. Oku may be reached at (808) 586?0034 or via email at William.F.Oku@hawaii.gov I look forward to working with you to reach a long-overdue resolution to this pressing issue. With warmest regards, was David Y. lge Governor, State of Hawai?i Attachment 4 Board of Governors of the Federal Reserve System. Order Approving Acquisition of a Bank: BankAmen?ca Corporation San Francisco, California. Federal Reserve Bulletin July 1994, p. 628 Kehaulani Na Po?e K6kualHawai?i Fair Lending Coalition The Honorable Brian E. Schatz United States Senate The Honorable Mazie K. Hirono United States Senate Brian T. Moynihan Chief Executive Of?cer, Bank of America Anne M. Finuoane Vice Chair Chair ESG Committee, Bank of America