The Bank of America Foundation has pledged $2.5 million to help improve child literacy in Southern California.

The Reading by 9 literacy program launched last fall by the Los Angeles Times will receive $1 million, with another $1 million to support California Gov. Gray Davis' teacher training initiative and $500,000 in grants to organizations that promote other literacy programs throughout the region.

The bank also will encourage its 24,000 employees to spend two hours of paid company time every week to volunteer at an elementary, middle or high school in the area - a policy that could generate 2.5 million hours of volunteer time in Southern California schools.

The announcement by Hugh McColl, Bank of America chairman and chief executive officer, makes the bank the first company to support Reading by 9, a five-year literacy initiative that seeks to help children achieve grade-level reading skills by age 9.

The bank also is one of the first companies to support the Elementary Initiative in Reading and Math, an intensive summer elementary teacher training program. The $1 million earmarked for Southern California will help support summer institutes on reading and math for local teachers of kindergarten through grade six.

The Bank of America Foundation is the largest financial services philanthropic foundation in the United States with an annual budget of approximately $100 million.

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