The Bank of America Foundation is giving $40 million to United Way of America for early childhood development efforts in dozens of cities.

Bank of America and United Way officials held a news conference this morning in Washington to announce the gift.

The money will help local United Ways with a program called Success By 6, which the bank gave $10 million to support last year. United Way officials announced this morning how that money will be distributed.

The rest of the money will be distributed yearly through 2003.

The combined $50 million in support makes the gift among the largest ever made by a corporation, Bank of America says.

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