Maria Barry
Bank of America Merrill Lynch Community Development Banking is coming off a record year, providing $4.5 billion in equity and lending in 2015. It’s the most the community development team has provided in a single year in its more than 30-year history.
Maria Barry
Maria Barry, national executive for the firm, leads the team that delivered the massive effort, and she expects the bank to have another strong year in 2016.
“Each project requires its own set of solutions,” she says. “This year, we’re going to continue to focus on meeting the needs of our clients by delivering debt and equity together. We’ll also be expanding our tax-exempt bond and permanent-loan capabilities through our own products, as well as agency executions, and providing more options to our clients.”
From 2005 to 2015, the bank financed more than 150,000 affordable housing units. Last year, it was selected by the city of San Francisco and its developer partners as the lender and tax credit investor to repair and preserve 1,400 public housing units. Under the federal Rental Assistance Demonstration program, Bank of America Merrill Lynch provided approximately $770 million in financing to the effort, in partnership with Freddie Mac.
Barry began her banking career in the commercial credit training department, learning how to underwrite business loans. A certified public accountant, she understood financial statements and quickly became a leader in the training department. Barry has held key roles in risk management, commercial banking, and other departments before becoming head of community development banking.
She’s one of the original members of the bank’s Power of 10. An executive woman at the firm formed the group, bringing together 10 women across the company to network, mentor, and discuss key topics. The executive also asked each member to create her own group of 10. The Power of 10 quickly grew to 100, and now there are many groups of 10 throughout the bank.
“It’s a chance for women to get to know each other from other lines of business,” Barry says. “It provides great connection points.”
