Bank of America extended more credit in 2009 than any other U.S. bank, according to the bank’s fourth quarter Lending & Investing Initiative Report.

Released Friday, the report noted the extension of more than $758 billion in credit during 2009, including nearly $180 billion during the fourth quarter alone. The quarterly report outlines the bank’s progress in driving economic recovery through 10 key areas, including lending to consumers and businesses of all sizes, support for municipalities and nonprofits, community development, and other initiatives.

“Bank of America can only succeed by doing all we can to contribute to the success of our customers, clients and the communities we serve,” said Brian T. Moynihan, president and CEO of Bank of America. “The state of the national economy will continue to have a tremendous influence on our shared progress, but the recovery is underway.”

With nearly $87 billion in first mortgages extended by Bank of America in the fourth quarter, home lending and neighborhood preservation proved to be an important

focus. The bank said the extension of these mortgages helped nearly 400,000 people purchase or refinance an existing mortgage. Of the $87 billion extended, nearly $23 billion in mortgages were made to 151,000 low- and moderate-income customers. In addition, Bank of America became the first mortgage servicer to initiate trial modifications for more than 200,000 customers through the Home Affordable Modification Program, making 260,000 loan modifications through 2009.

As part of the bank’s commitment to support and stimulate economic recovery, it extended more than $16 billion in new credit to small businesses last year. In addition, Bank of America assisted more than 60,000 small business clients by modifying payment structures to improve their monthly cash flows to help ride out the recession. Furthermore, the bank announced in the fourth quarter that it will increase 2010 lending to small- and medium-sized businesses by $5 billion.

The bank also surpassed a significant milestone of lending more than $1 billion to Community Development Financial Institutions, becoming the nation’s largest single lender to this group, which extends credit to low-income and disadvantaged communities for small business micro-lending, housing, charter schools, childcare centers, and new primary health care facilities.

In December, Bank of America repaid the U.S. Treasury $45 billion as part of the Troubled Asset Relief Program. Delivering on a commitment to provide greater transparency into the company’s lending and investment efforts across the enterprise, the Lending & Investing Initiative Report demonstrates how the bank has used the government’s investment in the company to support the U.S. economy in critical areas.