BANKING

BankAmerica Corp. named Catherine P. Bessant president of its community development banking group, which promotes lending to lower-income communities. Bessant, who will replace Donald A. Mullane, was considered for nomination to the Federal Reserve Board in May. She will leave her position as senior vice president at NationsBank Corp. to manage BankAmerica’s economic development program in low- and moderate-income areas now that the two banks have merged. NationsBank and BankAmerica agreed had agreed to earmark $350 billion in loans and investments to small businesses and lower-income consumers and communities over the next 10 years.