Bank of America

Investor Relations

Bank of America to Acquire U.S. Trust

     Acquisition of prestigious U.S. firm focused on ultra high net worth
              individuals will create leading U.S. private bank

CHARLOTTE, N.C., Nov. 20 /PRNewswire/ -- Bank of America Corporation today announced a definitive agreement to acquire U.S. Trust Corporation, one of the largest and most respected U.S. firms focused exclusively on managing wealth for high net worth and ultra high net worth individuals and families.


The acquisition significantly increases the size and capabilities of Bank of America's wealth business and positions it as the largest financial services company managing private wealth in the United States.

"The acquisition of U.S. Trust, a prestigious 153-year-old firm, enhances our credibility in this market, significantly advances our capabilities to serve especially ultra high net worth clients and adds scale to our private banking business," said Kenneth D. Lewis, Bank of America chairman and chief executive officer. "U.S. Trust has a long-standing reputation for outstanding client service and providing clients with comprehensive financial solutions by offering a full suite of sophisticated products. We believe combining the complementary capabilities of both companies will add value to our clients."

Currently, Bank of America is the second largest manager of private wealth in the United States, based on assets under management by private banks. U.S. Trust is fourth. The combined entity would be first, with $261 billion in assets under management, based on September 30, 2006 financial reports by private banks in the United States.

Bank of America will acquire U.S. Trust from The Charles Schwab Corporation for $3.3 billion in cash. Closing is expected on March 31, 2007.

U.S. Trust was founded in 1853 with a mission to serve as manager, executor and trustee of personal and corporate funds. Today it has almost 2,100 employees based in 33 locations. It has approximately $94 billion of assets under management.

U.S. Trust targets high net worth households and ultra high net worth households with more than $2 million in investable assets and has approximately 13,600 relationships with individuals and families. It is considered the leading manager of wealth for ultra high net worth individuals (with more than $50 million in investable assets) in the United States.

U.S. Trust will be combined with The Private Bank of Bank of America under the direction of Peter K. Scaturro, currently chief executive officer of U.S. Trust. He will report to Brian Moynihan, President, Bank of America Global Wealth & Investment Management.

The Private Bank of Bank of America has almost 2,300 associates in 150 offices across the United States targeting households with more than $3 million in investable assets. With $167 billion in assets under management as of September 30, 2006, the Private Bank delivers an array of wealth management capabilities and solutions to wealthy and ultra wealthy individuals and their families. The bank manages more private foundations and more foundation assets than any other bank, according to The Foundation Center in New York. It is the nation's largest financial manager of farms and ranches by acres and a leading corporate fiduciary manager of oil and gas properties.

"With this move, we bring together two wealth management organizations with highly complementary strengths, similar business models, and a shared passion for serving the unique needs of wealthy and ultra wealthy individuals and families nationwide," Moynihan said. "U.S. Trust clients will gain access to Bank of America's broad-based services and unparalleled distribution platform, helping to better meet their comprehensive needs as individuals, family members, business owners or executives, foundation and institutional leaders. Bank of America's wealthy clients will benefit from expanded distribution, additional wealth management instruments, increased presence in key markets, and the able and passionate leadership of Peter Scaturro."

"I am excited about the power of this combination which will be directly realized by our current and prospective clients," said Scaturro. "Bank of America will serve as a leading provider across every dimension of wealth management, including the nation's largest trust organization, its largest specialty asset manager, its leading ultra high net worth business, and top tier positions in markets of concentrated wealth such as Metro New York City and other locations around the country. This position of strength represents a special and unique opportunity for our clients and our company."

Bank of America

Bank of America is one of the world's largest financial institutions, serving individual consumers, small and middle market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk-management products and services. The company provides unmatched convenience in the United States, serving more than 55 million consumer and small business relationships with more than 5,700 retail banking offices, nearly 17,000 ATMs and award-winning online banking with more than 20 million active users. Bank of America is the No. 1 overall Small Business Administration (SBA) lender in the United States and the No. 1 SBA lender to minority-owned small businesses. The company serves clients in 175 countries and has relationships with 98 percent of the U.S. Fortune 500 companies and 80 percent of the Global Fortune 500. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.


Senior management will discuss the merger of U.S. Trust into the Bank of America private bank with analysts on a teleconference at 9 a.m. today. Within the U.S., call 800-540-0559. Outside the U.S., call 785-832-2041. The conference ID is 7BOA1. The discussion will be available on a webcast on the Bank of America website: It will be available for playback later in the day on Bank of America's website.

Forward-Looking Statements

This press release contains forward-looking statements, including statements about the earnings outlook of Bank of America Corporation. The forward-looking statements involve certain risks and uncertainties, including the ability to integrate mergers. For further information, please read Bank of America's reports filed with the SEC and available at

SOURCE Bank of America

/CONTACT: Investors May Contact, Kevin Stitt, +1-704-386-5667, or Lee McEntire, +1-704-388-6780, or Reporters May Contact, Jon Goldstein, +1-617-434-7392/

Bank of America

Terms of Use

The information contained on this Investor Relations web site is provided for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any securities.

The financial and other information that may be accessed on this Investor Relations web site speaks only as of the particular dates referenced in the information or the dates the information was originally issued. This information may have since become superseded as a result of later circumstances or events. Bank of America does not undertake any obligation, and disclaims any duty, to update this information. In addition, this information may contain forward-looking statements that are subject to various risks and uncertainties that could cause actual outcomes or results to differ materially from those expressed in or implied by any forward-looking statement. The risks and uncertainties that could affect the company's actual outcomes or results are discussed more fully in our most recent Annual Report on Form 10-K, as well as any updated risks and uncertainties contained in subsequent reports filed with the Securities and Exchange Commission.