Bank of America

Investor Relations

Bank of America Announces New Board of Directors

CHARLOTTE, N.C., Mar 22, 2004 /PRNewswire via COMTEX/ -- Bank of America Corporation today announced the members of its new board of directors, who are charged with leading the company following the completion of its merger with FleetBoston Financial Corporation, scheduled for April 1.

"The individuals on our new board represent the highest standards of leadership in America, and bring to our company the experience and skills necessary to oversee a large, complex business enterprise," said Kenneth D. Lewis, chairman, chief executive officer and president of Bank of America. "We deliberately chose a diverse group of individuals from around the country, with professional backgrounds in corporate and financial management, academics and public service, to ensure a broad range of skills, experience and perspectives among the leadership that will guide us in the future."

"The group we are naming today as the new leaders of our company share a strong commitment to corporate governance and adherence to the values upon which our company is founded," said Charles K. Gifford, chairman and chief executive officer of Fleet. "We thank our departing board members for their wisdom, counsel and service to our customers and shareholders. We welcome this new board with our full confidence as we look forward to the bright future of Bank of America."

Under the merger agreement, the new board consists of 12 directors selected by Bank of America and 7 directors selected by Fleet. Gifford will be chairman of the board. Lewis will be chief executive officer of the company.

    The directors are:

     William Barnet, III, 61
     Chairman, President and Chief Executive Officer, Barnet Company, Inc.
     Director of Fleet since 1985

     John T. Collins, 57
     Chairman and Chief Executive Officer, Collins Group, Inc.
     Director of Fleet since 1992

    Charles W. Coker, 70
    Chairman, Sonoco Products Company
    Director of Bank of America since 1969

     Gary L. Countryman, 64
     Chairman Emeritus, Liberty Mutual Insurance Company
     Director of Fleet since 1982

    Paul Fulton, 69
    Chairman, Bassett Furniture Industries
    Director of Bank of America since 1993

     Charles K. Gifford, 61
     Chairman and Chief Executive Officer, Fleet
     Director of Fleet since 1987

    Donald E. Guinn, 71
    Chairman Emeritus, Pacific Telesis Group
    Director of Bank of America since 1998

    James H. Hance, Jr., 59
    Vice Chairman and Chief Financial Officer, Bank of America Corporation
    Director of Bank of America since 1999

    Kenneth D. Lewis, 56
    Chairman, Chief Executive Officer and President, Bank of America
    Corporation
    Director of Bank of America since 1999

    Walter E. Massey, 65
    President, Morehouse College
    Director of Bank of America since 1998

     Thomas J. May, 56
     Chairman, President and Chief Executive Officer, NSTAR
     Director of Fleet since 1994

    C. Steven McMillan, 58
    Chairman, President and Chief Executive Officer, Sara Lee Corporation
    Director of Bank of America since 2001

    Eugene M. McQuade, 55
    President and Chief Operating Officer, Fleet
    Director of Fleet since December 2003

    Patricia E. Mitchell, 61
    President and Chief Executive Officer, Public Broadcasting Service
    Director of Bank of America since 2001

    Edward L. Romero, 70
    Former Ambassador to Spain
    Director of Bank of America since 2003

    Thomas M. Ryan, 51
    Chairman, President and Chief Executive Officer, CVS Corporation
    Director of Fleet since 1997

    O. Temple Sloan, Jr., 65
    Chairman and Chief Executive Officer, General Parts, Inc.
    Director of Bank of America since 1996

    Meredith R. Spangler, 66
    Chairman of the Board, C.D. Spangler Foundation and a Director,
    C.D. Spangler Construction Company
    Director of Bank of America since 1988

    Jackie M. Ward, 65
    Outside Managing Director, Intec Telecom Systems PLC
    Director of Bank of America since 1994

Bank of America is one of the world's largest financial institutions, serving individual consumers, small businesses and large corporations and institutions with a diverse range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience for consumers in the United States, serving 1 in 3 American households. Bank of America Corporation stock (ticker: BAC) is listed on the New York Stock Exchange.

www.bankofamerica.com

SOURCE Bank of America Corporation

Investors, Kevin Stitt, +1-704-386-5667, or Lee McEntire, +1-704-388-6780, or Media, Eloise Hale, +1-704-387-0013, all of Bank of America

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