Bank of America

Investor Relations

Bank of America Announces Results of Consent Solicitation for Certain Trust Preferred Securities

CHARLOTTE, N.C., Nov 25, 2011 (BUSINESS WIRE) --

Bank of America Corporation announced today that, in connection with its consent solicitation for certain trust preferred securities previously announced on November 15, 2011, it has received the requisite consents from the holders of a majority in principal amount of each of the outstanding series listed in the table below (collectively, the "Capital Securities").

CUSIP Issuing Trust Title of Securities



Institutional Capital A

8.07% Capital Securities, Series A $450,000,000

Institutional Capital B

7.7% Capital Securities, Series B $300,000,000
066047AA9 BankAmerica Capital III

Floating Rate Capital Securities,
Series 3

55263BAA9 MBNA Capital A 8.278% Capital Securities, Series A $250,000,000
55263KAA9 MBNA Capital B

Floating Rate Capital Securities,
Series B


As a result of receiving such requisite consents, the proposed amendments for the Capital Securities were approved and the amendments to each trust will be executed and delivered, implementing the proposed amendments for the Capital Securities contemplated by the consent solicitation.

Bank of America expects to make payment on November 28, 2011 of the consent fee of $2.50 for each $1,000 in liquidation of Capital Securities in respect of which consents were received.

The consent solicitation expired at 5 p.m., New York City time, on November 23, 2011. With respect to the 8.125% Trust Preferred Securities, Series D, issued by MBNA Capital Trust D, the 8.10% Trust Originated Preferred Securities, Series E, issued by MBNA Capital Trust E and the 8% Cumulative Semi-Annual Income Preferred Securities, Series 2, issued by BankAmerica Capital II, the amount of consents received was less than the requisite majority of each series.

This announcement is for information purposes only and is not an offer to purchase or sell, a solicitation of an offer to purchase or sell, or a solicitation of consents with respect to any securities. The solicitation was being made solely pursuant to the Consent Solicitation Statement dated November 15, 2011, and the related letter of consent.

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 approximately 58 million consumer and small business relationships with approximately 5,700 retail banking offices and approximately 17,750 ATMs and award-winning online banking with 30 million active users. Bank of America is among the world's leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in more than 40 countries. Bank of America Corporation stock (NYSE: BAC) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange.

Forward-Looking Statements

Certain statements in this news release represent the current expectations, plans or forecasts of Bank of America and are forward-looking statements within the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. These statements often use words like "expects," "anticipates," "believes," "estimates," "targets," "intends," "plans," "predict," "goal" and other similar expressions or future or conditional verbs such as "will," "may," "might," "should," "would" and "could." The forward-looking statements made in this press release include, without limitation, statements concerning:payment of the consent fee and the future amendment to the trust documentation. Forward-looking statements speak only as of the date they are made, and Bank of America undertakes no obligation to update any forward-looking statement to reflect the impact of circumstances or events that arise after the date the forward-looking statement was made.

These statements are not guarantees of future results or performance and involve certain risks, uncertainties and assumptions that are difficult to predict and are often beyond Bank of America's control. Actual outcomes and results may differ materially from those expressed in, or implied by, any of these forward-looking statements. You should not place undue reliance on any forward-looking statement and should consider all of the following uncertainties and risks, as well as those more fully discussed under Item 1A. "Risk Factors" of Bank of America's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2011, Item 1A. "Risk Factors" of Bank of America's Annual Report on Form 10-K for the year ended December 31, 2010 and in any of Bank of America's other subsequent Securities and Exchange Commission filings: satisfaction of the conditions to the consent solicitation, and the proposed amendments becoming effective upon the execution and delivery of the implementing amendments to the declaration of trust.

For more Bank of America news, visit the Bank of America newsroom.

SOURCE: Bank of America Corporation

Investors May Contact:
Kevin Stitt, Bank of America, 1.980.386.5667
Lee McEntire, Bank of America, 1.980.388.6780
Reporters May Contact:
Jerry Dubrowski, Bank of America, 1.980.388.2840
Bank of America

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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.