Bank of America

Investor Relations

Bank of America Directors Authorize New 90 Million Share Repurchase Program

Regular Quarterly Dividend Declared

CHARLOTTE, N.C., Jan. 28 /PRNewswire/ -- The Bank of America Corporation board of directors today approved the repurchase of up to 90 million additional shares of common stock, authorizing management to spend up to $9 billion within 18 months.

"In 2003, our record earnings allowed us to return approximately $10 billion in capital to our shareholders in the form of dividends and net share repurchases," said Kenneth D. Lewis, Bank of America chairman and chief executive officer. "We expect to continue generating strong returns and will continue to return excess capital back to our shareholders."

The new program is intended to be implemented through purchases made from time to time either in the open market or through private transactions, including accelerated buyback programs. On December 31, 2003, Bank of America had 1.44 billion common shares outstanding. The Board of Directors last approved an authorization of 130 million shares in January 2003. There were 24 million shares remaining in that authorization at year-end.

Separately, the board declared a regular quarterly dividend on common stock of $.80 per share, payable on March 26, 2004 to shareholders of record on March 5, 2004.

The board also declared a $1.75 regular cash dividend on the 7 percent Cumulative Redeemable Preferred Stock, Series B. The dividend is payable April 23, 2004, to shareholders of record on April 9, 2004.

Bank of America is one of the world's largest financial institutions, serving individual consumers, small businesses and large corporations and institutions with a full 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 with 4,277 banking centers, more than 14,400 ATMs and an award-winning internet site with more than seven million active online users. Bank of America is rated the number one Small Business Administration Lender in the United States by the SBA. The company serves clients in 150 countries and has relationships with 94 percent of the U.S. Fortune 500 companies and 76 percent of the Global Fortune 500. The seventh most profitable company in the United States, Bank of America had $736 billion in assets, $414 billion in deposits and a market capitalization of $115.9 billion at December 31, 2003. Bank of America Corporation stock (ticker: BAC) is listed on the New York Stock Exchange. For more information, please go to .

SOURCE Bank of America Corporation
-0- 01/28/2004

/CONTACT: 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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