Bank of America

Investor Relations

Bank of America Prices $4 Billion in Depositary Shares

CHARLOTTE, N.C., April 24, 2008 /PRNewswire via COMTEX News Network/ -- Bank of America Corporation today announced that it priced $4 billion in depositary shares, each of which represents a 1/25th interest in a share of Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series M.

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The company will pay dividends on the Series M preferred stock on May 15 and November 15 of each year, beginning November 15, 2008, at a rate of 8.125 percent per annum to May 15, 2018, if and when declared by its board of directors. Thereafter, the company will pay dividends on February 15, May 15, August 15 and November 15 at a floating rate equal to three-month LIBOR plus a spread of 3.64 percent per annum, in arrears, if and when declared by its board of directors.

Bank of America intends to use the net proceeds of the offering for general corporate purposes.

Banc of America Securities LLC served as the sole lead manager for the offering of the depositary shares, with Deutsche Bank Securities, Inc., UBS Securities LLC, Cabrera Capital Markets, LLC and Loop Capital Markets, LLC serving as co-managers.

An electronic copy of the preliminary prospectus supplements and accompanying prospectuses may be obtained from Banc of America Securities LLC, Capital Markets by sending an e-mail to or a letter to Banc of America Securities LLC, Capital Markets Operations, 100 West 33rd Street, 3rd Floor, New York, NY 10001.

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 59 million consumer and small business relationships with more than 6,100 retail banking offices, nearly 18,500 ATMs and award-winning online banking with nearly 25 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 more than 150 countries and has relationships with 99 percent of the U.S. Fortune 500 companies and 83 percent of the Fortune Global 500. 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.

The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-294-1322.

SOURCE Bank of America

Bank of America

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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.