BANK OF AMERICA

Investor Relations

Bank of America Increases Quarterly Dividend 14 Percent

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CHARLOTTE, N.C., July 25 /PRNewswire/ -- Bank of America Corporation today announced its Board of Directors approved a 14 percent increase in the regular quarterly dividend on common stock from $0.56 per share to $0.64 per share. The dividend is payable on September 28, 2007 to shareholders of record on September 7, 2007.

The board's action represents the 30th-consecutive year in which Bank of America has increased its quarterly dividend. The company is recognized as an S&P Dividend Aristocrat, which includes companies in the S&P 500 which have increased their dividend for at least 25 consecutive years.

"We are pleased to pass the benefits of our strong performance on to our shareholders in the form of consistently higher dividends," said Kenneth D. Lewis, chairman and chief executive officer. "The diversity of our business mix and the scale and financial strength of our company allow us to continue to produce attractive returns."

The board also declared three additional dividends. The first was a $1.75 regular cash dividend on the 7 percent Cumulative Redeemable Preferred Stock, Series B. The dividend is payable October 25, 2007 to shareholders of record on October 11, 2007. The second was a regular quarterly cash dividend of $0.38775 per depositary share representing the corporation's 6.204% Non- Cumulative Preferred Stock, Series D, payable September 14, 2007 to shareholders of record on August 31, 2007. The third was a regular quarterly cash dividend of $0.36481 per depositary share on the depositary shares representing the corporation's Floating Rate Non Cumulative Preferred Stock, Series E, payable August 15, 2007 to shareholders of record on July 31, 2007.

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 57 million consumer and small business relationships with more than 5,700 retail banking offices, more than 17,000 ATMs and award-winning online banking with more than 22 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 Fortune Global 500. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.

http://www.bankofamerica.com

SOURCE Bank of America

CONTACT: Investors, Kevin Stitt, +1-704-386-5667, Lee McEntire, +1-704-388-6780, or Leyla Pakzad, +1-704-386-2024, or Media, Christopher P. Feeney, +1-704-386-6794, christopher.feeney@bankofamerica.com, all of Bank of America