BANK OF AMERICA

Investor Relations

Bank of America Declares Preferred Dividends

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CHARLOTTE, N.C., Jan. 5 /PRNewswire/ -- Bank of America Corporation today announced the Board of Directors has authorized dividends on preferred stock.

A quarterly cash dividend of $0.38775 per depositary share on the 6.204 percent Non-Cumulative Preferred Stock, Series D, is payable on March 16, 2009 to shareholders of record as of February 27, 2009.

A quarterly cash dividend of $0.25556 per depositary share on the Floating Rate Non-Cumulative Preferred Stock, Series E, is payable on February 17, 2009 to shareholders of record as of January 30, 2009.

A quarterly cash dividend of $0.5125 per depositary share on the 8.20 percent Non-Cumulative Preferred Stock, Series H, is payable on February 2, 2009 to shareholders of record as of January 15, 2009.

A quarterly cash dividend of $0.4140625 per depositary share on the 6.625 percent Non-Cumulative Preferred Stock, Series I, is payable on April 1, 2009 to shareholders of record as of March 15, 2009.

A quarterly cash dividend of $0.453125 per depositary share on the 7.25 percent Non-Cumulative Preferred Stock, Series J, is payable on February 2, 2009 to shareholders of record as of January 15, 2009.

A semi-annual cash dividend of $40.00 per depositary share on the Fixed- to-Floating Rate Non-Cumulative Preferred Stock, Series K, is payable January 30, 2009 to shareholders of record as of January 15, 2009.

The initial cash dividend of $371.53 per share, or a total of approximately $223 million, on the Fixed-Rate Cumulative Perpetual Preferred Stock, Series N, is payable on February 17, 2009 to the shareholder of record as of January 31, 2009. This is the first quarterly dividend payment to the U.S. Department of the Treasury, the shareholder of record, related to the federal government's $15 billion investment in Bank of America Corporation made under the Capital Purchase Program of the Troubled Asset Relief legislation.

A quarterly cash dividend of 0.19167 per depositary share on the Floating Rate Non-cumulative Preferred Stock, Series 1, is payable on February 27, 2009, to shareholders of record as of February 15, 2009.

A quarterly cash dividend of 0.19167 per depositary share on the Floating Rate Non-Cumulative Preferred Stock, Series 2, is payable on February 27, 2009, to shareholders of record as of February 15, 2009.

A quarterly cash dividend of 0.3984375 per depositary share on the 6.375 percent Non-Cumulative Preferred Stock, Series 3, is payable on March 2, 2009, to shareholders of record as of February 15, 2009.

A quarterly cash dividend of 0.25556 per depositary share on the Floating Rate Non-cumulative Preferred Stock, Series 4, is payable on February 27, 2009, to shareholders of record as of February 15, 2009.

A quarterly cash dividend of 0.25556 per depositary share on the Floating Rate Non-cumulative Preferred Stock, Series 5, is payable on February 23, 2009, to shareholders of record as of February 1, 2009.

A quarterly cash dividend of 0.41875 per depositary share on the 6.70 percent Noncumulative Perpetual Preferred Stock, Series 6, is payable on March 30, 2009, to shareholders of record as of March 15, 2009.

A quarterly cash dividend of 0.390625 per depositary share on the Floating Rate Noncumulative Perpetual Preferred Stock, Series 7, is payable on March 30, 2009, to shareholders of record as of March 15, 2009.

A quarterly cash dividend of 0.5390625 per depositary share on the 8.625 percent Non-cumulative Preferred Stock, Series 8, is payable on March 2, 2009, to shareholders of record as of February 15, 2009.

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, more than 18,000 ATMs and award-winning online banking with more than 25 million active users. Bank of America offers industry leading support to more than 4 million small business owners through a suite of innovative, easy-to-use online products and services. 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.

www.bankofamerica.com

SOURCE Bank of America Corporation

CONTACT: Investors, Kevin Stitt, +1-704-386-5667, or Lee McEntire, +1- 704-388-6780, or Media, Scott Silvestri, +1-980-388-9921, scott.silvestri@bankofamerica.com, all of Bank of America