Investor Relations

Bank of America Corporation Increases Dividend 12 Percent

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CHARLOTTE, N.C., Oct. 25 /PRNewswire/ -- The Bank of America Corporation Board of Directors today voted to increase the company's quarterly dividend on common stock by 6 cents, or 12 percent, to $.56 per share.

With this increase, total dividends paid in 2000 will be 11 percent above dividends paid in 1999.

"This 12 percent increase in the quarterly dividend rate mirrors our goal to increase earnings per share by 12 to 15 percent annually and is an indication of our confidence in the ongoing growth of our business," said Hugh L. McColl Jr., chairman and chief executive officer.

The dividend is payable December 20, 2000 to shareholders of record on December 1, 2000. The quarterly dividend was last raised a year ago.

The board also declared a $1.75 regular cash dividend on the 7 percent Cumulative Redeemable Preferred Stock, Series B. The dividend is payable January 25, 2001 to shareholders of record on January 15, 2001.

Bank of America (NYSE: BAC) is the largest bank in the United States. It has full-service operations in 21 states and the District of Columbia and provides financial products and services to 30 million households and two million businesses, as well as providing international corporate financial services for business transactions in 190 countries. The company's common stock (ticker: BAC) is listed on the New York, Pacific and London stock exchanges and certain shares are listed on the Tokyo Stock Exchange. SOURCE Bank of America Corporation

CONTACT: investors, Susan Carr, 704-386-8059, or Kevin Stitt, 704-386-5667, or media, Bob Stickler, 704-386-8465, all of Bank of America Corporation/