BANK OF AMERICA

Investor Relations

Bank of America Announces Results of Consent Solicitation for Certain Preferred Hybrid Income Term Securities

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CHARLOTTE, N.C.--(BUSINESS WIRE)--Dec. 8, 2011-- Bank of America Corporation announced today that, in connection with its consent solicitation for certain Preferred Hybrid Income Term Securities previously announced on December 1, 2011, it has received the requisite consents from the holders of a majority in principal amount of each of the outstanding series listed in the table below (collectively, the “HITS”).

                       
CUSIP Issuing Trust Title of Securities

Aggregate
Liquidation
Amount
Outstanding

05518UAA5

BAC Capital Trust
XIII

Floating Rate Preferred Hybrid Income
Term Securities

$700,000,000
05518VAA3

BAC Capital Trust
XIV

5.63% Fixed to Floating Rate
Preferred Hybrid Income Term Securities

$850,000,000
 

As a result of receiving such requisite consents, the proposed amendments for the HITS were approved and the amendments to each trust will be executed and delivered, implementing the proposed amendments for the HITS contemplated by the consent solicitation.

Bank of America expects to make payment on December 8, 2011 of the consent fee of $2.50 for each $1,000 in liquidation amount of HITS in respect of which consents were received.

The consent solicitation expired at 5 p.m., New York City time, on December 7, 2011.

This announcement is for information purposes only and is not an offer to purchase or sell, a solicitation of an offer to purchase or sell, or a solicitation of consents with respect to any securities. The solicitation was being made solely pursuant to the Consent Solicitation Statement dated December 1, 2011, and the related letter of consent.

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 approximately 58 million consumer and small business relationships with approximately 5,700 retail banking offices and approximately 17,750 ATMs and award-winning online banking with 30 million active users. Bank of America is among the world's leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in more than 40 countries. 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.

Forward-Looking Statements

Certain statements in this news release represent the current expectations, plans or forecasts of Bank of America and are forward-looking statements within the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. These statements often use words like “expects,” “anticipates,” “believes,” “estimates,” “targets,” “intends,” “plans,” “predict,” “goal” and other similar expressions or future or conditional verbs such as “will,” “may,” “might,” “should,” “would” and “could.” The forward-looking statements made in this press release include, without limitation, statements concerning: payment of the consent fee and the future amendment to the trust documentation. Forward-looking statements speak only as of the date they are made, and Bank of America undertakes no obligation to update any forward-looking statement to reflect the impact of circumstances or events that arise after the date the forward-looking statement was made.

These statements are not guarantees of future results or performance and involve certain risks, uncertainties and assumptions that are difficult to predict and are often beyond Bank of America’s control. Actual outcomes and results may differ materially from those expressed in, or implied by, any of these forward-looking statements. You should not place undue reliance on any forward-looking statement and should consider all of the following uncertainties and risks, as well as those more fully discussed under Item 1A. “Risk Factors” of Bank of America’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2011, Item 1A. “Risk Factors” of Bank of America’s Annual Report on Form 10-K for the year ended December 31, 2010 and in any of Bank of America’s other subsequent Securities and Exchange Commission filings: satisfaction of the conditions to the consent solicitation, including the receipt of the Requisite Consent; and the Proposed Amendments becoming effective upon the execution and delivery of the implementing amendments to the declaration of trust.

For more Bank of America news, visit the Bank of America newsroom.

www.bankofamerica.com

Source: Bank of America Corporation

Investors May Contact:
Kevin Stitt, Bank of America, 1.980.386.5667
Lee McEntire, Bank of America, 1.980.388.6780
Reporters May Contact:
Jerry Dubrowski, Bank of America, 1.980.388.2840
jerome.f.dubrowski@bankofamerica.com