BANK OF AMERICA

Investor Relations

Bank of America Increases Dividend 7 Percent

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CHARLOTTE, N.C., Oct. 24 /PRNewswire/ -- The Bank of America (NYSE: BAC) Board of Directors today voted to increase the company's quarterly dividend on common stock by 4 cents, or 7 percent, to $.60 per share. The quarterly dividend was last raised a year ago.

With this increase, total dividends paid in 2001 will be $2.28 compared to $2.06 in 2000.

The dividend is payable on December 28, 2001, to shareholders of record on December 7, 2001.

"The increase in our dividend reflects our confidence that our customer- focused strategy will continue to drive future growth and create value for our shareholders," said Kenneth D. Lewis, chairman and chief executive officer.

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, 2002, to shareholders of record on January 11, 2002.

One of the world's leading financial services companies, Bank of America is committed to making banking work for customers like it never has before. Through innovative technologies and the ingenuity of its people, Bank of America provides individuals, small businesses and commercial, corporate and institutional clients across the United States and around the world new and better ways to manage their financial lives. The company enables customers to do their banking and investing whenever, wherever and however they choose through the nation's largest financial services network, including approximately 4,400 domestic offices and 13,000 ATMs, as well as 38 international offices serving clients in 190 countries, and an Internet Web site that provides online access for more than 3 million customers, more than any other bank.

Bank of America stock (ticker: BAC) is listed on the New York, Pacific and London stock exchanges. The company's Web site is http://www.bankofamerica.com. News, speeches and other corporate information may be found at http://www.bankofamerica.com/newsroom.

SOURCE Bank of America Corporation

CONTACT: Investors: Susan Carr, +1-704-386-8059, or Kevin Stitt, +1-704-386-5667, or Media: Eloise Hale, +1-704-387-0013, or eloise.hale@bankofamerica.com, all of Bank of America/