BANK OF AMERICA

Investor Relations

Bank of America Increases Quarterly Dividend by 7%

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CHARLOTTE, N.C., Oct 23, 2002 /PRNewsire-FirstCall via Comtex/ -- The Bank of America Corporation Board of Directors today increased the quarterly dividend on common stock by 4 cents per share, or 7 percent, to $.64, reflecting the ongoing strength in the company's financial results.

The dividend is payable on December 27, 2002 to shareholders of record on December 6, 2002.

"Our diversified business mix and disciplined execution of our strategy has allowed us to maintain earnings momentum in a tough environment," said Kenneth D. Lewis, chairman and chief executive officer. "We are pleased to reflect that success in the form of increased dividends for our shareholders."

Bank of America has consistently rewarded shareholders with annual dividend increases. Over the past 20 years, annual dividend increases have averaged almost 13 percent.

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 24, 2003 to shareholders of record on January 10, 2003.

One of the world's leading financial services companies, Bank of America (NYSE: BAC) is committed to making banking work for customers and clients 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.

Shares of Bank of America (ticker: BAC), the second largest banking company in the United States by market capitalization, are listed on the New York, Pacific and London stock exchanges. The company's Web site is www.bankofamerica.com. News, speeches and other corporate information may be found at www.bankofamerica.com/newsroom.

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SOURCE Bank of America Corporation

CONTACT:          investors, Kevin Stitt, +1-704-386-5667, or Lee McEntire,
                  +1-704-388-6780, or media, Shirley Norton, +1-415-622-4041, all of Bank of
                  America Corporation

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