BANK OF AMERICA

Investor Relations

Bank of America Directors Authorize New 130 Million Share Repurchase Program; Regular Quarterly Dividend Declared

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CHARLOTTE, N.C., Jan. 22 /PRNewswire/ -- The Bank of America Corporation (NYSE: BAC) board of directors today approved the repurchase of 130 million additional shares, authorizing management to spend up to $12 billion within 24 months.

This is the third repurchase authorization by the board since 2000. Combined, these authorizations have total 360 million shares.

"Since 2000, we have been able to return $26.2 billion worth of capital to our shareholders through repurchasing shares and paying increasing dividends," said Ken Lewis, Bank of America chairman and chief executive officer. "In the current environment, we continue to generate capital at a higher rate than we can invest back into the business. These steps allows us to efficiently return excess capital back to our shareholders."

The new program is intended to be implemented through purchases made from time to time either in the open market or through private transactions, including accelerated and put option buyback programs. On December 31, 2002, Bank of America had 1.5 billion common shares outstanding. There are also 18 million shares remaining in the 2001 authorization.

Separately, the board declared a regular quarterly dividend on common stock of $.64 per share, payable on March 28, 2003 to shareholders of record on March 7.

The board also declared a $1.75 regular cash dividend on the 7 percent Cumulative Redeemable Preferred Stock, Series B. The dividend is payable April 25, 2003, to shareholders of record on April 11, 2003.

One of the world's leading financial services companies, Bank of America 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 (NYSE: 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. SOURCE Bank of America Corporation

01/22/2003

CONTACT: investors, Kevin Stitt, +1-704-386-5667, or Lee McEntire, +1-704-388-6780, or media, Eloise Hale, +1-704-387-0013, all of Bank of America Corporation/

Web site: http://www.bankofamerica.com/newsroom