BANK OF AMERICA

Investor Relations

Bank of America Corporation Declares Dividends

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CHARLOTTE, N.C., July 28 /PRNewswire/ -- The Bank of America Corporation (NYSE: BAC) board of directors today declared a regular quarterly dividend of $.45 per share on Bank of America common stock.

The dividend is payable September 24, 1999 to shareholders of record on September 3, 1999.

The board also declared regular quarterly dividends on two preferred stock issues. A $1.75 cash dividend was declared on the 7 percent Cumulative Redeemable Preferred Stock, Series B. The dividend is payable October 28, 1999 to shareholders of record on October 14, 1999.

A cash dividend of 62.5 cents was declared on the $2.50 Cumulative Convertible Preferred Stock, Series BB, payable on October 1, 1999 to shareholders of record on September 3, 1999. The company has announced the redemption of the Series BB Preferred Stock, which was initially issued by Barnett Banks, Inc. prior to its merger with Bank of America. The redemption date is October 1, 1999 with a redemption price of $25 per share. Shareholders have the right to convert their shares into common stock of the corporation through September 16, 1999. The corporation expects all preferred shareholders to exercise their conversion rights.

Bank of America, with $614 billion in assets, is the largest bank in the United States. The company serves more than 30 million households and 2 million businesses across the country, offering customers the largest and most convenient delivery network from offices and ATMs to telephone and internet access. It also provides comprehensive international corporate financial services for clients doing business around the world. The company creates financial relationships featuring a full array of financial services, from traditional banking products to investments and capital raising within the securities markets. Bank of America stock (ticker: BAC) is listed on the New York, Pacific and London stock exchanges and certain shares are listed on the Tokyo Stock Exchange. Further investor information can be found at www.bankofamerica.com/investor .

www.bankofamerica.com

SOURCE Bank of America Corporation