BANK OF AMERICA

Investor Relations

Bank of America Increases Quarterly Dividend 11 Percent

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BOSTON, June 22, 2005 /PRNewswire via COMTEX/ -- The Bank of America Board of Directors today declared an 11 percent increase on the common stock quarterly cash dividend, raising it from $0.45 to $0.50 per share, payable Sept. 23, 2005 to common shareholders of record on Sept. 2, 2005.

"Our shareholders will continue to reap the financial benefits from Bank of America's strong earnings performance," said Kenneth D. Lewis, Bank of America chairman and chief executive officer. "Today's announcement marks the 28th consecutive year of dividend increases. We are very proud to offer our shareholders one of the most reliable and rewarding dividend payout records in American business."

At the new rate, Bank of America's annual dividend yield would be 4.25 percent at Tuesday's NYSE closing price of $47.08, versus the dividend yield of the S&P 500 of 2.01 percent and the PHLX/KBW Bank Index for peer banks of 3.22 percent.

The board today also declared a $1.75 regular cash dividend on the 7 percent Cumulative Redeemable Preferred Stock, Series B. The dividend is payable Oct. 25, 2005 to shareholders of record on Oct. 11, 2005.

Additionally, the board declared a regular quarterly dividend of $0.84375 per depositary share on the corporation's 6.75% Perpetual Preferred Stock (BACPrA), payable Oct. 14, 2005 to shareholders of record on Oct. 3, 2005. Additionally, the board declared a regular quarterly dividend of $.825 per depositary share on the Fixed/Adjustable Rate Cumulative Preferred Stock, payable Oct. 3, 2005 to shareholders of record on Sept. 15, 2005.

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 33 million consumer relationships with more than 5,800 retail banking offices, more than 16,700 ATMs and award-winning online banking with more than 13 million active users. Bank of America is the No. 1 overall Small Business Administration (SBA) lender in the United States and the No. 1 SBA lender to minority-owned small businesses. The company serves clients in 150 countries and has relationships with 98 percent of the U.S. Fortune 500 companies and 85 percent of the Global Fortune 500. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange

SOURCE Bank of America

Reporters, Terry Francisco, +1-704-386-4343, or Terry.h.Francisco@bankofamerica.com or Investors, Kevin Stitt, +1-704-386-5667, or Lee McEntire, +1-704-388-6780, all of Bank of America