Bank of America Receives Federal Reserve Approval on FleetBoston Merger

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CHARLOTTE, N.C., Mar 8, 2004 /PRNewswire via COMTEX/ -- Bank of America Corporation today received approval from the Board of Governors of the Federal Reserve System of its application to merge with FleetBoston Financial Corporation. The merger will create a nationwide bank with more consumer and business customers in the United States than any other financial institution.

On March 17, both Bank of America and Fleet will hold special meetings of shareholders to vote on the proposed transaction. With the approval of both companies shareholders, the merger would close in early April.

Bank of America, based in Charlotte, N.C., currently serves consumer households and small businesses through the nation's largest network of full- service banking offices and ATMs in 21 states and the District of Columbia centered in the Southeast, Midwest and West. It also serves corporate clients and other clients worldwide. Fleet, based in Boston, Mass., is New England's largest bank and also has strong market positions in New York, New Jersey and eastern Pennsylvania.

Bank of America is one of the world's largest financial institutions, serving individual consumers, small businesses and large corporations and institutions with a full range of banking, investing, asset management and other financial and risk management products and services. Bank of America Corporation stock (ticker: BAC) is listed on the New York Stock Exchange. For more information, please go to .

SOURCE Bank of America

Media, Eloise Hale of Bank of America, +1-704-387-0013, or