EXHIBIT 99.1

July 26, 2000

Contact:
Investors  Susan Carr (704-386-8059) or Kevin Stitt (704-386-5667)
Media      Bob Stickler (704-386-8465)



       Bank of America Board Approves New Stock Buyback; Declares Dividend



CHARLOTTE,  July 26, 2000 - The Bank of America  Corporation  Board of Directors
today approved a new stock buyback program of up to 100 million shares.

Directors also declared regular quarterly dividends.

The  new  stock  buyback   program  follows  a  130-million   share   repurchase
authorization by the board in June 1999. That authorization has been exhausted.

"This  latest  authorization  signals the  confidence  we have in our  financial
future and our determination to maximize shareholder value," said Hugh L. McColl
Jr.,  chairman and chief executive  officer "We continue to generate  capital in
excess of what is needed to support our business growth,  including  investments
in our future.  When the best return for shareholders is to buy back shares,  we
will pursue that route."

The previous program was authorized over 18 to 24 months. It was completed in 13
months and  represented  an investment of almost $7 billion.  The new program is
expected to be pursued again over 18 to 24 months.  The purchases  would be made
from time to time  either in the open  market or through  private  transactions,
including accelerated and put option buyback programs.

Directors  today  also  declared a dividend  of $.50 on common  shares,  payable
September 22, 2000 to shareholders of record on September 1, 2000.

The  board  also  declared  a  $1.75  regular  cash  dividend  on the 7  percent
Cumulative Redeemable Preferred Stock, Series B. The dividend is payable October
27, 2000 to shareholders of record on October 14, 2000.

Bank of America is the largest bank in the United  States.  It has  full-service
operations  in 21 states and the  District of Columbia  and  provides  financial
products and services to 30 million  households and two million  businesses,  as
well as  providing  international  corporate  financial  services  for  business
transactions  in 190  countries.  The company's  common stock  (ticker:  BAC) is
listed on the New York,  Pacific and London stock  exchanges and certain  shares
are listed on the Tokyo Stock Exchange.



                              www.bankofamerica.com