Exhibit 99.1

January 22, 2008

Investors May Contact:

Kevin Stitt, Bank of America, 704.386.5667

Lee McEntire, Bank of America, 704.388.6780

Leyla Pakzad, Bank of America, 704.386.2024

Reporters May Contact:

Scott Silvestri, Bank of America 1.980.388.9921

scott.silvestri@bankofamerica.com

Bank of America Earns $15 Billion, or $3.30 Per Share, in 2007

Fourth-Quarter Earnings Fall to $268 Million, or $0.05 Per Share

CHARLOTTE — Bank of America Corporation today reported full-year 2007 net income declined 29 percent to $14.98 billion from $21.13 billion a year earlier. Diluted earnings per share fell 28 percent to $3.30 from $4.59 in 2006.

In the fourth quarter of 2007 net income was $268 million, or $0.05 per diluted share, compared with $5.26 billion, or $1.16 a share, a year earlier. The quarter included results from LaSalle Bank, which Bank of America purchased on October 1.

“Our fourth quarter results were severely impacted by ongoing dislocations in capital markets and the slowing economy,” said Kenneth D. Lewis, chairman and chief executive officer. “Even given that environment, we certainly are not pleased with our performance. However, we are cautiously optimistic about 2008, though we believe economic growth will be anemic at best in the first half.

“While we are intensely focused on managing through the current period, the diversity and strength of our company is allowing us to continue to invest in our businesses to drive future profit growth. The addition of U.S. Trust and LaSalle Bank should add to earnings this year and we believe that innovative products such as No Fee Mortgage PLUS, Keep the Change™, our unequalled product suite for small businesses as well as our integrated approach to serving larger business clients will continue to attract new customers.”

Here are the primary drivers of reduced fourth quarter earnings from a year ago:

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Fourth Quarter Impact of Capital Markets on Financial Results

2007 Business Highlights

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2007 Business Accomplishments

¹ Results shown are defined by Global Wealth and Investment Management’s calculation of the percentage of assets under management in the top two quartiles of categories based on Morningstar as of December 31, 2007. The category percentile rank was calculated by ranking the one and three year net returns of share classes within the categories. The assets of the number of funds within the top 2 quartile results were added and then divided by Columbia Management’s total equity fund assets under management. Past performance is no guarantee of future results. The share class earning the ranking may have limited eligibility and may not be available to all investors.

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Fourth Quarter 2007 Financial Summary

Revenue and Expense

Revenue net of interest expense on a fully taxable-equivalent basis declined 29 percent to $13.32 billion from $18.84 billion in the fourth quarter a year earlier.

Net interest income on a fully taxable-equivalent basis rose 10 percent to $9.81 billion from $8.96 billion in the fourth quarter of 2006. The increase was mainly due to the addition of LaSalle, consumer and commercial loan growth, a higher contribution from market-based net interest income and a one-time benefit related to the restructuring of the company’s leasing business. The increase was partially offset by the impact of rate fluctuations. The net interest yield narrowed 14 basis points to 2.61 percent.

Noninterest income declined 65 percent to $3.51 billion from $9.89 billion. The decrease was driven by significant trading account losses, lower equity investment income, and losses related to the support of certain cash funds and subsequent writedowns related to securities originally purchased from the funds at fair value. The decline was offset in part by the $1.50 billion gain on the sale of Marsico.

Noninterest expense rose 13 percent to $10.28 billion from $9.09 billion a year earlier as a result of higher personnel-related expenses, marketing costs and the previously announced Visa settlement. Pretax merger and restructuring charges related to acquisitions were $140 million compared with $244 million a year earlier.

Credit Quality

Credit quality indicators deteriorated from favorable levels experienced in 2006. Weakness in the housing and financial markets resulted in rising credit risk in some portfolios, most notably in home equity, homebuilders and small business. In addition, seasoning in recent home equity and small business vintages contributed to higher delinquencies and net losses.

Credit costs rose in the fourth quarter compared with the third quarter of 2007 and the fourth quarter of 2006 driven by additions to reserves and higher charge-offs in home equity because of weakness in the housing markets as well as continued growth and seasoning of the consumer portfolios. The increase from the fourth quarter of 2006 also was impacted by seasoning and deterioration in the small business portfolio and the absence in 2007 of commercial reserve releases experienced in 2006.

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Capital Management

Total shareholders' equity was $146.80 billion at December 31. Period-end assets were $1.72 trillion. The Tier 1 capital ratio was 6.87 percent, down from 8.22 percent at September 30, 2007 and 8.64 percent a year ago due to the impact of the $21 billion cash purchase of LaSalle and lower net income in the second half of 2007.

During the quarter, Bank of America paid a cash dividend of $0.64 per share. The company also issued about 4 million common shares related to employee stock options and ownership plans and repurchased nearly 3 million common shares. Period-end common shares issued and outstanding were 4.44 billion for the fourth and third quarters of 2007 and 4.46 billion for the fourth quarter of 2006.

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Full-Year 2007 Financial Summary

Revenue

Revenue on a fully taxable-equivalent basis declined 8 percent to $68.07 billion from $73.80 billion a year earlier.

Net interest income on a fully taxable-equivalent basis increased to $36.18 billion from $35.82 billion in 2006. The increase was mainly due to a higher contribution from market-based net interest income, consumer and commercial loan growth and the addition of LaSalle. The increase was partially offset by the impact of rate fluctuations. The net interest yield declined 22 basis points to 2.60 percent reflecting ongoing spread compression.

Noninterest income fell 16 percent to $31.89 billion from $37.99 billion in 2006. The results were reduced primarily by CDO-related writedowns, driving trading account losses of $5.13 billion and losses related to the support of certain cash funds. The decline was offset in part by the Marsico gain and improvements in equity investment income of $875 million, investment and brokerage services income of $691 million, service charges of $684 million and gains on sales of debt securities of $623 million.

Efficiency

The efficiency ratio on a fully taxable-equivalent basis for 2007 was 54.37 percent (53.77 percent excluding merger and restructuring charges). Noninterest expense increased 4 percent to $37.01 billion from $35.60 billion a year ago mainly due to the addition of U.S. Trust and LaSalle and costs of business initiatives.

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Credit Quality

Provision expense increased $3.38 billion to $8.39 billion in 2007 partly because of higher net charge-offs and the absence of 2006 commercial reserve releases. The company added reserves in the home equity and homebuilder loan portfolios on continued weakness in the housing markets. Reserves also were added for small business portfolio seasoning and deterioration, as well as growth in the consumer portfolios. The increases were partially offset by the release of reserves from the sale of the Argentina portfolio in the first quarter of 2007.

Net charge-offs totaled $6.48 billion, or 0.84 percent of average loans and leases, compared with $4.54 billion, or 0.70 percent in 2006. The increase was primarily driven by seasoning of the consumer portfolio, seasoning and deterioration in the small business and home equity portfolios as well as lower commercial recoveries.

Capital Management

For 2007, Bank of America paid $10.70 billion in cash dividends to common shareholders. The company also issued more than 53 million common shares, primarily related to employee stock options and ownership plans, and repurchased nearly 74 million common shares for $3.79 billion.

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2007 Business Segment Results

Global Consumer and Small Business Banking¹

¹  Managed basis. Managed basis assumes that loans that have been securitized were not sold and presents earnings on these loans in a manner similar to the way loans that have not been sold (i.e. held loans) are presented. For more information and detailed reconciliation, please refer to the data pages supplied with this Press Release.

²  Fully taxable-equivalent basis

³  Balances averaged for period

Managed net revenue rose 6 percent as higher service charges, debit card, mortgage banking and credit card income helped generate a 13 percent increase in noninterest income.

Net income declined 17 percent from a year ago, as credit costs rose and expenses increased 9 percent mainly due to increases in technology, overhead and personnel expenses.

Provision for credit losses increased $4.40 billion, or 51 percent, to $12.93 billion in 2007 compared with 2006. Net losses rose $3.19 billion to $10.82 billion in 2007 reflecting portfolio growth and housing market weakness. Reserves were added for deterioration in the home equity portfolio, reflecting weakness in the housing market, seasoning and deterioration of the small business portfolio and growth in the businesses.

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Fourth quarter net revenue for Global Consumer and Small Business Banking increased 7 percent to $12.51 billion, reflecting higher service charges and mortgage banking income and the addition of LaSalle. Net income declined 28 percent to $1.87 billion compared with a year earlier as the provision for credit losses rose 55 percent and expenses increased 15 percent mainly due to higher personnel and overhead costs and the addition of LaSalle.

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Global Corporate and Investment Banking

¹  Fully taxable-equivalent basis

²  Balances averaged for period

Net revenue declined 37 percent and net income fell 91 percent on CDO-related writedowns and weaker trading results.

The provision for credit losses increased $643 million compared with a year ago. The increase was driven by the absence of 2006 reserve releases, higher net charge-offs and additions to reserves related to weakness in the homebuilder loan portfolio. Net charge-offs increased $258 million to $504 million in 2007 as retail automotive and other dealer-related portfolio losses rose due to growth, seasoning and deterioration and commercial recoveries declined.

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In the fourth quarter, Global Corporate and Investment Banking reported a net revenue loss of $781 million compared with revenue of $5.15 billion, and a net loss of $2.76 billion compared with net income of $1.39 billion in the year ago quarter.

Global Wealth and Investment Management

¹  Fully taxable-equivalent basis

²  Balances averaged for period

Net revenue in Global Wealth and Investment Management rose 8 percent as record brokerage income and a 26 percent increase in asset management fees were partially offset by the impact of support provided to certain cash funds. Record asset management fees of $3.53 billion were helped by higher asset levels on net client inflows of $25 billion, market appreciation of $16 billion and the acquisition of U.S. Trust and LaSalle.

Net income declined 6 percent as noninterest expense rose 20 percent due to the addition of U.S. Trust, continued investment in client-facing associates, higher incentive expense related to revenue generating activities and increased marketing costs.

In December, Bank of America completed the sale of Marsico, which resulted in a $61 billion net decrease in assets under management. The gain of $1.50 billion is reflected in All Other.

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Fourth quarter net revenue in Global Wealth and Investment Management fell 4 percent to $1.83 billion from a year ago. Net income in the period was 42 percent lower at $334 million compared with $573 million from a year earlier.

All Other¹

¹   All Other consists primarily of equity investments, the residual impact of the allowance for credit losses and the cost allocation processes, Merger and Restructuring Charges, intersegment eliminations, and the results of certain consumer finance and commercial lending businesses that are being liquidated. All Other also includes the offsetting securitization impact to present Global Consumer and Small Business Banking on a managed basis. For more information and detailed reconciliation, please refer to the data pages supplied with this Press Release.

²   Fully taxable-equivalent basis

³  Balances averaged for period

All Other net income was $2.92 billion, an increase of 95 percent from $1.50 billion a year earlier. The increase was mainly due to the $1.50 billion pretax gain from the sale of Marsico and an increase of $873 million in equity investment income. Partially offsetting the increase were the absence of the results and the related gain from the sale of certain international operations in the prior year and losses of about $400 million on the subsequent writedowns of securities that were originally purchased from certain company-managed cash funds at fair value.

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Net income in the fourth quarter was $825 million compared with $691 million a year earlier, primarily driven by the Marsico sale, partially offset by the absence of the net income of certain international operations that were sold in the prior year and losses in 2007 related to the securities that were originally purchased from certain cash funds at fair value.

Note: Chief Executive Officer Kenneth D. Lewis and Chief Financial Officer Joe L. Price will discuss fourth quarter 2007 results in a conference call at 9:30 a.m. (Eastern Time) today. The presentation and supporting materials can be accessed on the Bank of America Investor Relations Web site at http://investor.bankofamerica.com. For a listen-only connection to the conference call, dial 800.894.5910 and the conference ID: 79795.

Bank of America

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 more than 59 million consumer and small business relationships with more than 6,100 retail banking offices, nearly 19,000 ATMs and award-winning online banking with more than 12 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 175 countries and has relationships with 99 percent of the U.S. Fortune 500 companies and 80 percent of the Fortune Global 500. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.

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This press release contains forward-looking statements, including statements about the financial conditions, results of operations and earnings outlook of Bank of America Corporation. The forward-looking statements involve certain risks and uncertainties. Factors that may cause actual results or earnings to differ materially from such forward-looking statements include, among others, the following: 1) projected business increases following process changes and other investments are lower than expected; 2) competitive pressure among financial services companies increases significantly; 3) general economic conditions are less favorable than expected; 4) political conditions including the threat of future terrorist activity and related actions by the United States abroad may adversely affect the company’s businesses and economic conditions as a whole; 5) changes in the interest rate environment and market liquidity reduce interest margins, impact funding sources and effect the ability to originate and distribute financial products in the primary and secondary markets; 6) changes in foreign exchange rates increases exposure; 7) changes in market rates and prices may adversely impact the value of financial products; 8) legislation or regulatory environments, requirements or changes adversely affect the businesses in which the company is engaged; 9) changes in accounting standards, rules or interpretations, 10) litigation liabilities, including costs, expenses, settlements and judgments, may adversely affect the company or its businesses; 11) mergers and acquisitions and their integration into the company; and 12) decisions to downsize, sell or close units or otherwise change the business mix of any of the company. Accordingly, readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which they are made. Bank of America does not undertake to update forward-looking statements to reflect the impact of circumstances or events that arise after the date the forward-looking statements are made. For further information regarding Bank of America Corporation, please read the Bank of America reports filed with the SEC and available at www.sec.gov.

Columbia Management: Columbia Management Group, LLC (“Columbia Management”) is the investment management division of Bank of America Corporation. Columbia Management entities furnish investment management services and products for institutional and individual investors. Columbia Funds and Excelsior Funds are distributed by Columbia Management Distributors, Inc., member FINRA and SIPC. Columbia Management Distributors, Inc. is part of Columbia Management and an affiliate of Bank of America Corporation.

Investors should carefully consider the investment objectives, risks, charges and expenses of any Columbia Fund or Excelsior Fund before investing. Contact your Columbia Management representative for a prospectus, which contains this and other important information about the fund. Read it carefully before investing.

www.bankofamerica.com

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Bank of America Corporation and Subsidiaries

Selected Financial Data

(Dollars in millions, except per share data; shares in thousands)

Certain prior period amounts have been reclassified to conform to current period presentation.

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Bank of America Corporation and Subsidiaries

Business Segment Results

(Dollars in millions)

Certain prior period amounts have been reclassified to conform to current period presentation.

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Bank of America Corporation and Subsidiaries

Supplemental Financial Data

(Dollars in millions)

Certain prior period amounts have been reclassified to conform to current period presentation.

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Bank of America Corporation and Subsidiaries

Reconciliation - Managed to GAAP

(Dollars in millions)

The Corporation reports its Global Consumer and Small Business Banking’s results, specifically Card Services, on a managed basis. This basis of presentation excludes the Corporation’s securitized mortgage and home equity portfolios for which the Corporation retains servicing. Reporting on a managed basis is consistent with the way that management, as well as, analysts evaluate the results of Global Consumer and Small Business Banking. Managed basis assumes that loans that have been securitized were not sold and presents earnings on these loans in a manner similar to the way loans that have not been sold (i.e., held loans) are presented. Loan securitization is an alternative funding process that is used by the Corporation to diversify funding sources. Loan securitization removes loans from the Consolidated Balance Sheet through the sale of loans to an off-balance sheet qualified special purpose entity which is excluded from the Corporation’s Consolidated Financial Statements in accordance with accounting principles generally accepted in the United States (GAAP).

The performance of the managed portfolio is important in understanding Global Consumer and Small Business Banking’s and Card Services’ results as it demonstrates the results of the entire portfolio serviced by the business. Securitized loans continue to be serviced by the business and are subject to the same underwriting standards and ongoing monitoring as held loans. In addition, retained excess servicing income is exposed to similar credit risk and repricing of interest rates as held loans. Global Consumer and Small Business Banking’s managed income statement line items differ from a held basis reported as follows:

Global Consumer and Small Business Banking