PRESS RELEASE

[Bank of America Logo]
April 16, 2001 Exhibit 99.1


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



Bank of America Earns $1.9 billion, or $1.15 Per Share, in First Quarter



CHARLOTTE, April 16, 2001 - Bank of America Corporation today reported first
quarter earnings of $1.87 billion, or $1.15 per share (diluted). Earnings were
significantly above the $1.39 billion, or $ .85 per share reported in the fourth
quarter of 2000, but below the record $2.24 billion, or $1.33 per share, earned
a year ago. The return on common equity was 15.9 percent.

The decline in earnings from a year ago was more than accounted for by a $415
million increase in the provision for credit losses and a $416 million decline
in equity investment gains. Without those two factors, earnings were up about 7
percent from last year's record results.

"We are pleased with our continued progress in meeting strategic goals and
continue to see good customer flows across many business lines. It is clear,
however, that the increasingly weak economic environment is making it difficult
for our efforts to show up on the bottom line," said Hugh L. McColl, Jr.,
chairman and chief executive officer."During the first quarter, we significantly
strengthened our senior management team with executives from outside banking,
implemented incentives to integrate our businesses and boost customer
satisfaction, and extended new deposit pricing across the franchise to build on
that core strength.

"By adding to the credit reserve and sharply reducing marginally profitable
assets, we strengthened our balance sheet as we have promised investors," McColl
said. "And we continued to invest in our growth by selectively building out our
asset management business and investment banking platform. Electronic bill
payment is now available across the franchise, and we continue to make steady
progress in rolling out other value-added e-commerce services. As the economy
improves, these and other initiatives will create greater value for customers
and shareholders."

First Quarter Financial Highlights (compared to a year ago)
- -----------------------------------------------------------

o Net interest income grew 3 percent, as the net yield on earning assets rose
13 basis points, the first year-over-year increase in more than a year.

o Average deposits were up by $10 billion, as a new pricing initiative aimed
at relationship customers increased consumer money market savings balances
by $5.2 billion.

o Card fee revenue rose 18 percent, reflecting increased purchase volume as
well as the continued sharp rise in debit card usage.

o Period-end assets dropped by $46 billion, reflecting balance sheet
management strategies such as a repositioning from securities to
off-balance-sheet swaps, a decline in trading assets and a reduction in
marginally profitable corporate credits to improve asset returns and
capital efficiency.

o Total equity rose $3.6 billion, further strengthening the balance sheet.

o Provision expense exceeded net charge-offs by $63 million during the latest
quarter.

o Results included a $140 million gain from the sale of an interest in the
Star ATM network, a one-time $83 million charge to adopt FAS 133 and a
one-time charge of $41 million associated with the closing of Price Auto
Outlet.

Revenue
- -------

Revenue declined by 2 percent in the first quarter from the previous year,
reflecting the significant drop in equity investment gains driven by the
weakening stock market. While equity investment gains fell by $416 million,
revenue in all other categories rose by $265 million in total, or 3 percent.

Fully taxable-equivalent net interest income increased 3 percent to $4.72
billion, reflecting a 13 basis-point improvement in the net yield to 3.39
percent. Managed loan levels were up 5 percent from a year earlier, as consumer
loans continued to grow, offset by strategic downsizing of the corporate
portfolio. In part reflecting balance sheet initiatives, total average managed
loans did not grow during the first quarter. Deposits rose 3 percent compared to
a year ago.

Noninterest income declined 7 percent to $3.78 billion. A 74 percent decline in
equity investment gains more than offset an 18 percent increase in card fees, a
similar gain in mortgage banking income, a 9 percent improvement in total
service charges and a 6 percent increase in investment and brokerage services.
Investment banking income declined by 13 percent while trading was 6 percent
below last year's record quarter, due to the one-time FAS 133 transition
adjustment.

Efficiency
- ----------

Noninterest expense was up by less than 1 percent to $4.65 billion. The impact
of productivity initiatives was offset by investments in growth businesses such
as asset management, card services and investment banking. The cash-basis
efficiency ratio was 52.1 percent.

Credit Quality
- --------------

As the company projected late last year, provision expense, loan losses and
nonperforming assets continue to be at elevated levels as the economy slows.

o The provision for credit losses in the first quarter was $835 million
compared to $420 million a year earlier. Provision expense in the latest
quarter exceeded net charge-offs by $63 million, as the company
strengthened the reserve for credit losses.

o Net charge-offs were $772 million, or .81 percent of loans and leases, up
from $420 million, or .45 percent, a year ago, but down from $1.08 billion,
or 1.07 percent, in the fourth quarter of 2000. The increase from a year
ago continued to be centered in the commercial domestic portfolio, which
accounted for $243 million of the $352 million rise in total net
charge-offs. Consumer finance and bankcard charge-offs did increase from a
year earlier. These increases reflect the seasoning of the consumer finance
portfolio and an increase in bankcard outstandings. On a managed basis,
bankcard charge-offs actually fell from 5.43 percent of outstandings to
4.37 percent.

o Nonperforming assets were $5.9 billion, or 1.54 percent of loans, leases
and foreclosed properties at March 31, 2001, compared to $3.5 billion, or
.91 percent, a year earlier. The increase in nonperforming assets was also
centered in the commercial domestic portfolio, which accounted for 75
percent of the growth. Consumer finance nonperforming loans accounted for
17 percent of the growth in nonperforming assets.

Nonperforming assets were up $440 million, or 8 percent, from December 31,
2000, including the addition of the company's outstanding loans on March
31, 2001 to a utility which filed for Chapter 11 bankruptcy in early April.

o The allowance for credit losses totaled $6.9 billion at March 31, 2001, up
$73 million from a year ago. The allowance equaled 1.80 percent of loans
and leases compared to 1.79 percent a year ago.

Capital Management
- ------------------

Total shareholders' equity was $48.9 billion at March 31, 2001, up 8 percent
from 12 months earlier and representing 8.02 percent of period-end assets of
$610 billion. The Tier 1 Capital Ratio rose 15 basis points from December 31,
2000 to 7.65 percent.

During the quarter, the company repurchased 14 million shares. Since June 1999,
160 million shares have been repurchased, representing an investment in Bank of
America stock of $8.9 billion. Average (diluted) common shares outstanding were
1.63 billion in the first quarter, down 3 percent from 1.69 billion a year
earlier.

Cash Results
- ------------

Cash-basis earnings - which exclude the amortization of intangibles - were $2.1
billion, or $1.28 per share, in the latest quarter. The cash return on common
equity was 17.75 percent.

Consumer and Commercial Banking
- -------------------------------

Consumer and Commercial Banking earned $1.09 billion in the first quarter, up 14
percent from $954 million a year ago. Revenue increased 7 percent while expenses
remained flat. Return on equity reached 21 percent while Shareholder Value Added
(SVA) rose $159 million over a year earlier. Both the Banking Regions and
Consumer Products registered strong earnings growth while Commercial Banking
results declined due to higher provision expense.

Net interest income was up slightly from a year ago, as loan and deposit growth
was offset by the impact of the money market savings pricing initiative. Strong
home equity and credit card growth drove total managed loan growth of 6 percent.
A 2 percent increase in deposits was paced by a $5.2 billion rise in money
market savings account balances due to enhanced pricing designed to spur growth
in this core business.

Noninterest income increased 19 percent. Strong gains in card and mortgage
banking income as well as increased service charges were the principal factors.
Card income rose 18 percent, driven by increased purchase volume. Total mortgage
banking income rose 18 percent, as originations increased in the wake of lower
interest rates. Total service charges rose 11 percent, reflecting heightened
activity.

Provision expense rose 30 percent, reflecting higher consumer finance and
bankcard charge-offs and deteriorating credit quality among middle-market
clients.

Global Corporate and Investment Banking
- ---------------------------------------

Global Corporate and Investment Banking earned $604 million, down from $724
million a year ago, due to a significant increase in provision expense from $27
million to $245 million. Revenue rose 3 percent to $2.56 billion while expenses
were up 2 percent to $1.37 billion. Return on equity was 18 percent while SVA
declined $91 million from a year earlier, reflecting higher credit costs.

Net interest income improved by 12 percent, led by stronger contributions from
trading-related activities. Trading account profits were 2 percent better than
the previous year's record results. Investment banking income declined 13
percent, reflecting weaker demand in certain markets. Originations of
fixed-income products, especially in the high-grade markets, were strong. But
demand for equity products and merger and acquisition services was weak.

Asset Management
- ----------------

The falling stock market impacted results in Asset Management, which earned $130
million, down 10 percent from a year earlier. Total revenue rose 5 percent, led
by 10 percent growth in net interest income. Return on equity was 26 percent and
SVA declined $25 million from a year earlier, as costs to build the business
offset higher revenues.

Noninterest income rose 3 percent as investment and brokerage services income
gained 2 percent. Assets in the Nations Funds were $117 billion, up $29 billion
from a year earlier. Total assets under management increased by $24 billion to
$286 billion. First quarter results included the addition of the Marsico Funds.

Equity Investments
- ------------------

Equity investments results also reflected the weaker equity markets. Equity
Investments earned $35 million, down from $301 million a year earlier. Return on
equity was 6 percent and SVA fell by $281 million, driven by lower
market-related revenue. Equity investment gains were $141 million in the latest
quarter, including the Star gain, compared to $547 million in the same period a
year ago.

One of the world's leading financial services companies, Bank of America is
committed to making banking work for customers like it never has before. Through
innovative technologies and the ingenuity of its people, Bank of America
provides individuals, small businesses and commercial, corporate and
institutional clients across the United States and around the world new and
better ways to manage their financial lives. The company enables customers to do
their banking and investing whenever, wherever and however they choose through
the nation's largest financial services network, including approximately 4,400
domestic offices and 13,000 ATMs, as well as 38 international offices, a
telephone banking network that handles over a half billion calls a year and an
Internet Web site that provides online access for over 3 million customers, more
than any other bank.

Bank of America stock (ticker: BAC) is listed on the New York, Pacific and
London stock exchanges. The company's Web site is www.bankofamerica.com. News,
speeches and other corporate information may be found at
www.bankofamerica.com/newsroom.


NOTE: James H. Hance Jr., vice chairman and chief financial officer, will
discuss the results for the first quarter in a conference call at 9:30 a.m.
(EDT) today. The call can be accessed through a webcast available on the Bank of
America website at http://www.bankofamerica.com/investor



www.bankofamerica.com
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Forward Looking Statements
- --------------------------

This press release contains forward-looking statements with respect to the
financial conditions and results of operations of Bank of America, including,
without limitation, statements relating to the earnings outlook of the company.
These forward-looking statements involve certain risks and uncertainties.
Factors that may cause actual results to differ materially from those
contemplated by such forward-looking statements include, among others, the
following possibilities: (1) projected business increases following process
changes and other investments are lower than expected; (2) competitive pressure
among financial services companies increases significantly; (3) costs or
difficulties related to the integration of acquisitions are greater than
expected; (4) general economic conditions, internationally, nationally or in the
states in which the company does business, are less favorable than expected; (5)
changes in the interest rate environment reduce interest margins and affect
funding sources; (6) changes in market rates and prices may adversely affect the
value of financial products; and (7) legislation or regulatory requirements or
changes adversely affect the businesses in which the company is engaged; and (8)
decisions to downsize, sell or close units or otherwise change the business mix
of the company. For further information, please refer to Bank of America's
reports filed with the SEC.

Bank of America