Bank of America Directors Authorize Repurchase of up to

130 Million Shares Charlotte, N.C. (PROTEXT) - The Bank of America Corporation(NYSE: BAC) Board of Directors today authorized the repurchase ofup to 130 million shares of the company's common stock. The purchases would be made from time to time either in theopen market or through private transactions, includingaccelerated buyback programs, over the next 18 to 24 months. The130 million shares represents approximately 7.5 percent of Bankof America's 1.74 billion shares outstanding on March 31, 1999. "Due to our sizeable earnings stream, Bank of America has, andis generating, capital in excess of what is needed to support ouroperations and to make necessary and profitable futureinvestments in our business," said Hugh L. McColl Jr., chairmanand chief executive officer. "The most efficient way of returningthis excess capital to our shareholders is to buy back our stock. "This action reflects our strategies to focus efforts ondeveloping our current franchise, to more efficiently use ourbalance sheet, and to significantly improve our returns invarious business lines," he said. "The combined result of theseinitiatives should be to enhance shareholder valuesignificantly." Bank of America Corporation, with $614 billion in totalassets, is the largest bank in the United States. It has full-service operations in 22 states and the District of Columbia andprovides financial products and services to 30 million householdsand 2 million businesses, as well as providing internationalcorporate financial services for business transactions in 190countries. Bank of America Corporation stock (ticker: BAC) islisted on the New York, Pacific and London stock exchanges andcertain shares are listed on the Tokyo Stock Exchange. www.bankofamerica.com ots Original Text Service: Bank ofAmerica Corporation Internet: http://www.newsaktuell.de Contact:Investors, Susan Carr, (USA) 704-386-8059, or Media, BobStickler, (USA) 704-386-8465, both of Bank of AmericaCorporation Web site: http://www.bankofamerica.com

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