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Bank Of America Announces Successful Remarketing

Bank of America Corporation announced today that it has successfully remarketed the remaining outstanding $140,922,000 in aggregate principal amount of its Remarketable Floating Rate Junior Subordinated Notes due 2043 (the “Remarketable Floating Rate Notes”) and the remaining outstanding $492,537,000 aggregate principal amount of its Remarketable Fixed Rate Junior Subordinated Notes due 2043 (the “Remarketable Fixed Rate Notes” and together with the Remarketable Floating Rate Notes, the “Remarketable Notes”).

The company repurchased all of the Remarketable Notes in the remarketings and expects to retire all of the Remarketable Notes.

Merrill Lynch, Pierce, Fenner & Smith Incorporated acted as remarketing agent in connection with the remarketings.

The company originally issued $700,100,000 in aggregate principal amount of its Remarketable Floating Rate Junior Subordinated Notes due 2043 to BAC Capital Trust XIII, a Delaware statutory trust (“Trust XIII”), in connection with the February 2007 offering of Trust XIII’s Floating Rate Preferred Hybrid Income Term Securities, and $850,100,000 in aggregate principal amount of its Remarketable Fixed Rate Junior Subordinated Notes due 2043 to BAC Capital Trust XIV, a Delaware statutory trust (“Trust XIV”), in connection with the February 2007 offering of Trust XIV’s Fixed to Floating Rate Preferred Hybrid Income Term Securities.

In connection with the remarketings of the Remarketable Notes, the stated maturity was shortened to March 15, 2017, the interest rate on the Remarketable Floating Rate Notes was reset to 5.822199 percent per annum and the interest rate on the Remarketable Fixed Rate Notes was reset to 6.404338 percent per annum. The remarketings will settle on February 15, 2012.

The net proceeds from the remarketing of the Remarketable Floating Rate Notes will be used to satisfy the obligations of Trust XIII under a stock purchase contract agreement, pursuant to which Trust XIII is obligated to purchase, and the company is obligated to sell, on March 15, 2012, approximately 1,410 shares of the company’s Floating Rate Non-Cumulative Preferred Stock, Series F, $100,000 liquidation preference per share, and the net proceeds from the remarketing of the Remarketable Fixed Rate Notes will be used to satisfy the obligations of Trust XIV under a stock purchase contract agreement, pursuant to which Trust XIV is obligated to purchase, and the company is obligated to sell, on March 15, 2012, approximately 4,926 shares of the company’s Adjustable Rate Non-Cumulative Preferred Stock, Series G, $100,000 liquidation preference per share.

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