BANK OF AMERICA OPENS NATIONAL DEALER LENDING CENTER IN LAS VEGAS.

LAS VEGAS--(AutomotiveWire)--June 27, 1995--Bank of America NT&SA marked the opening of its new Rudy Peterson National Dealer Lending Center in Las Vegas today with a ceremony which featured the building's namesake, former BankAmerica Corporation president and CEO Rudy Peterson, and professional race car driver Danny Sullivan, 1985 Indianapolis 500 champion and the BofA representative in the PPG Indy Car World Series.

The 85,000 square foot facility was recently completed in The Crossing Business Center at Summerlin, just south of the Summerlin Parkway in Las Vegas.

When fully operational, the center will house 700 employees and will process an estimated $250 million a month in new car loans from auto dealerships throughout the country.

The new center will use satellite communications, video conferencing and electronic imaging systems to speed the processing of approximately 50,000 loan requests each month.

"Indirect auto lending is a significant and growing business for financial institutions," said Chris Callero, group executive vice president and head of Bank of America's National Consumer Assets Group. "With state-of-the-art service delivery, we can provide dealers with auto loans in as little as five minutes."

According to Anne Tonks, senior vice president and director of the National Dealer Lending Division for Bank of America, the Rudy Peterson National Dealer Lending Center is one of the first paperless processing facilities of its kind in the country. "Our centralized paperless processing environment gives us significant cost and management advantages which will enhance our competitiveness in the industry," said Tonks. "At the same time, with our dealer relations officers we'll continue to maintain an on-site, local presence throughout the marketplace and efficiently stay in touch with the needs of our dealer clients."

"We intend to become a major player in the country's indirect auto lending business," Tonks continued. "With strong predictions for the new car industry in 1995 and 1996, coupled with our ability to respond rapidly to a large volume of loan requests, we are confident BofA's participation in indirect auto financing will continue to grow."

In addition to the nine acres the bank purchased to build the first phase of the National Dealer Lending Center, BofA has an option to purchase an additional 26 acres from The Howard Hughes Corporation for future development.

Like the groundbreaking seven months ago, today's event continued the "Summerlin 500" race car theme, signifying BofA's winning role in providing fast quality auto financing.

Sullivan, who owns car dealerships in Florida, posed for photographs with guests of the "Summerlin 500". Guests also enjoyed the opportunity to drive mini grand prix race cars in the parking lot of the new center.

Bank of America NT&SA is the primary subsidiary of BankAmerica Corporation, the second largest bank holding company in the United States, with over $223 billion in total assets as of March 31, 1995.

CONTACT: Bank of America

Richard Beebe, 415/953-2760