Banc of America Leasing announces new Corporate Aircraft Finance Division.

NEW YORK, July 28 /PRNewswire/ -- Bank of America today announced the formation of the Corporate Aircraft Finance Division (CAF), a new group that combines the collective strengths of The Private Bank's Aviation Finance Division with Banc of America's Leasing Corporate Aircraft Finance strategic business unit.

The initiative brings together two major aviation teams under one division and establishes Bank of America as a leader in the corporate aircraft market with more than 700 clients and $4 billion in aircraft loans and leases.

"The Aviation Finance Group has seen tremendous growth over the past few years and this combination now means even greater service for our high net worth clients," said Alan Rappaport, President, The Private Bank of Bank of America. "The Corporate Aircraft Financing division builds on the talent and strength of the business."

Michael Amalfitano, senior vice president of Banc of America Leasing, Corporate Aircraft Finance, will be responsible for leading the newly created group. Amalfitano, who reports directly to Doug Bowers, President of Banc of America Leasing, has more than 22 years of experience in the leasing and financial services industry. In addition, James Dickerson has been named National Market Executive, responsible for managing financing needs for high net worth clients. The new team provides clients with tailored aviation financing solutions through a combination of unique financial products and aircraft services to corporations, high net worth individuals and middle market institutions.

"Michael brings remarkable experience and credibility to this role, adding considerable strength to this new combination," said Rich Higginbotham, President, Asset Based Lending and Leasing. "By leveraging the scale, scope and skill of the combined businesses, we have created the nation's leading corporate aircraft market unit, setting a new standard for the industry."

The Private Bank of Bank of America is a leader in providing innovative financial solutions for high net worth individuals. Focusing on building and preserving the wealth of individuals and families, The Private Bank provides clients with an integrated approach to the delivery of comprehensive investment solutions, trust services, liquidity management and credit expertise through its more than 150 offices nationwide. The Private Bank of Bank of America is one of the country's largest corporate fiduciaries for individuals.

Banc of America Leasing is a leader in providing full-service leasing and equipment financial solutions for small businesses, middle market companies and large corporations. Ranked number one in net assets among U.S. bank-owned leasing companies, Banc of America Leasing offers expertise in almost all types of equipment, transportation and corporate aircraft financing, wholesale vendor financing and programs tailored to municipal and healthcare segments. Banc of America has a strong presence in both the domestic and international markets with approximately 52 offices worldwide.

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

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CONTACT: Jennifer Tice, [phone], or [e-mail] , or Georgina Morell, [phone], or [e-mail] , both of Bank of America

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