Bank of America Announces Key Organizational Change in Consumer Finance Group and Corporate Risk Management.

CHARLOTTE, N.C.--(BUSINESS WIRE)--Oct. 29, 1999--

Bank of America Chief Operating Officer Kenneth D. Lewis today announced organizational changes in the company that will continue to integrate its products and services across the franchise to make banking better, easier and more consistent for customers and clients.

Joe Price, a six-year veteran of Bank of America's finance and risk management groups was named to head the company's Jacksonville, Fla.-based Consumer Finance Group, one of the nation's largest providers of consumer finance products with managed assets of more than $65 billion.

"Joe Price's demonstrated leadership skills and financial expertise deserve an expanded role in our company," Lewis said. "His experience and talents are an excellent fit for the new role he's accepted.

"Joe has a clear picture of the company's financial landscape, and his breadth of financial experience strongly position him to further integrate Consumer Finance products and services across our franchise."

Price will be based in Jacksonville and will report to Amy Brinkley, Consumer Products Executive for Bank of America. He replaces Doug Freeman, who will retire at the end of the year.

Lewis added that Freeman made a number of valuable contributions to the Consumer Finance Group, not the least of which was taking five different lines of business and successfully integrating them into one division.

A native of North Carolina, Price worked extensively with Bank of America specializing in banking acquisitions while at Price Waterhouse. He has held senior roles in the Finance Division, as well as his most recent position as Corporate Risk Evaluation Executive.

Charlie Williams, who currently holds the position as Principal Compliance Executive for Bank of America, will succeed Price as the company's Corporate Risk Evaluation Executive.

"We're confident that Bank of America will continue to benefit from Charlie's 18 years of experience in the financial services industry, including 10 years on Wall Street," said. Bill Vandiver, Bank of America's Corporate Risk Management Executive. "Charlie's leadership ensures that we'll continue the momentum that he, Joe and their team have brought to building this division."

A New York native, Williams joined the bank in 1996 as director of Global Finance Compliance. He assumed his current role a year later.

Bank of America Consumer Finance Group includes NationsCredit and EquiCredit Corp., providing mortgage, home equity and other kinds of consumer loans; Dealer Financial Services, providing auto and other vehicle financing, primarily through dealers; and Commercial Appraisal. These business lines have offices in more than 40 states and employ approximately 7,000 associates nationwide.

Bank of America Corporate Risk Evaluation includes Audit, Compliance, Credit Review and Regulatory Relations.

Bank of America, with $621 billion in assets, is the largest bank in the United States. The company serves more than 30 million households and 2 million businesses across the country, offering customers the largest and most convenient delivery network from offices and ATMs to telephone and Internet access. It also provides comprehensive international corporate financial services for clients doing business around the world. The company creates financial relationships featuring a full array of financial services, from traditional banking products to investments and capital raising within the securities markets. Bank of America stock (ticker: BAC) is listed on the New York, Pacific and London stock exchanges and certain shares are listed on the Tokyo Stock Exchange.

Further investor information can be found at: www.bankofamerica.com/investor.