Bank of America promotes Kathleen Brown to Executive Vice President.

SAN FRANCISCO--(BUSINESS WIRE)--March 19, 1997--Bank of America announced today that Kathleen Brown -- California's former State Treasurer -- has been promoted to executive vice president from senior vice president.

Brown, 51, is managing director of sales and business development for Bank of America's Wealth Management Group, targeting institutional clients, nationally, and private banking clients in California. In addition, she is leading a BofA team in developing a Women's Banking Initiative, which is specifically designed to serve women clients who have investment and business banking needs.

"In moving from the public to the private sector, Kathleen has taken on increasingly higher levels of responsibility since she joined the bank 20 months ago," said Group Executive Vice President Alexander M. Anderson, head of the Wealth Management Group, to whom Brown reports. "Kathleen is a key member of the Wealth Management Group's senior management team, and we are delighted to be able to reflect that with her executive vice president title," Anderson noted.

Currently, BofA's Wealth Management Group manages more than $53 billion in assets on behalf of institutions, corporations, and individuals.

Prior to her current assignment, Brown was the Democratic Party nominee for Governor of the State of California. From 1991 to 1994, she served as California's Treasurer, where she was responsible for managing a staff of 263; overseeing a $26 billion investment portfolio; and administering all debt issued by California.

Before that, she was a commissioner on the board of public works for the City of Los Angeles. From 1985 to 1987, Brown was a practicing attorney with O'Melveny & Myers, where she was a member of the Capital Markets Group. Prior to entering law school in 1983, Brown had been a member of the Los Angeles Board of Education.

Brown received her juris doctorate degree from Fordham University's School of Law in 1985, and her bachelor's degree from Stanford University in 1969.

In February 1997, President Clinton named Brown co-chair of the newly formed Capital Budget Commission, which is to report to the president on how to best reflect and encourage public investment while maintaining strict fiscal discipline in the federal budget.

Active in her community, Brown was elected chair of the board of directors for Rebuild L.A. in February 1996. She also is a member of the Pacific Council on International Policy, and serves on the board of advisors of the University of California's Graduate School of Public Policy. She has been co-chair of the Council of Institutional Investors.

CONTACT: Bank of America 

Jack Houseman, 415/622-5324