Bank of America Announces the Redemption of $3.9 Billion of Trust Preferred Securities

CHARLOTTE, N.C.--(BUSINESS WIRE)--Bank of America Corporation announced it has submitted redemption notices to the property trustee for each trust listed in the table below, which will result in the redemption of all of the trust preferred securities of each such trust on July 25, 2012. The trust preferred securities will be redeemed at the applicable redemption price (as a percentage of the liquidation preference) listed in the table below, plus accrued and unpaid distributions to the redemption date. All of the redemptions are being effected under the optional redemption provisions applicable to the trust preferred securities of each trust, and not pursuant to redemption provisions relating to the determination of the occurrence of a “Capital Treatment Event.”

Bank of America has received all necessary approvals for these redemptions. These redemptions will be funded with excess liquidity. “This action reflects the work we've done to build record levels of capital and liquidity,” said Chief Financial Officer Bruce Thompson. “We continue to look to optimize the balance sheet.”

CUSIP	Trust	Title of Security	NYSE Ticker Symbol	Aggregate Liquidation Pref. Outstanding	Redemption Price	Accrued Distributions per Security	Trustee/Paying Agent
055189203	BAC Capital Trust X	6¼% Capital Securities	BAC Pr B	$888,400,000 ($25 per Security)	100%	$ 0.112847	The Bank of New York Mellon
066048AA7	BankAmerica Capital II	8% Cumulative Semi-Annual Income Preferred Securities, Series 2	—	$450,000,000 ($1,000 per Security)	101.9845%	$ 8.888889	Deutsche Bank Trust Company Americas
06605HAA6	BankAmerica Institutional Capital A	8.07% Capital Securities, Series A	—	$450,000,000 ($1,000 per Security)	102.0175%	$ 5.604167	Deutsche Bank Trust Company Americas
338899AA5	Fleet Capital Trust II	7.92% Capital Securities	—	$203,280,000 ($1,000 per Security)	101.954%	$ 8.800000	The Bank of New York Mellon
33889X203	Fleet Capital Trust VIII	7.20% Preferred Securities	FBF PrM	$534,000,000 ($25 per Security)	100%	$ 0.200000	The Bank of New York Mellon
33889Y201	Fleet Capital Trust IX	6.000% Preferred Securities	FBF PrN	$172,525,000 ($25 per Security)	100%	$ 0.350000	The Bank of New York Mellon
55263BAA9	MBNA Capital A	8.278% Capital Securities, Series A	BAC/26	$250,000,000 ($1,000 per Security)	102.0695%	$ 12.417000	The Bank of New York Mellon
55266J200	MBNA Capital D	8.125% Trust Preferred Securities, Series D	KRB Pr D	$300,000,000 ($25 per Security)	100%	$ 0.135417	The Bank of New York Mellon
55270B201	MBNA Capital E	8.10% Trust Originated Preferred Securities, Series E	KRB Pr E	$200,000,000 ($25 per Security)	100%	$ 0.393750	The Bank of New York Mellon
62874HAA3	NB Capital Trust IV	8¼% Capital Securities	—	$426,684,000 ($1,000 per Security)	101.92%	$ 22.916667	The Bank of New York Mellon
74325VAC8	Progress Capital Trust I	10.50% Capital Securities	—	$8,750,000 ($1,000 per Security)	102.625%	$ 15.750020	The Bank of New York Mellon

The addresses of the Trustees/Paying Agents for the trusts listed in the table above are as follows:

The Bank of New York Mellon

101 Barclay Street, 8 West

New York, New York 10286

Deutsche Bank Trust Company Americas

60 Wall Street, 27^th Floor

New York, New York 10005

Bank of America

Bank of America is one of the world’s largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 57 million consumer and small business relationships with approximately 5,700 retail banking offices and approximately 17,250 ATMs and award-winning online banking with 30 million active users. Bank of America is among the world's leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in more than 40 countries. Bank of America Corporation stock (NYSE: BAC) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange.

Forward-Looking Statements

Certain statements in this news release represent the current expectations, plans or forecasts of Bank of America and are forward-looking. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. These statements often use words like “expects,” “anticipates,” “believes,” “estimates,” “targets,” “intends,” “plans,” “predict,” “goal” and other similar expressions or future or conditional verbs such as “will,” “may,” “might,” “should,” “would” and “could.” Forward-looking statements speak only as of the date they are made, and Bank of America undertakes no obligation to update any forward-looking statement to reflect the impact of circumstances or events that arise after the date the forward-looking statement was made.

These statements are not guarantees of future results or performance and involve certain risks, uncertainties and assumptions that are difficult to predict and are often beyond Bank of America’s control. Actual outcomes and results may differ materially from those expressed in, or implied by, any of these forward-looking statements. You should not place undue reliance on any forward-looking statement and should consider all of the uncertainties and risks discussed under Item 1A. “Risk Factors” of Bank of America’s Annual Report on Form 10-K for the year ended December 31, 2011 and in any of Bank of America’s other subsequent Securities and Exchange Commission filings.

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