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CHARLOTTE, N.C.--([ BUSINESS WIRE ])--Bank of America Corporation announced that it will submit 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. The redemption date for the Floating Rate Preferred Securities issued by Progress Capital Trust III is November 15, 2012. The redemption date for all other trust preferred securities in the table below is November5, 2012. The trust preferred securities will be redeemed at the applicable redemption price (as a percentage of the liquidation amount) listed in the table below, plus accrued and unpaid distributions on the trust preferred securities to the redemption date also listed in the table below.

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(1) Accrued quarterly distributions of $9.46125 per security will be paid on November 15, 2012 to holders of record on October 31, 2012 in the customary manner.

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

In addition, Bank of America announced that redemption notices will be submitted that will result in the redemption of $850 million aggregate liquidation preference amount outstanding of the 6.523% Fixed/Floating Noncumulative Trust Securities (CUSIP No. 003723AA1) of ABN AMRO North America Preferred Capital Repackaging Trust I. The redemption date for these securities is April 3, 2013, and the cash redemption price to be paid on the redemption date will be 100% of the liquidation preference amount of the trust securities, plus accrued and unpaid distributions to the redemption date. The Paying Agent for these trust securities is The Bank of New York Mellon, 101 Barclay Street, 8 West, New York, New York 10286.

Redemption of all of the trust securities referenced above is expected to result in a charge of approximately $100 million (pre tax) for the fourth quarter of 2012, and net interest income (pre tax) savings of approximately $50 million for the fourth quarter of 2012 and approximately $300 million for 2013.

All of the redemptions are being effected under the optional redemption provisions applicable to the trust securities of each trust, and not pursuant to redemption provisions relating to the determination of the occurrence of a aCapital Treatment Event.a Bank of America has received all necessary approvals for these redemptions.

About 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 56 million consumer and small business relationships with approximately 5,600 retail banking offices and approximately 16,200 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 based on available information and are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. 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 aexpects,a aanticipates,a abelieves,a aestimates,a atargets,a aintends,a aplans,a apredict,a agoala and other similar expressions or future or conditional verbs such as awill,a amay,a amight,a ashould,a awoulda and acould.a The forward-looking statements made in this news release include, without limitation, statements concerning: the expected fourth quarter 2012 charge of approximately $100 million (pre tax); the expected fourth quarter 2012 and 2013 net interest income (pre tax) savings of approximately $50 million and approximately $300 million, respectively; and the expectation to fund the redemptions with existing cash. 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 Americaas 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 following uncertainties and risks, as well as those discussed under Item 1A. aRisk Factorsa of Bank of Americaas Annual Report on Form 10-K for the year ended December 31, 2011 and in any of Bank of Americaas other subsequent Securities and Exchange Commission filings: unexpected cash funding needs; and the accuracy of estimates for net interest income savings.

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