Bank of America Completes U.S. Trust Acquisition

Bank of America today completed its acquisition of U.S. Trust Corporation, creating U.S. Trust, Bank of America Private Wealth Management, the leading private wealth management organization in the United States. The acquisition further expands the capabilities and solutions of the Global Wealth & Investment Management division's alternative investments and proprietary asset management areas.

U.S. Trust combines legacy U.S. Trust with The Private Bank of Bank of America and its ultra wealthy extension, Family Wealth Advisors into one organization with nearly $265 billion in assets under management and over $427 billion in total client assets(1). As a further result of the acquisition completion, the investment management businesses of Bank of America and legacy U.S. Trust are being integrated within Columbia Management, Bank of America's asset management organization. Additionally, the alternative investments groups of both companies are being combined, offering clients expanded solutions in this area.

"Bank of America is creating the preeminent wealth management organization in the marketplace, providing highly tailored, world-class wealth and investment management advisory services and solutions," said Kenneth D. Lewis, Bank of America chairman and chief executive officer. "In completing this acquisition, we are building on our long history in private banking to better serve the needs of the country's wealthy individuals and families."

"In combining the rich history, unparalleled resources and extraordinary intellectual capital of both organizations, U.S. Trust provides a unique and distinctive experience to each and every client," said Brian Moynihan, president of Bank of America Global Wealth & Investment Management. "Under the leadership of Frances Aldrich Sevilla-Sacasa, U.S. Trust remains committed to developing and maintaining deep, personal and long-lasting relationships with our clients."

In discussing how high net worth and ultra high net worth clients will further benefit from the combined private wealth management organization, Sevilla-Sacasa said, "Our clients will soon have access to an even greater, deeper set of capabilities and talent to address their very unique and complex needs." Noting U.S. Trust's industry leadership in the nation, she added, "We are honored to be the wealth management provider of choice to more wealthy and ultra wealthy clients than any other company in the U.S. today."

Sevilla-Sacasa indicated that existing clients of the combined organization should continue to expect the same high-quality service and experience going forward, with no significant change in their interaction with the company.

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 more than 56 million consumer and small business relationships with more than 5,700 retail banking offices, more than 17,000 ATMs and award-winning online banking with nearly 22 million active users. Bank of America is the No. 1 overall Small Business Administration (SBA) lender in the United States and the No. 1 SBA lender to minority-owned small businesses. The company serves clients in 175 countries and has relationships with 98 percent of the U.S. Fortune 500 companies and 80 percent of the Fortune Global 500. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.

(1) Pro forma figures as of March 31, 2007

Columbia Management Group, LLC ("Columbia Management") is the investment management division of Bank of America Corporation. Columbia Management entities furnish investment management services and products for institutional and individual investors.