Bank of America Completes Purchase of LaSalle Bank

Bank of America Corporation today completed its purchase of ABN Amro North America Holding Company, parent of LaSalle Bank Corporation and its subsidiaries, from ABN Amro Holding NV to create the largest bank franchise by deposits in Illinois and in Michigan.

Bank of America significantly expands its metropolitan Chicago and Michigan presence by adding LaSalle's 17,000 commercial banking clients, 1.4 million retail customers, 400 banking centers and 1,500 ATMs. Bank of America marks its retail branch entry in Michigan, where it now has 256 offices. It also adds LaSalle's six banking offices in Indiana.

"LaSalle customers and commercial clients can now enjoy the benefits of the largest retail bank in the nation," said Kenneth D. Lewis, Bank of America chairman and chief executive officer. "Clients will have access to a world- class range of commercial banking and wealth management products and services, and benefit from Bank of America's demonstrated commitment to the communities it serves. We look forward to helping thousands of new customers and clients realize their dreams through the financial opportunities Bank of America can offer."

Customer Convenience

Beginning today, Bank of America and LaSalle customers can access the nation's largest network of more than 18,500 ATMs to make cash withdrawals with no ATM fees. For example, a Bank of America customer can now withdraw cash from a LaSalle ATM in Chicago with no fees and a LaSalle customer can now do the same at any Bank of America ATM throughout the U.S.

LaSalle customers should continue to bank as usual by phone, ATM, online or at their regular LaSalle branch. In addition, LaSalle customers should continue to use their LaSalle debit and ATM cards. In the coming months customers will be notified about the change from LaSalle Bank to Bank of America as well as when they can begin using Bank of America offices for other banking services in addition to ATMs.

Along with having the expanded depth and breadth of Bank of America's retail and small business banking services, LaSalle's commercial clients will benefit from expanded credit and treasury services capabilities and enhanced access to global capital markets and investment banking.

LaSalle signs will begin to change to the Bank of America brand during the first quarter of 2008. Those changes will take place throughout 2008.

In the Community

Bank of America also today announced a $70 billion community development goal in Illinois and a $25 billion goal in Michigan to build on the outstanding track records of Bank of America and LaSalle in delivering capital and credit to low- and moderate-income and minority communities.

The strategic plan for Illinois and Michigan are new goals in support of Bank of America's national commitment of community development lending and investment of $750 billion over 10 years in low- and moderate-income and minority communities. The Illinois and Michigan goals also will occur in a 10-year period beginning in January of 2008 and are intended to address the unique needs of the market.

During the course of the new 10-year strategic plan, the annual production for the combined company will average $7 billion a year in Illinois, or $70 billion over the course of the plan. In Michigan, the company will average $2.5 billion a year or $25 billion in the same period.

The more than $17 million in combined annual philanthropic giving in Michigan and Illinois by Bank of America and LaSalle will be sustained.

Executive Leadership
Bank of America today also announced several executive leadership changes.
LaSalle Bank Chairman Norman Bobins will become chairman emeritus of LaSalle, assist in the merging of the two organizations and represent Bank of America in the community, with clients and customers. As previously announced, he will retire at the end of the year.

LaSalle Bank President and Chief Executive Officer Robert Moore will serve as the LaSalle transition executive working closely with Barbara Desoer, Bank of America's Global Technology and Operations executive. He will continue to oversee legacy LaSalle businesses in addition to his transition duties. He has decided to pursue other opportunities at the end of year.

Bank of America also plans to relocate its Commercial Real Estate Banking headquarters to Chicago from Atlanta. Eugene Godbold, a 28-year veteran of the company, will continue as president of the business and move to Chicago. Bank of America is the nation's largest provider of commercial real estate financial services.

Additionally, Kieth Cockrell will assume a new role as the regional executive for banking centers in Michigan, Illinois and Indiana. Cockrell, who most recently was the national sales executive for Global Consumer and Small Business Banking and joined Bank of America in 1993, also will serve as market president for Detroit.

Cockrell previously served as consumer executive for the Mid-Atlantic consumer division and before that was executive vice president of Debit, ATM and Smart Card Services. In 2000 he was the Customer Service and Support executive managing call centers nationwide.

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 57 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 more than 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.

Bank of America Agrees to Acquire LaSalle Bank

Bank of America Corporation today announced a definitive agreement to purchase ABN AMRO North America Holding Company, parent of LaSalle Bank Corporation and its subsidiaries, from ABN AMRO Holding NV. The combination of LaSalle and Bank of America creates a leading banking franchise in metropolitan Chicago, the No. 3 banking market in the United States, and in Michigan.


Bank of America will pay $21 billion in cash to ABN AMRO. After a return of $5 billion in excess capital, the net cost is $16 billion.

The purchase will significantly deepen Bank of America's Chicago presence and add LaSalle's 17,000 commercial banking clients, 1.4 million retail customers, 411 banking centers and 1,500 ATMs in the Chicago area, Michigan and Indiana. It also will mark Bank of America's retail branch entry in Michigan, where it will have 264 offices and be the largest bank with a 23 percent deposit market share. LaSalle also has six banking offices in Indiana.

In the last four years, Bank of America has grown its retail presence in Chicago from a single financial center to 56 locations. Once combined with LaSalle's 141 Chicago area offices, Bank of America will have more than 14 percent of the deposit market share in metropolitan Chicago. LaSalle is a top- 20 U.S. bank holding company, with $113 billion total assets.

"In LaSalle, we see a compelling opportunity to fill in a key gap in our national franchise and build relationships with thousands of new customers in retail, private banking, wealth management and commercial and corporate banking," said Kenneth D. Lewis, Bank of America's chairman and chief executive officer. "LaSalle customers will share in the most extensive retail franchise in the nation, have access to a leading innovator in financial services and will benefit from Bank of America's commitment to the communities it serves."

Commercial and corporate clients will benefit from greater access to global capital markets and enhanced investment banking and global treasury services capabilities.

Bank of America will be able to deliver more services including innovative products such as Keep the Change, Business 24/7 and $0 Online Equity Trades to complement LaSalle's strong existing capabilities. As a result, Bank of America expects increased revenue from additional sales over time.

"Bank of America is a tremendous organization for which I have the utmost respect," said LaSalle Bank Corporation President and Chief Executive Officer Norman R. Bobins. "I look forward to working with them."

In the Community

In the community, LaSalle has consistently demonstrated its involvement in the markets it serves. Bank of America also is committed to Chicago and since 1995 has donated more than $30 million in Illinois, mostly in Chicago, to organizations such as the United Way, the Chicago Community Foundation and Neighborhood Housing Services. Bank of America has pledged $1.5 billion nationally in philanthropic giving over 10 years, including $200 million in 2006.

In 2006, Bank of America donated $3.9 million in Illinois, a 28 percent increase from a year earlier. Last month, Bank of America gave $1 million to the Chicago Public Library to fund technology improvements in library branches and provide assistance to job seekers and others without Internet access.

Bank of America intends to continue its support of the LaSalle Bank Chicago Marathon and key sports sponsorships, such as being the official bank of Major League Baseball's Chicago White Sox. Bank of America is the official bank of baseball. Bank of America also looks forward to introducing its philanthropic programs in Michigan markets.

Bank of America is a leader in community development, with a national goal of $750 billion over a 10-year period. It is committed to providing financial products and services in low to moderate income areas it serves.

Financial Terms and Assumptions

The purchase is expected to be immediately accretive to earnings per share.

Bank of America expects $800 million in after-tax cost savings in the transaction. Half of those would come in 2008 and the remainder would be realized in 2009.

Bank of America would have an estimated $800 million in after-tax restructuring costs.

The agreement has been approved by Bank of America's board of directors and ABN AMRO's supervisory board, and is subject to customary regulatory approvals. The purchase is expected to comply with all applicable legal and regulatory requirements. Closing is expected in late 2007 or early 2008.

Bank of America was advised in the transaction by Banc of America Securities and the law firm of Wachtell, Lipton, Rosen & Katz. ABN AMRO was advised by UBS and the law firm of Davis Polk & Wardwell.

Note: Bank of America management will present transaction details in an 8:30 a.m. Webcast. The presentation and Webcast can be accessed on the Bank of America's Investor Relations Web site at http://investor.bankofamerica.com/

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.

http://www.bankofamerica.com/

LaSalle Bank

LaSalle Bank Corporation is the largest bank holding company headquartered in Chicago, with more than USD 113 billion in assets. Through its subsidiaries, the company has retail and commercial operations in 20 states and 26 cities across the U.S. LaSalle Bank Corporation's subsidiary banks serve individuals, small businesses, middle-market companies and institutions through more than 400 retail locations and 1,500 ATMs in Illinois, Michigan and Indiana. LaSalle Bank Corporation's direct and indirect subsidiaries include LaSalle Bank N.A., LaSalle

Bank Midwest N.A., LaSalle National Leasing Corporation, LaSalle Business Credit LLC and LaSalle Financial Services, Inc. LaSalle Bank Corporation is an indirect subsidiary of Netherlands-based ABN AMRO Bank N.V., a leading international bank with total assets of EUR 999 bln. ABN AMRO operates more than 4,500 branches in 53 countries, and has a staff of more than 110,000 full-time employees worldwide.

http://www.lasallebank.com/