May 28, 2009
Investors May Contact:
Kevin Stitt, Bank of America, 1.704.386.5667
Lee McEntire, Bank of America, 1.704.388.6780
Grace Yoon, Bank of America, 1.212.449.7323
Reporters May Contact:
Scott Silvestri, Bank of America, 1.980.388.9921
Bank of America Announces Exchange Offer
For Certain Series of Preferred Stock
CHARLOTTE – Bank of America Corporation today announced that it is commencing an offer to exchange up to
200 million shares of common stock for outstanding depositary shares of certain series of preferred stock.
The exchange offer is subject to the terms and conditions described in the Offer to Exchange dated May 28, 2009,
and the related Letter of Transmittal, which will be filed with the Securities and Exchange Commission.
The exchange offer will expire at midnight, New York City time, on June 24, 2009, unless extended or earlier
terminated by Bank of America. Holders of the depositary shares eligible for the exchange will be able to tender their
depositary shares, or withdraw their previously tendered depositary shares, any time prior to the expiration of the
The exchange offer would increase Bank of America’s Tier 1 common capital by an amount equal to the aggregate
liquidation preference of the depositary shares exchanged. The shares issuable in the Exchange Offer are part of
Bank of America’s previously announced plan to exchange common stock for (non-government) perpetual preferred
stock. Bank of America believes that these actions will assist in meeting its $33.9 billion indicated Supervisory
Capital Assessment Program (SCAP) buffer set by the Federal Reserve.
Bank of America is offering to issue shares of common stock in the exchange offer in the applicable consideration
amount per depositary share specified in the table below. The number of shares of common stock issuable for each
exchanged depositary share will be equal to this consideration amount divi