EXHIBIT 99.1

                        Bank of America to acquire MBNA

June 30, 2005

REPORTERS MAY CONTACT:
AT BANK OF AMERICA
Alexandra Trower, 212.933.3382

AT MBNA
Jim Donahue, 302.432.1342

INVESTORS MAY CONTACT:
AT BANK OF AMERICA
Kevin Stitt, 704.386.5667
Lee McEntire, 704.388.6780

AT MBNA
Edward H. Murphy, 800.362.6255

      BANK OF AMERICA TO DELIVER UNPARALLELED CONVENIENCE AND PRODUCTS FOR
          CUSTOMERS THROUGH ACQUISITION OF PREMIER CREDIT CARD COMPANY

Bank of America Corporation today announced a definitive agreement to acquire
MBNA Corporation. The acquisition combines the country's largest domestic bank
with a leading provider of credit card and payment products, significantly
enhancing Bank of America's product mix and customer reach.

Bank of America will become one of the largest card issuers in the United
States, with $143 billion in managed outstanding balances and 40 million active
accounts, upon completion of the transaction. Bank of America will add more than
20 million new customer accounts as well as affinity relationships with more
than 5,000 partner organizations and financial institutions.

The acquisition dramatically increases the bank's opportunity to deepen customer
relationships across the full breadth of the company by delivering innovative
deposit, lending and investment products and services to MBNA's customer base.

"Today's announcement is not only about the creation of one of the world's
largest card providers. That is compelling in and of itself," said Bank of
America Chairman and Chief Executive Officer Kenneth D. Lewis. "But it's really
a much larger story about two companies with complementary strengths. The result
will be the country's top retailer of financial services with the size and scale
to drive distribution and marketing efficiencies."

The deal is expected to close in the fourth quarter of 2005. Under terms of the
agreement, MBNA stockholders will receive 0.5009 shares of Bank of America
common stock for each of their shares plus a cash component of $4.125 per share.
Based on the share price of Bank of

America at the close of business on June 28, 2005, the transaction is valued at
$35 billion in total or $27.50 per MBNA share.

Bank of America expects to achieve overall expense efficiencies of $850 million
after-tax, which would be fully realized in 2007, and anticipates a
restructuring charge of $1.25 billion after-tax. Cost reductions will come from
a range of sources, including the reduction of 6,000 jobs. Additional savings
will be achieved through the elimination of overlapping technology, vendor
leverage, and marketing expense.

Upon completion of the acquisition, Bank of America will be one of the leading
worldwide payments services companies and issuers of credit, debit, and prepaid
cards based on total purchase volume. The deal would today make Bank of America
the fourth most profitable company in the world.

"This acquisition makes strategic sense for our combined customers and
shareholders. It provides us access to MBNA's attractive portfolio as well as
their leading product, service and marketing capabilities," Lewis said. "We can
now deepen existing and future customer relationships with differentiated
capabilities to exceed customer expectations and grow market share. This merger
also provides us with an attractive foothold in Canada, the United Kingdom,
Spain and Ireland."

Bruce L. Hammonds, 57, CEO and president of MBNA Corporation, will become CEO
and president of Bank of America Card Services and report to Liam E. McGee, 50,
president, Bank of America Global Consumer and Small Business Banking. Hammonds
will remain in Wilmington, Del., and be part of Bank of America's Risk & Capital
Committee, which guides the company's strategic direction.

"The merger will create one of the largest credit card portfolios and will give
the combined company access to new marketing channels, customers, products and
opportunities for further expansion," Hammonds said. "Both companies benefit as
cross-sell opportunities exist to sell MBNA products to Bank of America
customers and Bank of America products to MBNA customers.

SIGNIFICANT CAPITAL STRENGTH
The company will maintain significant capital strength and earnings diversity.
About 55 percent of earnings will come from global consumer and small business
banking; 17 percent from global business and financial services; 11 percent from
global capital markets and investment banking and 10 percent from global wealth
and investment management.

"For our shareholders, the Bank of America and MBNA combination yields a diverse
business mix less dependent on market-sensitive businesses," Lewis said. "The
financial strength and cash flow generation of the combined entity should
provide significant resources to support future growth."

Last week Bank of America increased its quarterly dividend 11 percent to 50
cents per share. The current dividend yield is approximately 4 percent. The
company will continue to focus on a strong dividend for shareholders.
Additionally, Bank of America's strong cash flow and capital

position, strengthened by this transaction, should enable the company to
continue repurchasing shares for the foreseeable future.

COMMITMENT TO NEIGHBORHOOD EXCELLENCE
Bank of America, a leader in corporate citizenship and philanthropy, intends to
build upon its previously announced 10-year, $750 billion community development
goal to include a specific community development lending and investment goal for
Delaware. The specifics of this goal will be determined based on future dialogue
with Delaware community and civic leaders. With MBNA's $60 million annual
charitable giving, Bank of America, a worldwide leader in corporate
philanthropy, expects to provide more than $200 million in annual giving as a
result of this combination.

ADDITIONAL INFORMATION
Pursuant to the merger agreement, on the effective date of the merger, Frank P.
Bramble, Sr., a vice chairman of MBNA, will be appointed to the Bank of America
Board of Directors.

The agreement has been approved by both boards of directors and is subject to
approval by regulators and MBNA shareholders. Bank of America was advised in the
transaction by Keefe, Bruyette & Woods. Legal counsel was provided to Bank of
America by Cleary Gottlieb Steen & Hamilton. MBNA was advised by UBS Securities
and Joseph Perella. Legal counsel was provided to MBNA by Wachtell, Lipton,
Rosen & Katz.

MBNA
MBNA (NYSE: KRB), the largest independent credit card lender in the world and a
recognized leader in affinity marketing, is an international financial services
company providing lending, deposit, and credit insurance products and services.
MBNA credit cards and related products and services are endorsed by more than
5,000 organizations worldwide. For more information, visit the company's web
site at http://www.mbna.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 33 million consumer relationships with
more than 5,800 retail banking offices, more than 16,700 ATMs and award-winning
online banking with more than 13 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 150 countries and has relationships with 98 percent of the U.S.
Fortune 500 companies and 85 percent of the Global Fortune 500. Bank of America
Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.

NOTES
Senior management will present details of the merger at 9:30 a.m. ET in the
Hilton room of the Waldorf Astoria Hotel in New York City. The presentation will
be available on a webcast on the Bank of America website at
http://www.bankofamerica.com/investor/.

Senior management will meet with the news media at 11 a.m. ET in the same
location. The press conference will be accessible by calling 877.707.9631, or
785.832.0201 with access code 7B300.

FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements, including statements
about the financial conditions, results of operations and earnings outlook of
Bank of America Corporation and MBNA Corporation. The forward-looking statements
involve certain risks and uncertainties. Factors that may cause actual results
or earnings to differ materially from such forward-looking statements include,
among others, the following: 1) changes in economic conditions; 2) changes in
the interest rate environment; 3) changes in foreign exchange rates; 4) adverse
movements and volatility in debt and equity capital markets; 5) changes in
market rates and prices; 6) political conditions and related actions by the
United States military abroad which may adversely affect the company's
businesses and economic conditions as a whole; 7) liabilities resulting from
litigation and regulatory investigations; 8) changes in domestic or foreign tax
laws, rules and regulations as well as IRS or other governmental agencies'
interpretations thereof; 9) various monetary and fiscal policies and
regulations; 10) increased competition; 11) ability to grow core businesses; 12)
ability to develop and introduce new banking-related products, services and
enhancements and gain market acceptance of such products; 13) mergers and
acquisitions and their integration into the company; 14) decisions to downsize,
sell or close units or otherwise change the business mix of the company; and 15)
management's ability to manage these and other risks. For further information
regarding either company, please read Bank of America and MBNA reports filed
with the SEC and available at www.sec.gov.

ADDITIONAL INFORMATION ABOUT THIS TRANSACTION
Bank of America Corporation will file a Form S-4, MBNA will file a Proxy
Statement and both companies will file other relevant documents regarding this
transaction with the Securities and Exchange Commission (the "SEC"). MBNA will
mail the Proxy Statement/Prospectus to its stockholders. These documents will
contain important information about the transaction, and Bank of America and
MBNA urge you to read these documents when they become available.

You may obtain copies of all documents filed with the SEC regarding this
transaction, free of charge, at the SEC's website (www.sec.gov). You may also
obtain these documents, free of charge, from Bank of America's website
(www.bankofamerica.com) under the tab "About Bank of America" and then under the
heading "investor Relations" and then under the item "Complete SEC Documents".
You may also obtain these documents, free of charge, from MBNA's website
(www.MBNA.com) under the tab "About MBNA" and then under the heading "Investor
Relations" and then under the item "SEC Filings."

PARTICIPANTS IN THIS TRANSACTION
Bank of America Corporation and MBNA Corporation and their respective directors
and executive officers may be deemed participants in the solicitation of proxies
from stockholders in con-

nection with this transaction. Information about the directors and executive
officers of Bank of America and MBNA and information about other persons who may
be deemed participants in this transaction will be included in the Proxy
Statement/Prospectus. You can find information about Bank of America's executive
officers and directors in the Registrant's definitive proxy statement filed with
the SEC on March 28, 2005. You can find information about MBNA's executive
officers and directors in their definitive proxy statement filed with the SEC on
March 15, 2005. You can obtain free copies of these documents from the
Registrant or MBNA using the contact information above.