Exhibit 99.1

April 15, 2002

Investors may contact:
Kevin Stitt, Bank of America, 704.386.5667
Lee McEntire, Bank of America, 704.388.6780
Media may contact:
Shirley Norton, Bank of America, 704.386.8465
shirley.norton@bankofamerica.com

Bank of America announces 20 percent increase in first quarter EPS
Results driven by strong performance in Consumer and Commercial Banking

CHARLOTTE - Bank of America Corporation today reported first quarter earnings of
$2.18 billion, or $1.38 per share (diluted), a 20 percent increase in earnings
per share from $1.87 billion, or $1.15 per share, a year ago. The return on
common equity was 18.6 percent.

(In 2002, new accounting rules under generally accepted accounting principles
(GAAP) eliminated the amortization of goodwill. The impact of goodwill
amortization to net income in the first quarter of 2001 was $159 million, or
$.10 per share.)

"We continued to benefit from our diversified business mix this quarter, which
enabled us to generate double-digit earnings per share growth in the current
economic environment," said Kenneth D. Lewis, chairman and chief executive
officer. "Our results clearly demonstrate the progress we are making in the
execution of our customer-focused strategy, the enhancements generated from our
Six Sigma program and the improvement in our risk management processes."

First quarter highlights (compared to a year ago)
- -------------------------------------------------

Financial highlights
- --------------------

. Shareholder Value Added (SVA) grew $153 million, or 23 percent, to $832
million.

. The Tier 1 Capital Ratio rose 96 basis points to 8.61 percent.

. Mortgage banking income grew 59 percent led by continued strength in
origination volume and margins.

. Corporate service charges grew 14 percent due to higher fees paid in a
lower rate environment.

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Strategic highlights
--------------------

. Active debit cards increased 9 percent and purchase volumes rose 14 percent
from a year ago, due to increased customer activity. Average managed
outstandings in bankcard were up 15 percent from last year, driven by new
account purchase volume and higher customer retention.

. During the quarter, the company began to deploy LoanSolutions, a new
end-to-end consumer real estate credit solution. This sophisticated sales
tool will enable banking center employees to provide customers with point
of sale loan decisions on a range of primary mortgages, as well as other
real estate-related credit products. By the end of 2002, more than 3,000
banking centers in major markets will be able to offer customers loan
products through LoanSolutions.

. Average customer deposits grew 8 percent to $322 billion, as the company
attracted new customers and deepened existing customer relationships.
Period-end customer deposit levels exceeded loans, which lowers the
company's cost of funding its balance sheet.

. Net new checking accounts increased by more than 120,000 in the first
quarter.

. Active users of online banking climbed to 3.3 million, more than any other
bank, while bill pay customers increased to more than 1 million.

. In deepening relationships with key corporate clients and expanding its
investment banking business, Banc of America Securities (BAS) gained market
share in asset-backed securities, syndicated and leveraged loans and
high-yield and high-grade debt issuance.

Revenue
- -------

Revenue grew 2 percent from the previous year to $8.69 billion.

Fully taxable-equivalent net interest income rose 11 percent to $5.25 billion,
as the company continued to benefit from low interest rates, a steeper yield
curve and higher deposit levels, partially offset by reduced commercial loan
levels. Combined, these factors resulted in a 46 basis-point improvement in the
net interest yield to 3.85 percent.

Noninterest income declined 9 percent to $3.44 billion, primarily due to lower
trading activity and equity investment gains, which were both negatively
impacted by the economic slowdown.

In connection with its balance sheet management strategy, the company realized
$44 million in securities gains.

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Efficiency
- ----------

Excluding the impact of goodwill amortization, expenses remained essentially
unchanged from a year ago at $4.49 billion. The efficiency ratio improved more
than 100 basis points to 51.74 percent.

Credit quality
- --------------

Credit quality continued to be impacted by the economic slowdown.

. Provision for credit losses of $840 million was essentially unchanged from
$835 million last year. Provision was down 40 percent from $1.4 billion in
the fourth quarter of 2001.

. Net charge-offs were $840 million, or 1.04 percent of loans and leases, up
from $772 million, or 0.81 percent, a year ago. Commercial charge-offs
decreased $22 million from a year ago. An increase in consumer bankcard
outstandings and personal bankruptcy filings along with the rise in
unemployment contributed to a $90 million increase in consumer charge-offs
from a year earlier. Total charge-offs decreased $354 million, or 30
percent, from the fourth quarter of 2001.

. Nonperforming assets were $5.0 billion, or 1.51 percent of loans, leases
and foreclosed properties at March 31, 2002, down from $5.9 billion, or
1.54 percent, a year earlier. The 15 percent decrease in nonperforming
assets from a year ago is due to the exit of the subprime lending business
and an aggressive program to shed problem credits. Nonperforming assets
increased 1.7 percent, or $84 million, from the fourth quarter of 2001.

. The allowance for credit losses was 2.07 percent of loans and leases on
March 31, 2002, an increase in coverage of 27 basis points from 1.80
percent a year ago. The allowance for credit losses, at $6.9 billion,
represented 149 percent of nonperforming loans, up from 123 percent from a
year ago. The allowance for credit losses remained essentially unchanged
from fourth quarter 2001.

Capital management
- ------------------

Total shareholders' equity was $48.2 billion at March 31, 2002, down slightly
from a year ago and represented 7.77 percent of period-end assets of $620
billion. The Tier 1 Capital Ratio was 8.61 percent, an increase of 96 basis
points from a year ago and 31 basis points from the December 31, 2001 level.

During the quarter, Bank of America repurchased 31.2 million shares,
representing an investment in Bank of America stock of approximately $2.0
billion. Average common shares outstanding were 1.54 billion in the first
quarter, down 4 percent from 1.61 billion a year earlier and 2 percent from the
fourth quarter of 2001.

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Consumer and Commercial Banking
- -------------------------------

Consumer and Commercial Banking (CCB) earned $1.42 billion, up 11 percent from a
year ago, excluding goodwill amortization. Total revenue grew 10 percent while
expenses increased 7 percent, excluding goodwill amortization. Return on equity
was 30.6 percent and SVA grew $151 million to $905 million.

Net interest income increased 13 percent to $3.51 billion, driven by both
consumer loan and deposit growth. Average loans grew 4 percent, led by consumer
loan growth of 20 percent, primarily in residential first mortgage and credit
card.

Average customer deposits grew 7 percent, due to the continued success of the
company's pricing strategy and as a result of consumers moving assets into
deposit products with greater liquidity during the economic slowdown. Consumer
deposit growth continued to be led by increases in money market savings and
checking account balances.

Noninterest income was up 5 percent to $1.97 billion, driven by higher
commercial service charges and mortgage banking income.

Global Corporate and Investment Banking
- ---------------------------------------

Global Corporate and Investment Banking (GCIB) earned $503 million, 13 percent
below last year, excluding goodwill amortization. This was due to weak equity
markets and a 7 percent increase in provision. Revenue declined 5 percent to
$2.33 billion while expenses decreased 3 percent, excluding goodwill
amortization. Return on equity was 17.8 percent and SVA decreased $9 million to
$172 million.

Net interest income was up 17 percent to $1.22 billion from a year ago,
primarily driven by trading-related activities and lower funding costs. Total
trading-related revenue in GCIB, which includes trading-related net interest
income and trading fees, was $793 million, down 26 percent from last year's
record results primarily due to declines in equity products.

Investment banking income remained essentially unchanged at $328 million from
last year, despite the challenging environment. The increase in fees from the
strong demand for fixed income debt products coupled with a stable advisory
business helped to offset lower demand for equity products resulting from the
weakness in the equity markets.

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Asset Management
- ----------------

Asset Management earnings increased slightly to $142 million from a year ago,
excluding goodwill amortization, even with significantly higher credit costs.
Revenue of $602 million was slightly below last year's results while expenses
declined 7 percent, excluding goodwill amortization. Return on equity was 24.9
percent and SVA remained essentially unchanged at $75 million.

Assets under management grew 10 percent, or $28 billion, to $315 billion,
despite the impact of lower stock valuations. This increase was driven by the
growth in the Nations Funds family of money market mutual funds.

Equity Investments
- ------------------

Equity Investments reported a loss of $32 million, compared to earnings of $33
million a year ago. Principal Investing reported cash gains of $150 million and
portfolio impairments of $140 million.

One of the world's leading financial services companies, Bank of America is
committed to making banking work for customers and clients like it never has
before. Through innovative technologies and the ingenuity of its people, Bank of
America provides individuals, small businesses and commercial, corporate and
institutional clients across the United States and around the world new and
better ways to manage their financial lives. The company enables customers to do
their banking and investing whenever, wherever and however they choose through
the nation's largest financial services network, including approximately 4,400
domestic offices and 13,000 ATMs, as well as 38 international offices serving
clients in 190 countries, and an Internet Web site that provides online access
for more than 3 million active users, more than any other bank.

Bank of America stock (ticker: BAC) is listed on the New York, Pacific and
London stock exchanges. The company's Web site is www.bankofamerica.com. News,
speeches and other corporate information may be found at
www.bankofamerica.com/newsroom.

Additional financial tables are available at www.bankofamerica.com/investor/.

NOTE: James H. Hance Jr., vice chairman and chief financial officer, will
discuss first quarter results in a conference call at 10:00 a.m. (Eastern Time)
today. The call can be accessed via a Webcast available on the Bank of America
Web site at http://www.bankofamerica.com/investor/.

Page 6

Forward Looking Statements
- --------------------------
This press release contains forward-looking statements, including without
limitation, the Corporation's financial conditions, results of operations and
earnings outlook. These forward-looking statements involve certain risks and
uncertainties. Actual conditions, results and earnings may differ materially
from those contemplated by such forward-looking statements. Factors that could
cause this difference include, among others, the following: 1) Projected
business increases following process changes and other investments are lower
than expected; 2) competitive pressure among financial services companies
increases significantly; 3) costs or difficulties related to the integration of
acquisitions are greater than expected; 4) general economic conditions,
internationally, nationally or in the states in which the company does business
are less favorable than expected; 5) changes in the interest rate environment
reduce interest margins and affect funding sources; 6) changes in market rates
and prices may adversely affect the value of financial products; 7) legislation
or regulatory requirements or changes may adversely affect the businesses in
which the company is engaged; 8) litigation liabilities, including without
limitation, costs, expenses, settlements and judgements, that may adversely
affect the Corporation or its businesses; and 9) decisions to downsize, sell or
close units or otherwise change the business mix of the company. For further
information, please refer to the Bank of America reports filed with the SEC.

Bank of America

Three months
Ended March 31
------------- -----------
2002 2001
------------- -----------
(Dollars in millions, except per share data; shares in thousands)

Financial Summary /(1)/
- ----------------------

Earnings ....................................................................... $ 2,179 $ 1,870
Earnings per common share .................................................. 1.41 1.16
Diluted earnings per common share .......................................... 1.38 1.15

Dividends per common share ..................................................... 0.60 0.56
Closing market price per common share .......................................... 68.02 54.75
Average common shares issued and outstanding ................................... 1,543,471 1,608,890
Average diluted common shares issued and outstanding ........................... 1,581,848 1,631,099

Summary Income Statement /(1)/
- -----------------------------
(Taxable-equivalent basis)

Net interest income ............................................................ $ 5,247 $ 4,721
Noninterest income ............................................................. 3,440 3,780
----------- ----------
Total revenue .................................................................. 8,687 8,501
Provision for credit losses .................................................... (840) (835)
Gains (losses) on sales of securities .......................................... 44 (8)
Noninterest expense ............................................................ (4,494) (4,654)
----------- ----------
Income before income taxes ..................................................... 3,397 3,004
Income taxes - including taxable-equivalent basis adjustment ................... 1,218 1,134
----------- ----------
Net income ..................................................................... $ 2,179 $ 1,870
=========== ==========

Summary Average Balance Sheet
- -----------------------------

Loans and leases................................................................ $ 327,801 $ 387,889
Managed loans and leases........................................................ 336,357 398,661
Securities...................................................................... 73,542 55,221
Earning assets.................................................................. 549,111 561,427
Total assets.................................................................... 637,678 648,698
Deposits........................................................................ 364,403 355,618
Shareholders' equity............................................................ 47,456 47,866
Common shareholders' equity..................................................... 47,392 47,794

Performance Indices /(1)/
- ------------------------

Return on average assets........................................................ 1.39% 1.17%
Return on average common shareholders' equity................................... 18.64 15.86
Efficiency ratio................................................................ 51.74 54.73

Net interest yield.............................................................. 3.85 3.39
Shareholder value added ........................................................ $ 832 $ 679

Credit Quality
- --------------

Net charge-offs................................................................. $ 840 $ 772
% of average loans and leases............................................... 1.04% 0.81%
Managed bankcard net charge-offs as a % of average
managed bankcard receivables................................................ 5.43 4.37

(1) First Quarter 2001 included goodwill amortization of $168 million. The
impact on net income was $159 million, or $0.10 per share.

Bank of America - Continued

March 31
-------------------------
2002 2001
------------ -----------
(Dollars in millions, except per share data; shares in thousands)

Balance Sheet Highlights
- ------------------------

Loans and leases..................................................... $ 331,210 $ 382,677
Securities........................................................... 75,343 50,378
Earning assets....................................................... 534,564 522,698
Total assets......................................................... 619,921 609,755
Deposits............................................................. 367,200 352,460
Shareholders' equity................................................. 48,169 48,886
Common shareholders' equity.......................................... 48,107 48,815
Per share........................................................ 31.15 30.47

Total equity to assets ratio (period end)............................ 7.77% 8.02%

Risk-based capital ratios:
Tier 1.......................................................... 8.61 7.65
Total........................................................... 13.11 11.84

Leverage ratio....................................................... 6.72 6.41

Period-end common shares issued and outstanding 1,544,521 1,601,984

Allowance for credit losses.......................................... $ 6,869 $ 6,900
Allowance for credit losses as a % of loans and leases............... 2.07% 1.80%
Allowance for credit losses as a % of nonperforming loans............ 149 123
Nonperforming loans.................................................. $ 4,601 $ 5,620
Nonperforming assets/(1)/............................................ 4,992 5,897
Nonperforming assets as a % of:
Total assets.................................................... .81% .97%
Loans, leases and foreclosed properties......................... 1.51 1.54
Nonperforming loans as a % of loans and leases....................... 1.39 1.47

Other Data
- ----------

Full-time equivalent employees....................................... 137,240 143,584
Number of banking centers............................................ 4,246 4,323
Number of ATM's...................................................... 13,161 12,843

BUSINESS SEGMENT RESULTS
Three months ended March 31, 2002

Net Avg Loans Return on
Total Revenue Income and Leases Equity
------------- --------- ----------- ---------

Consumer and Commercial Banking.................... $ 5,487 $ 1,418 $ 183,882 30.6%
Asset Management................................... 602 142 24,171 24.9
Global Corporate and Investment Banking............ 2,326 503 65,196 17.8
Equity Investments................................. (24) (32) 427 (6.2)
Corporate Other.................................... 296 148 54,125 4.7

n/m = not meaningful

(1) In the third quarter of 2001, $1.2 billion of nonperforming subprime real
estate loans were transferred to loans held for sale as a result of the exit of
subprime real estate lending business.