Exhibit 99.1

July 15, 2002

Investors may contact:
Kevin Stitt, Bank of America, 704.386.5667
Lee McEntire, Bank of America, 704.388.6780
Media may contact:
Eloise Hale, Bank of America, 704.387.0013
eloise.hale@bankofamerica.com

Bank of America announces 13 percent increase in EPS
Strong Performance in Consumer Bank continues to lead growth;
Complemented by solid results in investment banking

CHARLOTTE - Bank of America Corporation today reported second quarter earnings
of $2.22 billion, or $1.40 per share (diluted), a 13 percent increase in
earnings per share from $2.02 billion, or $1.24 per share, reported a year ago.
The return on common equity was 18.5 percent.

The adoption of FAS No. 142 in the first quarter of 2002 eliminated the
amortization of goodwill, which impacts the company's expenses and net income.
Excluding goodwill amortization in the second quarter of 2001, net income and
earnings per share rose 2 percent and 5 percent, respectively.

The increase in second quarter results was driven by broad-based gains in
customer revenue and strong expense control, supported by progress in Six Sigma
productivity and quality initiatives. These improvements were somewhat offset by
a significant reduction in revenue from trading and equity investments.

"Our performance in the second quarter was led by strong growth in Consumer
Banking as the execution of our customer-focused strategy continued to deliver
results," said Kenneth D. Lewis, chairman and chief executive officer. "Given
market conditions, we were especially pleased to see solid growth in our
investment banking fees. Diligent expense management has complemented our
efforts to grow revenue across the company and has enabled us to continue to
deliver attractive results to our shareholders."

Net income for the first half of 2002 was $4.40 billion, or $2.77 per share
(diluted), a 16 percent increase in earnings per share, from $3.89 billion, or
$2.39 per share, a year ago. Excluding goodwill amortization in the first half
of 2001, net income and earnings per share rose 5 percent and 7 percent,
respectively.

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Second quarter highlights (compared to a year ago)

Financial highlights

. Shareholder Value Added (SVA) grew 5 percent to $834 million.

. Average customer deposits grew 7 percent to $326 billion.

. Nonperforming assets declined from a year earlier and remained
essentially unchanged with levels in the first quarter of 2002.

. Investment banking income grew 2 percent as the demand for fixed
income products continued to be strong. Modest growth in equities and
a solid advisory business were also contributors.

. Investment and brokerage service revenue grew 12 percent due to
increased customer activity.

. Active debit cards increased 8 percent and purchase volumes rose 15
percent from a year ago, as more customers began using debit cards.
Average managed consumer credit card outstandings were up 12 percent
from last year, driven by new account purchase volume and an increase
in balance transfers.

. Corporate service charges grew 11 percent due to higher fees paid in
lieu of compensating balances as a result of a lower rate environment.

. Greater customer activity and the addition of new customers drove a 3
percent increase in consumer service charges.

Customer highlights

. Net new checking accounts increased by more than 126,000 from the
first quarter 2002, as the company attracted new customers with its
new My Access Checking product and also retained and deepened
relationships with existing customers.

. During the second quarter, the company offered free online bill pay to
new subscribers in an effort to attract customers and encourage
existing customers to pay bills online. As a result, active users of
online banking climbed 14 percent from the first quarter of 2002 to
3.8 million while active bill pay customers increased 20 percent to
more than 1 million - the most users in the industry.

. The company launched the SafeSend debit card product that allows
consumers to send money to Mexico more efficiently and reduces fraud,
helping the company support and strengthen its multi-cultural strategy
by better meeting the needs of its diverse customer base.

. The company launched the Visa CashPay payroll card, a new debit card
that allows companies to pay employees with a reusable debit card. The
debut of this card is part of the company's strategy for making
payment exchange easier for customers.

Page 3

Revenue

Revenue declined 1 percent from the previous year to $8.74 billion, as modest
growth in fully taxable-equivalent net interest income was offset by a decline
in market-related revenue.

Fully taxable-equivalent net interest income rose 3 percent to $5.26 billion, as
the company continued to benefit from low interest rates and higher consumer
loan and deposit levels as well as higher trading-related revenue, partially
offset by the exit of the subprime real estate business and reduced commercial
loan levels.

Noninterest income declined 7 percent to $3.48 billion, primarily due to lower
trading revenue and equity investment losses.

In connection with asset/liability management, the company realized $93 million
in net securities gains.

Efficiency

At $4.49 billion, expenses were down 7 percent from a year ago (adjusted for
amortization of goodwill, expenses decreased 4 percent). The efficiency ratio
improved to 51.34 percent.

Credit quality

Credit quality continued to be impacted by the economic slowdown and uncertain
market conditions.

... Provision for credit losses of $888 million was up $88 million from a year
ago. Provision was up 6 percent from $840 million in the first quarter of
2002.

... Net charge-offs were $888 million, or 1.06 percent of loans and leases, up
from $787 million, or 0.82 percent, a year ago. The increase in charge-offs
was primarily concentrated in the consumer bankcard portfolio due to a 29
percent increase in on-balance sheet outstandings and the impact of the
rise in unemployment and personal bankruptcy filings. Commercial net
charge-offs increased $33 million, or 7 percent, from a year ago. Excluding
bankcard and the subprime lending business, other consumer-related
charge-offs remained essentially unchanged from a year ago. Total net
charge-offs increased $48 million, or 6 percent, from the first quarter of
2002.

... Nonperforming assets were $4.9 billion, or 1.45 percent of loans, leases
and foreclosed properties at June 30, 2002, down 20 percent from $6.2
billion, or 1.63 percent, a year earlier. The decrease in nonperforming
assets from a year ago is due to the exit of the subprime lending business
and the company's risk management program, which includes an aggressive
strategy to shed problem credits. Nonperforming assets remained essentially
unchanged with levels in the first quarter of 2002.

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... The allowance for credit losses was 2.02 percent of loans and leases on
June 30, 2002, an increase in coverage of 20 basis points from 1.82 percent
a year ago. The allowance for credit losses, at $6.9 billion, represented
148 percent of nonperforming loans, up from 118 percent a year ago. The
allowance remained essentially unchanged from the first quarter of 2002.

Capital management

Total shareholders' equity was $47.8 billion at June 30, 2002, down 3 percent
from a year ago and represented 7.48 percent of period-end assets of $638
billion. The preliminary Tier 1 Capital Ratio was 8.09 percent, an increase of
19 basis points from a year earlier.

During the quarter, Bank of America repurchased 51.2 million shares and issued
22.3 million shares for stock options. Average common shares outstanding were
1.53 billion, down 4 percent from 1.60 billion a year earlier and 1 percent from
the first quarter of 2002.

Business segment results

To present comparable business segment results, earnings and expenses for the
second quarter of 2001 have been adjusted to exclude goodwill amortization.

Consumer and Commercial Banking

Consumer and Commercial Banking (CCB) earned $1.44 billion, up 7 percent from a
year ago. Total revenue grew 6 percent while expenses increased 2 percent.
Return on equity was 31.4 percent and SVA grew 14 percent to $936 million.

Net interest income increased 7 percent to $3.51 billion, driven by growth in
consumer loans and deposits as well as the interest rate environment. Consumer
loans grew 16 percent, primarily from residential mortgages and credit cards,
driving a 2 percent increase in average loans. Commercial loan levels declined
13 percent.

Average customer deposits grew 6 percent, as new customers opened checking
accounts and consumers moved assets into deposit products with greater liquidity
during uncertain market conditions. Growth in consumer deposits continued to be
led by increases in money market savings and checking account balances.

Noninterest income was up 5 percent to $2.02 billion, driven by higher consumer
service charges from increased customer activity, growth in new customers,
increased use of debit cards by customers and higher commercial account service
charges, slightly offset by lower mortgage banking income due to lower servicing
levels.

Page 5

Global Corporate and Investment Banking

Global Corporate and Investment Banking (GCIB) earned $560 million, a 12 percent
increase from last year. While revenue declined 4 percent to $2.36 billion, the
provision for loan losses decreased 15 percent and expenses declined 10 percent.
Return on equity was 20.2 percent and SVA increased $137 million to $236
million.

Net interest income was up 4 percent to $1.23 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 $752 million, down 11 percent from last year's
strong results primarily due to weaker demand for equity products.

Despite the challenging environment, investment banking income increased 2
percent to $442 million from last year. These results were driven by the
continued strong demand for fixed-income debt products and higher equity
underwriting and advisory services income.

Asset Management

Asset Management earnings decreased 42 percent from a year ago to $72 million,
primarily due to one large charge-off. Provision for credit losses rose to $144
million from $63 million a year earlier. Revenue of $624 million was slightly
below last year while expenses declined 2 percent, even as the company made
business investments for the future. Return on equity was 12.4 percent and SVA
declined $58 million to $3 million.

Assets under management grew 2 percent, or $6 billion, to $297 billion. This
increase was driven by the growth in the Nations Funds family of money market
mutual funds.

In an effort to increase its distribution capabilities to better serve the
financial needs of clients across the franchise, Asset Management continued to
hire top talent during the quarter. The company is on track to reach its goal of
increasing its number of licensed financial advisors and relationship managers
by 20 percent by the end of 2002.

Equity Investments

Equity Investments reported a loss of $53 million, compared to earnings of $37
million a year ago. In Principal Investing, cash gains and fair market
adjustments were approximately $170 million in the second quarter, offset by
impairments of approximately $215 million.

Page 6

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.

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 second quarter results in a conference call at 9:30 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/.

Forward Looking Statements
This press release contains forward looking statements including, without
limitation, statements about 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 may cause actual results to differ materially from such statements
include, among others, the following: 1) projected business increases following
process change and other investments are lower than expected; 2) competitive
pressure among financial services companies increases significantly; 3) general
economic conditions are less favorable than expected; 4) changes in the interest
rate environment reduce interest margins and impact funding sources; 5) changes
in market rates and prices may adversely impact the value of financial products;
6) legislation or regulatory requirements or changes adversely affect the
businesses in which the company is engaged; 7) litigation liabilities, including
costs, expenses, settlements and judgments, may adversely affect the Corporation
and its businesses; and 8) decisions to downsize, sell or close units or
otherwise change the business mix of the company. For further information,
please read the Bank of America reports filed with the SEC and available at
www.sec.gov.

Bank of America

Three Months Six Months
Ended June 30 Ended June 30
-------------------------- ---------------------------
2002 2001 2002 2001
---------- ------------ ----------- -------------
(Dollars in millions, except per share data; shares in thousands)

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

Earnings............................................................ $ 2,221 $ 2,023 $ 4,400 $ 3,893
Earnings per common share....................................... 1.45 1.26 2.86 2.42
Diluted earnings per common share............................... 1.40 1.24 2.77 2.39

Dividends per common share.......................................... 0.60 0.56 1.20 1.12
Closing market price per common share............................... 70.36 60.03 70.36 60.03
Average common shares issued and outstanding........................ 1,533,783 1,601,537 1,538,600 1,605,193
Average diluted common shares issued and outstanding................ 1,592,250 1,632,964 1,586,836 1,631,892

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

Net interest income................................................. $ 5,262 $ 5,117 $ 10,509 $ 9,838
Noninterest income.................................................. 3,481 3,741 6,921 7,521
---------- ------------ ----------- -------------
Total revenue....................................................... 8,743 8,858 17,430 17,359
Provision for credit losses......................................... 888 800 1,728 1,635
Gains (losses) on sales of securities............................... 93 (7) 137 (15)
Noninterest expense................................................. 4,490 4,821 8,984 9,475
---------- ------------ ----------- -------------
Income before income taxes.......................................... 3,458 3,230 6,855 6,234
Income taxes - including taxable-equivalent basis adjustment........ 1,237 1,207 2,455 2,341
---------- ------------ ----------- -------------
Net income.......................................................... $ 2,221 $ 2,023 $ 4,400 $ 3,893
========== ============ =========== =============

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

Loans and leases.................................................... $ 335,684 $ 383,500 $ 331,765 $ 385,683
Managed loans and leases............................................ 342,238 394,065 339,294 396,351
Securities.......................................................... 67,291 55,719 70,399 55,472
Earning assets...................................................... 562,192 567,628 555,688 564,544
Total assets........................................................ 646,599 655,557 642,163 652,147
Deposits............................................................ 365,986 363,348 365,198 359,504
Shareholders' equity................................................ 48,274 48,709 47,867 48,290
Common shareholders' equity......................................... 48,213 48,640 47,805 48,219

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

Return on average assets............................................ 1.38 % 1.24 % 1.38 % 1.20 %
Return on average common shareholders' equity....................... 18.47 16.67 18.55 16.27
Efficiency ratio.................................................... 51.34 54.44 51.54 54.58

Net interest yield.................................................. 3.75 3.61 3.80 3.50
Shareholder value added ............................................ $ 834 $ 791 $ 1,666 $ 1,470

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

Net charge-offs..................................................... $ 888 $ 787 $ 1,728 $ 1,560
% of average loans and leases................................... 1.06 % 0.82 % 1.05 % 0.82 %
Managed bankcard net charge-offs as a % of average
managed bankcard receivables.................................... 5.59 4.94 5.51 4.66

/(1)/ The three months ended June 30, 2001 included goodwill amortization of
$169 million. The impact on net income was $155 million, or $0.09 per
share.
The six months ended June 30, 2001 included goodwill amortization of $337
million. The impact on net income was $314 million, or $0.19 per share.

Bank of America - Continued

At June 30
---------------------------------------
2002 2001
-------------------- ---------------
(Dollars in millions, except per share data; shares in thousands)

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

Loans and leases.................................................... $ 340,394 $ 380,425
Securities.......................................................... 83,163 54,577
Earning assets...................................................... 552,416 538,926
Total assets........................................................ 638,448 625,525
Deposits............................................................ 360,769 363,486
Shareholders' equity................................................ 47,764 49,302
Common shareholders' equity......................................... 47,704 49,234
Per share....................................................... 31.47 30.75

Total equity to assets ratio (period end)........................... 7.48 % 7.88 %

Risk-based capital ratios:/(2)/
Tier 1......................................................... 8.09 7.90
Total.......................................................... 12.42 12.09

Leverage ratio...................................................... 6.47 6.50

Period-end common shares issued and outstanding .................... 1,515,667 1,601,126

Allowance for credit losses......................................... $ 6,873 $ 6,911
Allowance for credit losses as a % of loans and leases.............. 2.02 % 1.82 %
Allowance for credit losses as a % of nonperforming loans........... 148 118
Nonperforming loans................................................. $ 4,642 $ 5,849
Nonperforming assets(3)............................................. 4,939 6,195
Nonperforming assets as a % of:
Total assets................................................... .77 % .99 %
Loans, leases and foreclosed properties........................ 1.45 1.63
Nonperforming loans as a % of loans and leases...................... 1.36 1.54

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

Full-time equivalent employees...................................... 135,489 144,287
Number of banking centers........................................... 4,232 4,259
Number of ATM's..................................................... 12,827 12,860

BUSINESS SEGMENT RESULTS

Consumer and Global Corporate
Commercial Asset and Investment Equity Corporate
Banking Management Banking Investments Other
------------ ---------- ---------------- ----------- ---------

Three months ended June 30, 2002
Total revenue................................ $ 5,527 $ 624 $ 2,359 $ (78) $ 311
Net income................................... 1,443 72 560 (53) 199
Shareholder value added...................... 936 3 236 (118) (223)
Return on equity............................. 31.4 % 12.4 % 20.2 % (9.9) % n/m
Average loans and leases..................... $ 182,863 $ 23,666 $ 63,927 $ 448 $ 64,780

Three months ended June 30, 2001
Total revenue................................ $ 5,212 $ 631 $ 2,446 $ 78 $ 491
Net income (4) .............................. 1,241 113 472 36 161
Shareholder value added...................... 823 61 99 (34) (158)
Return on equity............................. 25.9 % 20.3 % 13.8 % 5.9 % n/m
Average loans and leases..................... $ 178,534 $ 24,352 $ 86,528 $ 491 $ 93,595

n/m = not meaningful
(2) 2002 ratios are preliminary.
(3) 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 certain consumer finance businesses.
(4) Includes goodwill amortization of $103 million for Consumer and Commercial
Banking, $12 million for Asset Management, $27 million for Global Corporate
and Investment Banking, $2 million for Equity Investments and $11 million
for Corporate Other.