Bank of America

2 0 0 0   S u m m a r y   A n n u a l   R e p o r t

grow

Financial Highlights
Bank of America Corporation and Subsidiaries

(Dollars in millions, except per share information)

For the Year – Operating Results(1)
Revenue(2)
Net income
Shareholder value added
Earnings per common share
Diluted earnings per common share
Dividends paid per common share
Return on average assets
Return on average common shareholders’ equity
Efficiency ratio
Average common shares issued and 

outstanding (in millions)

For the Year – Cash Basis Financial Data(1) (3)
Earnings per common share
Diluted earnings per common share
Return on average tangible assets
Return on average tangible common

shareholders’ equity

Efficiency ratio

Year Ended December 31

2 0 0 0

1 9 9 9

$

$

33,253
7,863
3,081
4.77
4.72
2.06
1.17%

16.70
54.38

$

32,521
8,240
3,544
4.77
4.68
1.85
1.34%

17.70
55.30

1,646

1,726

$

5.30
5.24
1.33%

5.28
5.19
1.52%

26.06
51.78

28.46
52.57

At Year End
Total assets
Total loans and leases
Total deposits
Total shareholders’ equity
Common shareholders’ equity
Book value per common share
Market price per share of common stock
Common shares issued and outstanding (in millions)

$ 642,191
392,193
364,244
47,628
47,556
29.47
45.88
1,614

$ 632,574
370,662
347,273
44,432
44,355
26.44
50.19
1,677

2000 Revenue*
($ in millions)

Equity 
Investments
$864

Asset 
Management
$2,284

$20,621

$8,965

Consumer and 
Commercial 
Banking

Global Corporate and
Investment Banking

2000 Net Income*
($ in millions)

Consumer and 
Commercial 
Banking

Equity Investments
$460

Asset 
Management

$601

$4,643

$2,052

Global Corporate and
Investment Banking

(1) Excludes after-tax merger and restructuring charges of $346 million for 2000 and $358 million for 1999.
(2) Includes net interest income on a taxable-equivalent basis and noninterest income.
(3) Cash basis calculations exclude goodwill and other intangible assets and their related amortization expense.

*Excludes Corporate Other.

Contents

2. Letter from Chairman

7. Summary of Financial Performance

24.

Internet and e-Commerce

25.

Investment Banking

8. Letter from President

12. Serving Consumers

14. Asset Management

15. Card and Payment Services

18. Serving Small Businesses

22. Serving the Middle Market

28. Serving Large Corporations and the Institutional Market

30. Consolidated Statement of Income

31. Consolidated Balance Sheet

32. Report of Independent Accountants / 

Principal Officers and Board of Directors

Corporate Information (inside back cover)

In advertisements appearing nationwide, Bank of America
asks: why not? grow. The phrase is intended to

inspire people to think about the endless opportunities

life presents and how we can help them turn those

opportunities into reality. We are committed to growing

our relationships with customers and clients, to expanding

our share of market, to increasing revenue and earnings

and to building shareholder value. To do that, we must

add value, take away obstacles to doing business with us,

multiply the choices we offer customers and clients and

divide resources appropriately to improve the customer
grow

experience. That’s why we say

.

1

Looking Back, Forging Ahead

TO   O U R   S H A R E H O L D E R S : This will be my final letter to you as chairman and chief executive officer of 
your company. 

In the fall of 1998, when we created the new Bank of America, the board of directors asked me to remain as
CEO past the normal retirement age. I agreed to stay on long enough to see us through the merger transition and
set the company on a strong course for the future. While we clearly have many challenges still to face, it is my
judgment that we have largely reached these milestones. As such, I have decided the time is right to hand the
reins of your company to a new generation of leadership.

To this end, I have informed our board of directors that I will retire from the company on April 25, 2001
at our annual shareholders meeting. The board, in turn, has named Kenneth D. Lewis, currently president and
chief operating officer of your company, chairman-elect and CEO-elect. Mr. Lewis will assume those offices
immediately upon my retirement. 

A   Ye a r   o f   Pr o g r e s s   a n d   Ch a l l e n g e s In 2000, our company had operating earnings of $7.86 billion on
revenues of more than $33 billion and a return on common equity of 16.7%. In the 18 months ended December 31,
we repurchased 146 million shares of our common stock at an investment of $8.1 billion, reducing our shares out-
standing by 8%. A more complete description of the year’s financial results can be found on page 7.

Grow a Reputation Bank of America continues
to achieve industry prominence and earn
awards and citations from a broad range of
organizations for its business successes, work-
place innovations and contributions to its com-
munities. Following are highlights from 2000:

2

Received NAACP Corporate
Excellence Award and scored
highest rank in NAACP’s first
consumer report card on the
banking industry.

Ranked by Working
Mother magazine as one
of the nation’s top 10
companies for working
mothers.

We made significant progress in executing our corporate strategy, which, as I wrote
last year, calls for us to integrate the delivery of our products and services on behalf of
our customers; reward customers for bringing us more of their business; and align our
financial and intellectual resources with revenue opportunities and customer solutions.
I’ve asked Ken, as the chief architect of this growth strategy and the leader responsible
for tactical execution, to report on this progress in a separate President’s Letter to
Shareholders. You will find Ken’s letter on page 8.

Strategic and tactical progress notwithstanding, our financial performance in 2000
was disappointing, as we missed our annual financial goals for growth in revenue, net
income and earnings-per-share by significant margins. The weakness in these financial
results – and the resulting weakness in our stock price – was due to several factors.

First, along with the rest of our industry, our earnings and our stock came under

pressure from higher interest rates, as we predicted last year. Prior to this month’s cuts
in short-term interest rates, the Federal Open Market Committee of the Federal Reserve
Board raised short-term interest rates six times dating back to June of 1999 for a total of
175 basis points, increasing the cost of capital and narrowing margins. 

Second, in the fall, strong earnings gains in core businesses began to be offset by
weakening credit quality in the corporate sector. It is becoming increasingly clear that
the credit quality situation is more than an anomaly; rather, we appear to be on the front
end of an overall weakening in the credit cycle that will more than likely continue to
impact earnings well into 2001.

That said, we believe that Bank of America is better-positioned than most other
banks to withstand an economic slowdown and accompanying decline in credit quality.
In fact, with more than $50 billion in capital and reserves and pre-tax operating income
of more than $3 billion per quarter, we are well-prepared to weather the inevitable ups
and downs in the credit cycle. We have taken a number of specific actions to attempt to
mitigate this increase in credit risk, including rigorous reviews of our portfolio, lowering
limits, tightening underwriting and hedging where possible. We also believe that we will
benefit in relation to our competitors in the months to come from our size, geographic
reach and the diversity in our loan portfolio. 

Third, while we are seeing strong initial results of strategy execution in many areas
of the bank, overall progress has not been as rapid as we projected. We took several
aggressive steps last year to speed the transformation of the company, including our
decision in July to reduce middle-management positions dramatically, which is stream-
lining the organization, moving decision-making closer to the customer and freeing up
funds for investment in growth opportunities. Other initiatives include a company-wide
effort to bring performance measurements and incentive plans into alignment with new
strategic and tactical goals, and customer service improvements that have resulted in
consistently better rates of customer satisfaction. 

Although I am as disappointed as any other shareholder in the performance of our
stock, I must reiterate what I wrote last year in this regard. Our company is undergoing a
transformation from top to bottom that is predicated on a long-term, customer-focused
strategy for internal growth. The evidence, as discussed briefly below and in more detail

Nations Funds mutual
funds topped $100
billion in assets.

Received the United
Way of America Spirit
of America Award.

Received the Distinguished
Corporate Award from the
U.S. Department of Com-
merce Minority Business
Development Agency.

3

throughout this report, shows that our strategy is working and that our primary growth
engines are gaining momentum in the marketplace.

The stock market, appropriately, continues to take a wait-and-see approach, even as
issues such as interest rates, credit quality and the slowing growth of the overall economy
present new challenges to strategic execution and make judgments about our long-term
earnings potential difficult. Despite these factors, I believe that our core businesses will
continue to grow and improve, and that, ultimately, the value they create will be
recognized by investors.

Th e   Co m pa ny   We’ ve   B u i lt In the midst of unmistakably difficult times, I remain
confident. There are good reasons for this confidence.

We are building this company with a clear vision of what we want to be for our

customers and clients. In short, we are building an organization that will provide greater
value, convenience, capability and expertise to more customers and clients than any other
company in the U.S. financial services industry. We may not want to be all things to all
people, but we do want to be the primary source of financial services to more people
and organizations than anyone else.

The major components necessary to turn this vision into reality are all in place.
We have the largest geographic retail banking franchise in the nation, with a leading
presence in all the country’s highest-growth markets. We do business with more than one
in three households within our franchise and more than 2 million U.S. businesses. Our
delivery network is unmatched, with more banking centers and ATMs than any competi-
tor, the busiest telephone banking call centers in the country and the largest Internet
banking customer base in the world. We offer a broad array of products and services,
enabling all our customers and clients – from individuals to corporations – to manage
their finances as a whole, easily and confidently. We have capital strength, visionary
leadership and more than 140,000 talented, dedicated associates working hard to accom-
plish shared goals.

With these pieces in place, we began the difficult task of pulling it all together and
making the machine run the way it was designed to run: not as a disjointed collection of
individual businesses, but as a unified whole that creates value for customers and clients.
This idea has everything to do with the articulation of our corporate strategy, which is to
integrate businesses, reward broad relationships and align resources effectively. Despite
the financial “noise” created by the factors cited above, the underlying evidence is that
the strategy is working.

For example, in our retail bank, a critical component of strategic execution is broad-

ening and deepening existing customer relationships. To reward customers for bringing
us more of their business, we are creating value packages that encourage customers to
expand their relationships with us from a single product up through several identified
multi-product service levels. The value proposition is quite simple: customers who hold
very few, basic Bank of America products – say, a checking account or a credit card –
are encouraged to consolidate their business with the bank, including savings and invest-
ments, brokerage services, auto or other consumer loans, mortgages or home equity 

Recognized by Global
Finance magazine as one
of the “Best Retail Internet
Banks” in North America. 

Named one of America’s top
companies for women’s
businesses by the Women’s
Business Enterprise
National Council.

CEO Hugh McColl received
Excelente Award for being
the “Most Supportive
Person of the Latin
American Community.”

4

loans, and other products and services. In return for bringing us more of their business,
these customers qualify for reduced fees, enhanced services and other benefits.

The results are positive, measurable and dramatic. Since the beginning of 1999,
customers in two of these service levels – Plus and Premier – each have increased by
more than 25%, even as our total number of retail customers has remained relatively
unchanged. The benefits for customers is clear. And so is the benefit to the bank: when
non-relationship households become Plus or Premier households, relationship-net-income
more than doubles.

Progress is evident in other high-growth businesses as well, including Asset
Management, where mutual fund assets grew 35% during the year, topping the $100 bil-
lion mark in August. Balances in Money Manager, our combined investing and banking
account, increased 65% to more than $20 billion. And while we expect that Global
Corporate and Investment Banking growth will slow this year due to weakened condi-
tions in the capital markets, this group continues to gain market share, breaking into
the top 10 in league table rankings in almost every significant product category, and will
be in a very strong position when the markets regain momentum.

At the same time our front line businesses are strengthening and expanding cus-
tomer relationships, our associates in technology and R&D continue to work toward
building the “digi-brick” institution we wrote about last year, combining the best of the
physical and virtual worlds to deliver a 21st-century financial services experience to our
customers. These associates are accomplishing this goal by implementing innovative
technology solutions, and by forming strategic partnerships with myriad new corporate
partners to give our customers access to all the newest capabilities they need. You can
read more about how we’re making good on this part of our vision on page 24.

Our associates are keeping their eyes on the ball and building this company for the

future. My judgment – which is supported by positive trends in customer service and
growth in our key businesses – is that we have the right business strategy and a sound
long-term plan. I continue to believe that when the dust settles and the clouds lift, Bank
of America will emerge as the best financial services company in the country, with a
stock price to match its fundamentally solid financial performance.

Lo o k i n g   A h e a d Today, the company we have built during the 17 years of my tenure as
CEO is positioned for great success. Our current challenges may delay that success. But
the potential, the plan, the resources and the leadership are all here in abundance, and the
combination of these assets gives me great confidence.

In my judgment, it also is important to remember that our company continues to be
a strong leader and a driving force for good in all the communities where we do busi-
ness. Business challenges have not caused us to diminish our community development
activities, as we announced last May that we exceeded our first-year target in our unprece-
dented $350 billion, ten-year commitment to investing in low-to moderate-income
American neighborhoods. The Bank of America Foundation also remains strong, as we
topped the list of U.S. corporate foundations measured by cash contributions, and won the 

Winner of National Real
Estate Investor’s 2000
Leadership Award for Top
Financial Firm.

Received Business Committee
for the Arts and Forbes maga-
zine Founder’s Award for
exceptional long-term leader-
ship and commitment to
alliances with the arts.

Certified as top-quality
provider of trade and cash
management services in
Asia by the International
Standards Organization.

5

coveted United Way Spirit of America Award, having excelled in all four major award cate-
gories: corporate contributions, employee campaigns, major gifts and volunteer programs.
I often have said that while a company’s highest priority must be achieving financial

results, its reason for being must be something quite different. People, after all, deter-
mine the ultimate success or failure of any organization, and people are seldom inspired
to greatness solely by means of material reward. Rather, we inspire hard work, determi-
nation, innovation and loyalty by building a company people believe in and care about.
And that means building a company that takes care of all its stakeholders: shareholders,
customers, associates and communities. 

In other words, while companies are frequently described in terms of the numbers
they generate – assets, revenue, net income or market capitalization – these numbers fail
to paint the full picture of the people who come together in an enterprise, day-in and
day-out, to work toward shared goals. In this regard, we view community development
activities, associate programs and philanthropy as part of the cultural foundation upon
which the company and its future success must be built. This is the legacy our past lead-
ers left to my stewardship, and it’s a legacy I am proud to pass on to my successors.
At the January 2001 meeting of the board, our directors unanimously chose Ken

Lewis to lead our company. Ken is a proven leader with tremendous management skill
and a strong vision for what Bank of America can become in the future. He inspires
the trust of his teammates, and will undoubtedly lead this company to overcome great
challenges and achieve great successes. Ken is supported by an outstanding executive
management team, which will work directly with him to lead our company.

I would like to congratulate Ken, and express the confidence I have in all our leaders
and their ability to fulfill our vision for Bank of America. I also would like to thank the
members of our board – in particular, Sol Trujillo, who retired from the board last year –
for their service and guidance. You all have my sincere gratitude.

As I prepare to bring my 41-year career here to a close, our company faces a new
beginning, even as the challenges to success have never been greater. However, with a
clear vision, plentiful resources, strong leadership and the best people in the industry, 
I know the future will be bright.

In closing, I would like to thank all of you for your support over the many years

I have had the privilege to occupy this position. And, as always, I welcome your thoughts
and suggestions.

Hugh L. McColl, Jr.
Chairman and Chief Executive Officer
January 25, 2001

Honored by Minority MBA
magazine as one of the
nation's top 10 companies
for corporate diversity and
opportunities for MBA
professionals of color.

Named best supplier of
banking services to small
business by Small Business
Computing magazine.

Named Large Employer
of the Year by Goodwill
Industries. 

6

®

Summary of Financial Performance

Operating earnings per share (diluted) for Bank of America rose 1% in 2000 to $4.72. Lower earnings in the fourth
quarter, driven by higher credit costs and sluggish revenue growth occurring in a slowing economy, significantly
moderated what had been a 12% increase in per-share earnings for the first nine months.

Operating earnings totaled $7.9 billion, compared to $8.2 billion in 1999. Average shares outstanding declined
by 5%, as the company repurchased 67.6 million of its shares, representing an investment of $3.3 billion during the year.

The return on equity was 16.70% while the return on average assets was 1.17%. 
Total revenues for the year rose 2%, while noninterest expense was virtually unchanged. The provision for

credit losses rose substantially, to $2.5 billion, compared to $1.8 billion in 1999.

N e t   I n c o m e Including after-tax charges associated with growth initiatives and mergers, net income was $7.5 bil-
lion, or $4.52 per share (diluted), compared to $7.9 billion, or $4.48 per share, a year ago.

R eve n u e Revenues continued to grow due to broad-based increases in new business from the company’s diverse
customer base. The year-to-year comparison was negatively impacted by the absence of a number of one-time gains
recorded in 1999 and by higher auto lease residual charges in 2000. 

Managed loans and leases rose 9% for the year, while deposit growth was 3%. Net interest income growth was

2%, as loan growth and higher trading-related revenues more than offset margin compression, caused in part by a
change in mix, and the significant cost of share repurchases.

Noninterest income rose 3%, as the result of double-digit increases in card fee revenue, investment and broker-

age service fees, equity investment gains and trading revenue. Noninterest income was negatively impacted by the
absence of sales and securitizations, which boosted the year-ago results, and the impact of a $278 million increase
in auto lease residual charges.

Ex pe n s e s Noninterest expense was virtually unchanged, reflecting the second year of merger-related savings as well
as benefits from other productivity initiatives. The efficiency ratio was 54%, an improvement from 55% in 1999.

C r e d i t   Q ua l i t y The provision for credit losses totaled $2.5 billion, up from $1.8 billion the previous year. While
the economy remained strong for the first half of 2000, rising interest rates took their toll in the second half, lead-
ing to higher problem loans and higher loan losses. Net charge-offs totaled $2.4 billion, or .61% of loans and leases,
compared to $2.0 billion, or .55%, a year earlier, with the increase occurring primarily in the domestic corporate
portfolio. Nonperforming assets stood at $5.5 billion at the end of 2000, up from $3.2 billion a year earlier. The
increase was largely due to increasing problem loans in the domestic corporate and consumer finance portfolios.

C a pi ta l Bank of America’s capital position remained strong in 2000. Total shareholders’ equity rose to $47.6 bil-
lion at December 31, 2000, representing 7.42% of period-end assets, up from 7.02%. The Tier 1 capital ratio also
rose to 7.50% from 7.35% at the end of 1999.

B u s i n e s s   Se g m e n ts Two of the company’s four primary business segments – Asset Management and Equity
Investments – increased earnings in 2000.

Consumer and Commercial Banking earnings of $4.64 billion were 2% lower than a year earlier, reflecting the

impact of a significant increase in auto lease residual charges and the absence of one-time gains recorded in the
previous year. The card businesses all achieved double-digit growth and service charge revenue was up 4% in the
Banking Regions. Average managed loans grew 12%. Expenses fell by 4%.

Asset Management earnings rose 18% to $601 million, as assets under management increased by $30 billion to
$277 billion at year-end, despite falling market prices. Mutual fund fees grew 30%. The company made significant
investments in new private banking offices and in sales personnel throughout the asset management businesses
during the year.

Global Corporate and Investment Banking earnings were 10% lower than a year earlier, reflecting higher loan
losses and slower capital markets activity at the end of the year. Higher credit costs more than offset revenue growth
of 9%, driven by the buildout of the investment banking and trading platforms. For the year, Bank of America
ranked in the top 10 in all key product areas.

Equity Investments earnings increased 39% to $460 million, driven by strong gains in strategic investments and

alliances as well as in principal investing.

7

Building a Growth Company
that hampered our financial performance as the year advanced, we made significant tactical progress toward our
goal of becoming the top financial services company in the country. With the task of transitioning to the new
Bank of America nearly complete, we took measures to identify and to capitalize on the massive potential of the
company we have built. In 2001, as we continue to execute our strategy, we believe those measures will increasingly
reveal their ability to fuel our profitability, growth and overall success. In 2000, we:

In 2000, despite a difficult economic environment for banking

• largely completed the merger transition;
• continued our transformation from a company that grows by acquisition to a customer-focused, internal 

growth company;

• eliminated unnecessary layers of management and ensured we had the right people in key posts;
• identified and invested in businesses with the highest potential for growth; and
• accelerated the reengineering of company-wide processes to improve customer satisfaction.

Tr a n s f o r m i n g   O u r   Co m pa ny It has become clear that revenue growth is the benchmark of our company’s value
in the marketplace. In 2000, we took action to accelerate the rate of revenue growth. Our goal is to produce consis-
tent annual revenue growth of 7% to 9% and improve earnings-per-share growth.

As Mr. McColl said in his letter, we are generating revenue growth from within our own franchise by working to

retain, broaden and deepen existing customer relationships, even as we work to gain new customers. Associates
throughout the company are working on projects and initiatives to drive this part of our strategy. These include
improvements to our technology infrastructure that give associates access to more complete information regarding
customers’ relationships with the bank, and the creation of different value packages based on the amount of busi-
ness customers choose to bring to the bank. These initiatives already are resulting in accelerated growth in our
enhanced service levels – Plus, Premier and Private Banking – and that growth has begun to show commensurate
increases in relationship-net-income and overall profitability.

Banc of America Securities is
number 1 in dollar volume for
merger and acquisition trans-
actions in real estate, lodg-
ing and gaming industries.

Recognized by Smart
Money magazine as “best
in customer service” for
online banking.

Received the Dalbar
Mutual Fund Service
Award for achieving the
highest standard of service
to shareholders in the
mutual fund industry.

8

Executing this strategy requires a company-wide shift away from a focus on merger transitions toward a disci-

plined focus on improving customer service and reengineering our work processes. This transformation has not been
easy, but we are confident that it is producing the right organizational model for the future growth of our company.

I n ve st i n g   i n   G r ow t h Our greatest challenge in 2000 came in the form of a question: How could we make
needed investments in high-growth businesses while at the same time work to deliver on the earnings goals to
which we had committed? Our decision – to eliminate 9,000-10,000 positions, mostly in the middle management
ranks – was a difficult one for many reasons, most importantly the loss of many talented, loyal associates.
Nevertheless, this was the right decision for the long-term strength of the company.

This action has flattened our management structure so that senior managers are more directly responsible for
customer satisfaction. In addition, it enables us to respond to changes in the business more quickly. Finally, the cost
savings realized can be invested in high-growth areas of the company. As we assessed our company post-transition,
we identified and addressed several areas of significant opportunity, including:

Consumer Products, including Cards: accelerating the application of Web technology in call centers and in 

payments processes and promoting cards and card usage as a core relationship product;

Consumer Banking: increasing the number of consumer bankers in key urban markets and accelerating the 

application of Web technology in banking centers;

Asset Management: adding 10 Private Bank offices in high-potential markets and expanding investment 

products and sales forces nationwide;

e-Commerce: investing in new technologies and capabilities to create financial portals, Web-enabling 

businesses and implementing more Internet payment options;

Investment Banking: adding people, heightening capabilities and expanding our presence in Europe; and
Brand: conducting a $100 million major national campaign to promote the Bank of America brand.

Executives in the first three areas – Consumer Products, Consumer Banking and Asset Management – have been
charged with working together to broaden and deepen all their customers’ relationships with the bank. Processes
and technology solutions are being designed and implemented to integrate business practices across all product
groups so that broad, deep relationships are formed not as heroic exceptions to the rule, but as a matter of course.
Corresponding performance measurements and incentives are being put into place to reinforce this initiative.

A cc e l e r at i n g   Pr o d u c t i v i t y Process improvements will enable us to achieve productivity gains with the goal
of creating greater revenue wherever they are deployed. Teams throughout the company have been empowered by our
leadership to reexamine every aspect of how and why we perform our work – from the customer’s point of view.
Some teams already have produced impressive results: one group reduced processing time for a consumer real estate
loan by 24%, on top of previous improvements that had produced similar reductions the year before. And we expect
similar improvements in performance from many other areas. 

While we expect to realize productivity gains as a result of process improvement, cost savings is a secondary 
concern if we can increase revenues by improving customer satisfaction. The reason is obvious: there’s more than
one way to generate higher earnings, and the best way is through increasing revenue and operating leverage, which
is a hallmark of a growing business, rather than through expense cuts, which is the hallmark of a consolidating
business. We believe that if our customer satisfaction improvements result in the kind of revenue increases we seek,
we will be able to increase efficiency without cutting costs.

Lo o k i n g   to   2 0 0 1 We will continue to aggressively execute the tactical initiatives that will drive our corporate
strategy forward in 2001. We also will continue to create innovative new products, services and financial solutions
for all of our customers and clients, some of which are covered in detail on the pages that follow.

I hope you’ll take the time to read about how we’re working to make Bank of America a growth company – and

please let us know how you think we’re doing.

Kenneth D. Lewis
President and Chief Operating Officer

9

add

strengthen

My investment
counselor really
listens to me. 
Plus, he calls me
when he thinks it’s
time to move some
assets. I’m willing
to take risks and
together we’ve
made decisions
that have kept my
portfolio steadily
growing.

augment

increase

rise

grow a relationship

Janet Hill in her living room in Danville, California

S e r v i n g   C o n s u m e r s

Unparalleled Customer Convenience

4,500 banking centers

13,000 ATMs

1,500,000 daily phone inquiries

3,000,000 online customers

7,000,000 customer touches per day

Our franchise is the envy of the industry and 
our relationship strategy rewards customers for
allowing us to do more for them and grow revenue
when they bring us more of their business.

Suppose you could have unlimited access to the entire global payments system, enabling you to move funds anywhere
you needed them, day or night, to or from anybody, through any channel you want: in person, at a machine on a
street corner, on the phone, even sitting at a PC in your kitchen. We would maintain those access channels at our
expense. We would also keep your money safe. You could get to it whenever you wanted, but nobody else could touch
it without your consent. And we’d do all the bookkeeping; you would only have to check your balance periodically.

Sound like a useful service? Actually, it’s a simple checking account. It comes in different shapes and sizes to

fit different needs, with flexible pricing, depending on how you choose to use it. That’s where it all starts.

Where it goes from there is up to the customer. We are integrating the products and services we provide –
checking and savings accounts, investment products, loans, across our various delivery channels, including banking
centers, ATMs, relationship managers, telephones, personal computers and hand-held devices – to make it easy and
convenient for customers to expand their relationships with us. When customers bring us more of their business, we
earn more revenue, which enables us to provide them with a value package that might include such benefits as pre-
ferred pricing, reduced fees, higher interest rates on deposits, flexible credit terms and dedicated phone lines staffed
by specially trained associates.

At the same time, we are investing heavily in improving the quality of our baseline service. For example, we

have shortened the hold time on deposited checks and reduced the volume of holds on non-cash deposits at ATMs.
We have also simplified our phone systems, making it quicker and easier for customers to get their questions answered
and problems solved. In fact, in a survey of 18 banks, three of our Contact Centers placed first, second and third in
service quality. As a result, our customer satisfaction scores have improved in most of our markets over the past year. 

We have clearly defined levels of relationship service for individuals and families, including our Private Bank,

whose very affluent customers require top-quality advice in managing their relatively complex financial affairs.
Premier clients are consumers who qualify, on the basis of income and the size of their relationship, for customized
personal service. 

12

But the largest and fastest grow-
ing group of relationship customers
are those we call Plus. These indi-
viduals qualify for enhanced service
simply because of the volume of busi-
ness they bring to the bank, not by
income level or any other demo-
graphic measure. Almost anyone can
qualify by simply maintaining an
account such as Advantage or the
Money Manager Account, which
combine investment and banking,
or by combining a checking account
with a home loan. We are able to
provide an attractive value package
to Plus customers because we receive
considerable value in return. The rate
of customer retention increases
12% when customers move to Plus.
Deposit, investment and credit bal-
ances all tend to grow rapidly. And
the net income we derive from the
relationship increases significantly. 
Imagine how revenue and prof-

its would grow if the millions of
customers who qualify for Plus or
Premier service, or for the Private
Bank, would sign up for one of
those service levels. 

And we have additional oppor-
tunities to grow our revenue, simply
by doing more for our customers
who already enjoy relationship serv-
ice. For example, Plus customers
average 10 financial relationships
per household, although typically
only four of those are with Bank of
America. They have nearly three times
the appetite for credit as the general
population, and they save and invest
at five times the average rate. Yet they
take much of their credit and invest-
ment business to other financial insti-
tutions, most of which we believe
cannot match our convenience or
provide the broad complement of
financial services we can. 

Two of our biggest growth
engines, Asset Management and
Card and Payment Services, also 
have tremendous potential for
advancing our relationship strategy
(see pages 14-15).

Another area with strong rela-
tionship potential is consumer real
estate, where we have made huge
strides in improving our quality of
service. As the nation’s largest ser-
vicer and third-largest originator of
home mortgages, Bank of America
helps more than 400,000 families
fulfill their dreams of home owner-
ship each year. This is a business in
which razor-thin margins and heavy
competition make it essential to main-
tain a low-cost, high-quality environ-
ment. By redesigning the application,
approval and delivery process for
telephone lending, we have shaved
several days off the time it takes us
to move from a loan application to
a booking, increased our mortgage
approval rate by 15% and raised our
booking rate nearly 30%. 

We view our nationwide con-
sumer franchise as the envy of the
industry and the most convenient
for customers. The states in which
Bank of America offers full-service
banking account for 80% of the
nation’s projected population growth
over the next five years, and we have
the leading market share in the four
fastest growing states.

Achieving our growth goals is
easier said than done. But we know
we can succeed because we are
already doing it in some key busi-
nesses, such as Asset Management
and Card and Payment Services and
in some markets. In California, our
largest market by far, we grew rev-
enues 8% in 2000. Deposits grew
7.4% and consumer assets grew more
than 12%. Those growth rates are
significantly higher than the year
before. We intend to continue to
improve the integration of our prod-
ucts and services across all delivery
channels with the goal of getting
the rest of the consumer franchise
to perform at least at that level.
When we do that, we will have
transformed Bank of America into a
truly great growth company.

13

Janet Hill of Danville, California, is a

savvy investor whose portfolio repre-

sents a significant portion of her income.

Actively involved in her family’s finan-

cial decision-making since her two

daughters were young, she and her

husband took many investment

courses over the years and belonged

to an investment club.

Widowed four years ago, Hill

looked for an investment counselor

who respected her experience and

input. She found the person she was

looking for at Bank of America. “We

talk regularly – either he calls me or I

call him – and we meet three or four

times a year,” she said. Hill’s relation-

ship with the bank also includes check-

ing and savings accounts, credit cards

and an IRA. A volunteer for the Red

Cross and programs for disadvantaged

children, she and her daughter recently

bought a horse, and she intends to

take riding lessons. Confident her

portfolio is in capable hands, Hill

makes the most of her very full life.

A s s e t   M a n a g e m e n t

The Asset Management Group serves the
investing needs of all clients, with a wide
range of world-class investment products and
services. It’s a rapidly growing business for
us, as we add customers who have tradition-
ally looked elsewhere when thinking about
investing their assets. 

Asset Management revenue, adjusted for
divestitures, is currently growing at an annual
rate of about 12%, while net income is grow-
ing at about a 40% annual rate. With results
like that, we want to grow the Asset Management
business so that it contributes more than the
current 7.6% of total company earnings. We
have an excellent opportunity to do that, as the
financial needs of individual and institutional
clients, including significant demand for
investment products, have become increas-
ingly complex. In addition, high-net-worth
households are among the fastest growing
segments in the country. 

To capitalize on that growth potential,

we are increasing our investment in the Asset
Management business, beginning with the
Private Bank. A leader in providing innovative,
customized investment management, trust,
financial and estate planning and credit prod-
ucts to the high-net-worth market, the Private
Bank has a physical presence in most of the
wealthiest areas of the United States. We are
adding offices in high-potential California mar-
kets, going into Massachusetts and Connecticut
and expanding the New York office.

We will add more professionals across

the country to provide advisory services, tax
strategies and investing and wealth transfer
expertise. Access to products will expand to
include derivatives, private equity placements
and other alternative investments. Our com-
pany’s ongoing investment in e-commerce
will provide clients with both information
and advice through online, real-time access
to their entire Bank of America relationship.
In particular, we expect strong growth in

our investment management business, Banc
of America Capital Management (BACAP),

which focuses on developing and managing
products for retail investors, high-net-worth
clients and institutions with both cash manage-
ment and long-term asset management needs.
At present, BACAP manages $277 billion in
assets for individuals and institutions and pro-
vides advisory services to the $107 billion
Nations Funds family of mutual funds. We
plan to double our equity research coverage
and continue to expand our investment man-
agement discipline in a number of ways,
including the completion of our acquisition of
Marsico Capital Management early in 2001.
We also plan to increase our sales force

to serve the investing needs of our diverse
institutional client base as well as expand our
product array to offer retirement programs to
small business and middle market clients.
And to better serve retail investors seeking
advice and solutions, we will add sales per-
sonnel to work with investment professionals
in our Private Bank, retail brokerage affiliate
and external broker-dealers. 

Our retail brokerage affiliate, Banc of
America Investment Services, Inc., is a criti-
cal channel through which we meet a wide
array of investing needs. One key to our suc-
cess has been the spectacular growth of the
Money Manager Account, which combines
investments and banking. Balances have
increased 65% to more than $20 billion
within the past year. We expect to continue
growing that customer base as we pursue our
relationship banking strategy.

To enhance customer awareness of our

investment capabilities, we expect to expand
the number of investment sales officers in
banking centers to more than 3,500 by year
end 2001, up from 2,500. We also plan to
continue to grow our team of full-service
investment consultants by 25% per year over
the next three years. We are enhancing our
product array, as well, to include financial
planning capabilities that enable us to pro-
vide a broad spectrum of advice to clients.

$277 Billion of Assets Under Management

Cash 

$110.8

Fixed Income

$44.3

Other 
$8.3

Equity 

$113.6

($ in billions)

As we continue to grow our asset
management business, includ-
ing the Private Bank, into the
nation’s premier provider of
investment products and serv-
ices, we reach signposts along
the way that tell us we are suc-
ceeding in our efforts to pro-
vide value for large numbers of
customers and clients. Some
recent achievements include:
At midyear 2000, Bank of
America ranked first in mutual
funds and annuities sales among
a nationwide list of 100 holding
companies, banks and savings
and loans. We were also one of
the fastest growing, with sales
more than doubling over the first
six months of the previous year.
Assets under management
have grown by more than 30%
in the last three years to
$277 billion.

In addition, the Bank of
America Private Bank is the
world’s largest corporate
trustee for individuals, with
$129 billion in trust assets
under management and
approximately 82,000 trust
accounts on our books.

14

C a r d   a n d   P a y m e n t   S e r v i c e s

overall loss rates. The bank’s mailing “uni-
verse” has been increased 50%, and the cost
of acquiring a new account is down by
more than 30%.

Customer relationship information is
also a key to improving customer satisfaction
and operational performance. For example,
lower-risk relationship customers don’t need
to be called when their payments are only a
few days overdue. Attention can be focused
on higher-risk accounts, thereby increasing
collections effectiveness and improving cus-
tomer satisfaction. 

Customers are also getting an enhanced
Check Card experience as the bank’s ability
to use relationship information grows. Lower-
risk customers are now identified and their
transactions approved, allowing them to use
their cards to fund purchases directly from
their accounts, even when their balances run
low. Revenue is projected to increase
sharply as a result, and customer satisfaction
will benefit from fewer declined transactions.
Card products can also be a good way to
create new banking relationships. Thousands
of single-service credit card customers are
expanding their relationships with the bank,
and when single-service customers become
relationship customers, their relationship net
income increases more than 600 percent.

Harnessing customer information that
no other card company possesses, the bank
is leveraging the value of relationships to
improve both the customer experience and
financial performance.

Bank of America is investing in its card and
payments business to build upon already-
impressive growth across all card-related
businesses and customer segments. For 2000,
consumer credit and debit card sales volumes
were up 17%, and commercial card volume
was up more than 30%. 

Card’s strong growth is being fueled by
several factors. First, cards have become the
preferred way to pay. For businesses, purchas-
ing cards are a far more efficient way to pay
suppliers. For consumers, cards are the domi-
nant form of payment on the Internet, and
nothing matches the convenience and control
that cards offer both online and at physical
points of sale. By 2005, cards are projected to
overtake checks as the most used form of
payments for consumers. 

Bank of America is leading this paper-
to-plastic payments revolution, primarily by
leveraging and deepening customer relation-
ships across all lines of business. 

Like many card companies, the bank is
making significant investments in marketing
and new products. Direct mail solicitations have
doubled, as have new accounts from that source.
Bank of America has launched “Photo Security”
credit cards, upgraded Check Cards and intro-
duced the new Visa BuxxTM card for teenagers,
enabling parents to program value into the card
and monitor purchases. A newly integrated
national sales force is selling unique bundled
products to meet the needs of small business
and middle market customers.

Unlike many other card companies,
Bank of America can leverage its huge base
of banking relationships to produce a higher
return on its investment. For example, the
bank is soliciting twice as many relationship
customers as in the past because these cus-
tomers have almost 30% higher response
rates to card solicitations and 25% lower

The Bank of America Check CardTM
is becoming increasingly popu-
lar with customers, and it's
easy to see why. Check Cards
offer the point-of-sale conven-
ience of a credit card, but reduce
the need to write checks or carry
cash for everyday purchases. 
This popularity is reflected
in our large increase in Check
Card purchase volume, which
was up 28% in 2000. Per-card
transactions are also rising,
another sign that customers like
the convenience of the Bank of
America Check Card.

Higher transaction volumes
mean higher revenue for Bank
of America, as well as lower
processing and servicing costs
than we incur when customers
write checks or withdraw cash
from ATMs. From 1998 through
2000, debit card revenue has
more than doubled, from $225
million to $520 million. 

As more of our products
migrate from paper to electronic
channels, we will continue to
grow revenues and reduce costs,
while providing better service
and convenience for customers.

15

lower

lessen

decrease

Before the bank
helped us finance
our new building,
we had equipment
all over the place.
Now our opera-
tions are consoli-
dated under one
roof, improving effi-
ciency and helping
us keep our prom-
ise of perfection
to our clients.

minimize

shrink

grow a business

Wilson Alers in his new studio near Ft. Lauderdale, Florida

S e r v i n g   S m a l l   B u s i n e s s e s

Small Business Is Big Business

Number of small businesses in the United States: 25 million

Number of small businesses in the Bank of America franchise: 12 million

Number that are Bank of America clients: 2 million

Size of Bank of America’s small business customer base relative to 
other banks: No. 1

Embracing the Bank of America growth strategy,
Small Business Banking has set sales and service
standards that provide for a more consistent –
and more profitable – customer experience.

As a small business in an increasingly competitive environment, your great idea and hard work simply might not be
enough. Why not count on Bank of America to be virtually at your side through the Business Center, with its full
spectrum of online tools, resources, advice and information? Why not make purchases directly from your business
checking account with the Business Check Card? Why not benefit from the extensive cash management expertise
Bank of America has built with its commercial and corporate clients and now makes available to your small business?
Bank of America serves more than 2 million small business customers with annual sales revenues up to $10 million.

Loans, deposits and fee income to the small business sector all increased in 2000.

Committed to building deeper relationships with more customers, our Small Business Banking group has
embraced the Bank of America growth strategy, setting nationwide sales and service standards that provide for a
better, more consistent customer experience and targeting stronger profitability.

Small business customers are served through multiple channels – traditional banking centers, automated busi-

ness centers, ATMs, telephone banking, the Internet and client managers.

As the leader in small business banking in the United States, Bank of America provides the financial services
that these customers expect, and more – flexible financing through an array of credit products, including conven-
tional loans, lines of credit, SBA loans, business leasing and Business Credit Card, as well as checking accounts
with around-the-clock access to help manage cash needs. We provide certificates of deposit and savings accounts
and, through our subsidiary, Banc of America Investment Services, Inc., investment accounts, along with retire-
ment options such as 401(k) accounts and IRAs. The bank’s specialized services, which help customers increase
profitability and streamline paperwork, include tax and payroll services. 

But our opportunity to serve small business needs doesn’t stop with the basics. It starts there.
The Business Center made its online debut in August 2000 at www.bankofamerica.com/businesscenter/. With more
than 3,000 companies enrolled in the first three months, the immediate success of this platform confirmed that we had
heard our small business customers right. They told us they want the resources, information, products and tools they
need to succeed, all in one place. And of course they want “anytime, anywhere” Internet access to business information.

18

That’s what we delivered. We

believe the Business Center is by far
the most robust online offering for
small businesses today. It gives our
customers professional capabilities
that were once available only to much
larger corporations. An interactive
and customer-friendly portal, the
Business Center enables users to save
money and operate more efficiently
and effectively with applications
such as:

Banc of America Marketplace,™
product of a powerful alliance with
Ariba, Inc. to benefit all of the bank’s
2 million-plus business customers,
is key to our small business rela-
tionship strategy. Customers with a
business checking account or Business
Check Card use it for convenient
access to online suppliers. It auto-
mates the purchasing and procure-
ment process, giving users access to
competitive pricing on a range of
business goods.

My Desk, the Business Center’s
hub, gives managers and employees
desktop help in communicating
internally and managing projects.

Financial Services offers cus-
tomers one-stop financial shopping,
with descriptions of the breadth of
products and services available from
Bank of America to help small
companies succeed. 

Resources is an online business

partner, providing customers with
access to business forms, templates,
tools and more.

Wilson Alers (page 17) had a dream.

After building his audiovisual skills first

in Puerto Rico, then in Miami, the

Bronx native teamed up in 1990 with

two lifelong friends, Oscar Colom and

James Pabon, to launch a state-of-the-

art audio, video, lighting and computer

graphics staging company. Today,

Media Stage claims many Fortune 500

corporations as clients. Its teams

travel to such diverse locations as Rio

de Janeiro, Rome and Singapore to

stage events. Media Stage recently

built an 18,500-square-foot building

near Ft. Lauderdale, Florida with a real

estate and construction financing pack-

age Bank of America arranged with

the Small Business Administration.

The company also opened a second

office in Puerto Rico to better serve

clients in South and Central America

Administration houses payroll

and the Caribbean. Media Stage was

and other personnel tools.

recently named one of the top 100

Hispanic businesses in Florida. “We’ve

been with the bank from the begin-

ning,” Alers said. “As our needs have

grown, so has our relationship. It’s

been smooth from the start.”

We also have completed rollout
of our Business Check Card across
the franchise. The card enables cus-
tomers to make purchases directly
from their business checking accounts.
It has proven popular with small

business customers seeking the
financial discipline that it offers.
Nationwide, Bank of America is the
largest issuer of these cards, with
more than 400,000 issued.

A leader in cash management for
corporate clients, Bank of America is
broadening the reach of its expertise
to small and mid-sized companies.
We offer solutions that enable cus-
tomers to maximize their cashflows
by collecting payments more expe-
diently, making payments more pre-
cisely and managing information
and account balances more effec-
tively. The teamwork between small
business bankers and Global Treasury
Services has resulted in higher cus-
tomer satisfaction and retention rates
and an opportunity to make new sales.
By including equipment leasing
and financing expertise in its suite of
small business services, the bank is
able to help customers understand and
compare the relative benefits of lease
and loan options as they consider
their financing needs. The market for
equipment and vehicle leasing is large
and growing. Small business client
managers partner with the bank’s
leasing specialists to aggressively
expand our presence in this market. 
In addition to serving companies,

our Small Business Banking group
seeks to build more and broader
relationships with individual business
owners by helping them pursue their
personal financial goals. Our client
managers are increasingly teaming
up with Banc of America Investment
Services, Inc. to assist clients with
their investment needs.

The combination of superior
client management and cross-selling
will continue to keep Small Business
Banking centered on its most impor-
tant goal – offering customers the
convenience and the power of one-
stop financial shopping.

19

expand

multiply

As the Northwest
grows more diverse
and cosmopolitan,
the demand for
Asian products is
increasing expo-
nentially. With the
bank’s help, we
doubled the size of
our store and expan-
ded our product
lines to keep up
with demand.

compound

grow a community

Tomio Moriguchi, President of the Uwajimaya specialty markets, flanked by (from left) his niece Amy Maeda, brother
Akira Moriguchi, sister Suwako Maeda, nephew Michael Moriguchi and sister Tomoko Moriguchi in the new
Uwajimaya store in Seattle’s International District

S e r v i n g   t h e   M i d d l e   M a r k e t

Topping the Charts

Among institutions providing financial services to middle market
companies in the United States, Bank of America ranks No. 1 in:

Number of banking relationships

Secured and unsecured credit

Investment banking 

Treasury management

Syndications 

Leasing

International services

Short-term investments 

Comprehensive product and service offerings, cou-
pled with cutting-edge technology and the ability to
customize solutions, are enabling us to expand our
client base while deepening existing relationships.

What would it mean to your company if you only had to make one phone call or access one corporate portal for
advice on all of your financial needs – to raise capital, manage your cash, compete globally or gain a foothold in
the electronic marketplace? What would it mean to have the benefits of a local financial institution that knows you,
plus the expertise and experience of Wall Street? What would it mean to know that someone was helping you ensure
the future health of your company?

Serving more than 30,000 companies throughout the United States with annual sales between $10 million and

$500 million, Bank of America creates powerful solutions every day to help these middle market firms grow and
thrive. For nearly 70% of middle market clients in our 21-state franchise, we serve as lead bank and we are working
to grow that number significantly. The potential in lead bank status is tremendous. For example, the average number
of products we provide to clients when we do not serve as lead bank is four. Establishing a lead bank relationship more
than doubles the number of products a client uses.

The opportunity in this marketplace continues to swell – with Bank of America serving more than 30% of

middle market companies within our franchise and holding a leadership position in lending, treasury management,
foreign exchange, syndications, derivatives, trade finance, leasing and private debt placement. Our strategy is to
expand our client base further while deepening existing relationships.

Clients’ needs vary greatly. They might require solutions to complex issues or the simple execution of transac-

tions. They might need the sophistication of an entire team or one-on-one advice. Or they might need help taking
their domestic business global. With a proven track record combining the right people, technology and solutions to
create an unbeatable value proposition, Bank of America can meet all these needs.

We know from listening to our clients that time is money. That’s why our client-centered team approach to

relationship management is critical to achieving results – for our clients and ourselves. Our teams provide middle
market companies with localized, integrated access to all the bank’s resources, including treasury management,
investment banking, personal wealth management, credit products, asset management and consumer banking serv-
ices for their employees. As a result, more than two-thirds of our middle market clients rate their satisfaction with
us as excellent or above average. 

22

Technology continues to enhance
our capabilities, enabling us to offer
new opportunities online. Bank of
America was one of the first banks to
offer Web-based commercial banking.
Bank of America Direct™ provides
an Internet-based transaction and
information network designed to
meet all of our clients’ treasury, pay-
ments and receipts needs by enabling
them to gather information and ini-
tiate transactions anytime and any-
where in the world, over the Internet.
Through Bank of America Direct,
middle market clients can be assured
of rapid access to cash management
reports, stop payment capabilities,
the ability to review paid checks and
research exceptions, or to access on-
line customer receivables records –
all in a secure environment. Bank
of America was one of the first
banks to complete large-scale deploy-
ment of digital certificates to assist
clients in the secure execution of
their transactions. Today, more than
2,000 middle market and 1,200 cor-
porate clients are using the service.
To ensure that we are able to
provide solutions for the breadth of
our clients’ complex needs, we have
local teams of dedicated profession-
als who provide comprehensive
investment banking services. For
our middle market and private bank-
ing clients, we completed approxi-
mately 12,000 transactions during
the past year, ranging from strategic
advisory assignments to equity and
debt capital raising and risk man-
agement services. Because of our
understanding of our clients’ indus-
tries, their unique business issues
and our demonstrated ability to
assist them in driving shareholder
value, we grew investment banking
revenues in the middle market by
47% in 2000, over the previous year.
Bank of America Direct and
Middle Market Investment Banking
represent some of our more

comprehensive capabilities. At the
same time, we continue to develop
new solutions to meet our clients’
everyday needs. For example, Banc
of America Marketplace,™ initially
focusing on small and medium-sized
businesses, offers a way to stream-
line a company’s procurement
needs in an online environment.
The marketplace provides businesses
with competitive pricing on the diverse
range of products and services they
routinely purchase, while the online
delivery allows purchases to be made
quickly and reduces the need for paper-
based record-keeping.

Bank of America was one of the

first banks to offer middle market
clients a single source for managing
purchase, travel and fleet spending
through the Bank of America Visa
Commercial Card. Realizing that one
size doesn’t fit all, we introduced an
enhanced card last fall with greater
customization. Now middle market
clients can use a card with the flexibil-
ity to change as their company grows. 

In 21 states and the District of
Columbia, local client teams led by
nearly 700 client managers have one-
on-one contact with clients every day.
They represent decades of experience,
many of them in highly specialized
fields. Collectively, we believe they
possess unmatched knowledge cap-
ital that our clients have come to
respect and value. They serve as
trusted advisors who actively listen to
their clients, seeking to truly under-
stand and appreciate their businesses
and marshaling all the resources of
the bank to develop customized
solutions that will help our clients
meet specific growth objectives.

We look forward in the future
to offering middle market clients a
fully integrated Web portal (see page
24) that will get them anywhere they
need to go in cyberspace to find what
they need to make their businesses
more successful. 

23

Tomio Moriguchi took over his father’s

fish market in 1962 and expanded it

into Uwajimaya, a sprawling produce

and Japanese specialty market in

Seattle (page 21). Although the oper-

ation is extensive enough to be

regarded as the cornerstone of that

city’s bustling International District,

the family-owned business is having to

expand further to keep up with the

ever-increasing demand for Asian

goods. Building on a banking relation-

ship spanning more than five decades,

Bank of America provided financing

for a new $35 million development

that enabled Uwajimaya to double the

size of its store and include apart-

ments, other retail outlets and park-

ing. The success of Uwajimaya earned

Mr. Moriguchi the William D. Bradford

Award from the University of Washington

for playing a vital role in the health of

the region’s economy and a cover

story in Washington CEO magazine.

I n t e r n e t   a n d   e - C o m m e r c e

With the knowledge that customers are
becoming more sophisticated and discrimi-
nating about their financial choices and more
inclined to seek online access to financial
services, Bank of America continues its tar-
geted investment in Internet and e-commerce
solutions tailored to a range of different cus-
tomer needs. Infrastructure investments con-
tinue, as well, to ensure that online customers
can have confidence in the bank’s security,
reliability and responsiveness. We continue to
grow and improve service to an online cus-
tomer base that currently numbers more than
3 million customers and clients – more than
any other financial institution.

To expand our capabilities and provide
solutions to as many customers and clients as
quickly as possible, we have formed strategic
alliances with a number of “best of breed”
companies that help to keep us ahead of the
competitive curve.

Our portal approach to online delivery

ensures that the full complement of informa-
tion, advice, products and business resources
is available to those using new technologies
to bank with us. These portals serve as points
of entry for consumers, small businesses,
middle market and corporate and institutional
clients, as well as the bank’s own associates.

The consumer portal at www.bankof-
america.com will fully integrate banking and
investment accounts, including Private Bank
and Banc of America Investment Services,
Inc. portfolios; provide customers with elec-
tronic bill presentment and payment capa-
bilities allowing them to receive and pay bills
online; give customers the ability to make
checking, ATM, debit and credit card pay-
ments to businesses; and deliver information,
products and tools for making life decisions
such as a home purchase, college education
or retirement.

The small business portal, the Business

Center (see page 19), is a single Internet
resource that helps small businesses gain effi-
ciency and productivity by providing one-stop
financial shopping and automating and

integrating their back office administrative
processes. The Business Center provides self-
service tools that help employees manage
tasks and projects, as well as human resources
tools for updating personnel records and
managing benefits and payroll information.
Businesses can also enhance their purchasing
power and find special products and services
through an online marketplace. 

The middle market and corporate portal
will provide clients a full range of integrated
product solutions and network hubs, including
risk management capabilities; capital-raising
capabilities; strategic advisory services and
working capital capabilities, which include
credit, short-term investments, real estate and
a business-to-business marketplace.

The employee-to-business solutions
portal will provide Bank of America asso-
ciates self-service tools to manage finances,
including online banking and bill payment,
investments and financial planning help.
Associates also can select content matched
to personal interests, and get up-to-the-minute
news about the company. They’ll have access
to task management tools, customer contact
databases and interactive learning capabilities.
In addition, the bank plans to market these
capabilities to companies looking to bring inte-
grated Web solutions to their employees. 

The portals will also deliver a comprehen-
sive payments capability, integrating invoicing,
payment and information reporting services for
companies that access the bank online. Bank
of America will leverage this infrastructure
by marketing it to e-commerce service providers
who need the capabilities. In addition, a next
generation payments platform will enable con-
sumers and businesses to pay everyone for
everything electronically, combining elec-
tronic billing and payment, person-to-person
payments and retail payments.

To Bank of America, the Internet is more

than just another distribution channel. It’s a
way to offer customers and clients more value,
more access and better choices.

Online Banking Taking Off

3

2

1

Dec
98

Mar
99

Jun
99

Sep
99

Dec
99

Mar
00

Jun
00

Sep
00

Dec
00

(number of subscribers in millions)

The number of customers who
use online banking is increasing
exponentially. 

The trend is going to con-

tinue, as we complete the
nationwide introduction of our
increasingly popular electronic
billing and payment service. In
addition to accessing their Bank
of America accounts through
the Internet, customers who
enroll for the service can view
electronic versions of bills from
participating payees, schedule
one-time or recurring payments
for virtually any bill, whether or
not it has been delivered to them
electronically, and pay other
individuals – even a child at col-
lege – by going online, rather
than writing and mailing checks.
For customers, online bill
paying saves time and money
and turns a tedious chore into a
few simple mouse clicks. For
the bank, it means broader,
deeper and longer-lasting rela-
tionships, since customers who
use the service tend to stay
with the bank longer and sign
up for more products and serv-
ices than customers whose
relationship is limited to a 
traditional checking account.

24

I n v e s t m e n t   B a n k i n g

Making one of the fastest leaps up the rank-
ings of lead investment bankers, Banc of
America Securities delivered the goods as a
growth business. This full-service investment
bank and institutional brokerage service
extensively expanded its team to more aggres-
sively pursue a strategy of delivering cre-
ative, value-added capital raising solutions
and advisory services that help clients achieve
financial success. Over the past year, Banc of
America Securities and affiliated companies
overseas hired senior staff worldwide in
investment banking, equity research, trading
and institutional sales to round out its invest-
ment banking platform. 

In 2000, Banc of America Securities
completed more than $1 trillion in debt, equity
and advisory transactions. Ours is among the
fastest growing firms in the business, and
momentum continues at an all-time high. 

Bank of America fields one of the most
comprehensive research organizations in the
global markets, with award-winning analysts
covering the equity and debt markets, for-
eign exchange, derivatives and global and
country risk. This knowledge and perspective
forms the cornerstone of Banc of America
Securities’ reputation with issuers and investors
across industries and across markets.

Strong market share improvements moved
Banc of America Securities to the top 10 in the
U.S. equities underwriting league tables – rank-
ing us as the fastest growing equity under-
writer on Wall Street in 2000. Last year, Banc
of America Securities helped raise over $54 bil-
lion in equity capital, up 132 percent from 1999.
The bank has made major strides in build-

ing out its European equity business, with an
expanded team now covering key industry sec-
tors in Europe for institutional clients.

Banc of America Securities helps growth
companies raise private as well as public equity,
with private equity volume totaling $143 million
in 2000. Fixed income transactions led or co-
led by Banc of America Securities in 2000 hit
$282 billion, including a $1 billion offering of
senior notes for Bank of America Corporation
that was the first transaction executed on

our fixed income, e-underwriting Web site.
Enabling investors and issuers to interact
online with Banc of America Securities
through the course of a new issue, this pro-
prietary site also centralizes deal details.
Feedback about the capability has been over-
whelmingly positive.

We continued to strengthen relationships
across the spectrum of bank clients – corpo-
rations, institutions and individuals, including
from our Private Bank – by meeting their
hedging and investment needs through strate-
gically structured trading for them in the
equities market. Revenue from our equity
financial products doubled in 2000.

We are also a trusted financial advisor

to corporations seeking to buy or sell assets,
arrange mergers and joint ventures and
divest subsidiaries. Clients benefit from our
significant transactional experience across
multiple industries, receiving innovative
advice on the pricing, structure and financing
of transactions. We continued to make signif-
icant progress in expanding our M&A and
equities capabilities in 2000, gaining advan-
tage over traditional investment banks because
of the magnitude of our top-tier banking rela-
tionships and our ability to finance, as well
as advise, major transactions.

Our company leads in debt market domi-

nance across a broad sweep of global syndi-
cation activities. As part of a broader Web
strategy, we recently launched a proprietary
Web site that provides borrowing and invest-
ing clients with timely information and per-
spective on the syndicated loan market.

Among the largest bank providers of real
estate finance in the world, Bank of America
works with clients nationally and internation-
ally to originate, structure, underwrite and
distribute transactions on commercial and
residential property.

We remain a leading provider of spe-

cialized financing capabilities such as leas-
ing, asset securitizations and project finance
on a global basis.

Nasdaq 
volume

NYSE 
volume

As one of the nation’s most
prominent investment banking
operations, we have an oppor-
tunity to participate in a stag-
gering number and variety of
transactions. As a result, we
stand at or near the top of most
rankings. For example:

We hold more than $27 bil-
lion in prime brokerage custo-
dial assets for 700 clients.

We make daily trades of 
$5 billion to $7 billion in U.S.
Treasury securities.

We have arranged more

than $13 billion of Project
Financing debt for infrastruc-
ture, telecommunications and
energy projects.

We ranked 10th among
Merger and Acquisition advisors
in 2000, up significantly from
22nd in 1999.

25

shrink

apportion

We began as a pri-
vately owned
telephone company
64 years ago. Last
year, we split off
our cellular divi-
sion and took it
public. Bank of
America is our lead
bank. We’ve bene-
fited from its size,
services and grasp
of our industry.

fraction

share

grow an industry

Everett Dobson of Dobson Communications Corporation in Oklahoma City 

S e r v i n g   L a r g e   C o r p o r a t i o n s   &   t h e   I n s t i t u t i o n a l   M a r k e t

$550,000,000
Initial Public Offering

Joint Lead Manager &
Joint Bookrunner

February 2000

$507,400,000 
Overnight Follow-on Equity Offering

Sole Lead Manager

February 2000

$400,000,000
Follow-on Equity Offering
Sole Manager

September 2000

$280,906,000
Export Receivables Securitization
Triple Net Lease Mortgage Bonds

Lead Underwriter and
Sole Structuring Agent

October 2000

CVRD Finance Ltd.

$300,000,000
Export Receivables Securitization

US$25,000,000
8.682% Not es due 2007

US$150,000,000
8.926% Not es due 2010

US$125,000,000
Floating Rate Notes due 2007

Lead Arranger and Sole Bookrunner

October 2000

$2,500,000,000
Flexible Extendible Reset Notes
(FlexNotes   )

SM

SM

Initial Remarketing Date
November 8, 2001

Final Maturity Date
November 8, 2010

Sole Manager

November 2000

l

k f

f

Shifting the focus from loans to fee-based products
and services, leveraging the balance sheet and
honing the client base make us more value-added
to corporations and institutions – and more profitable.

Why not expect your bank to think smart and act fast, extending the intellectual capital, the products and the infra-
structure your business needs to thrive in today’s fast-moving global marketplace? Whether yours is a long-
established Fortune 500 corporation or an open-throttle technology start-up, a mid-sized growth company with
very focused ambitions or a multinational with complex cross-border needs, why not expect your bank to deliver a
full range of corporate and investment banking expertise, reliable access to the global capital markets, a leader’s
perspective on working capital management and more?

That’s what corporate and institutional clients should expect. And that’s what Bank of America is committed to
deliver. The collective expertise of our client teams, built across key industry segments, serves to grow and nourish
valued relationships through diverse corporate and investment banking functions, comprehensive capabilities and
global reach. In short, we take responsibility for delivering superior solutions for our clients, issuers and investors alike.
Ours is a powerful perspective, and the Global Corporate and Investment Banking team puts it to work 24/7 worldwide.
Serving large corporations, government agencies, investment houses and other institutional clients, we con-

tributed more than 26% to the corporation’s net income in 2000.

This business has strategically redeployed capital to build higher-return, higher-growth, fee-based client rela-

tionships. Noninterest income growth of 8% contributed to an 8.8% revenue increase in the last year. These num-
bers confirm the successful shift to focus on fee-based products and services and on expanded and more profitable
relationships with targeted clients. As part of the corporate growth strategy, and with a view of the balance sheet as a
strategic advantage, such initiatives continue in 2001.

Our clients set their banking sights high, and Bank of America continues to be No. 1 in U.S. large corporate
banking relationships. To maximize opportunities to broaden these and other client relationships, we perform as a
team to generate the needed intellectual capital across our organization, products and geographic borders. The
composition of a client team varies, led by an investment banker or a corporate banker, as client needs dictate. In
fact, a team effort is so important to us that we align individual officers’ incentives with the team’s success.

28

The bank’s strategic expansion

of investment banking operations
(see page 25) zeroes in on integrat-
ing equity securities and M&A with
our debt capital raising activities.

The execution of our strategy has

produced tangible momentum and
energized our securities business.
Banc of America Securities ranked
seventh in lead investment banking
relationships in 2000, up from 12th
in 1999. The independent research
company that compiles these rank-
ings cited this as one of the largest
year-over-year gains ever recorded.
In all, Global Corporate and
Investment Banking has steadily
increased market share and rankings
and, at year end, ranked among the
top 10 in all of its key product areas.

Bank of America continues to

lead the rankings in market penetration
for the highly profitable treasury man-
agement services to large U.S. cor-
porations and is also No. 1 in volume
for a variety of product categories.
Beyond rankings, Global
Treasury Services adds valuable
annuity earnings to the company’s
bottom line through full-service
transaction capabilities in treasury
management, foreign exchange
dealing, short-term investments,
financing and trade services.

This expertise is complemented

by the “one bank” capability of our
Global Banking System, which pro-
vides corporate clients with consis-
tent, reliable, real-time processing
when initiating payments, collecting
receipts or gathering account infor-
mation from around the world. 

Conducting transactions across
five continents through a network of
offices in 38 countries, we operate
among a very select tier of global
financial institutions.

Bank of America is a powerful
and competitive market maker in
the global capital markets. A leader

in derivative products, our company
ranked No. 1 in overall quality for
interest rate derivatives among U.S.
liability managers as well as in abil-
ity to understand client needs, and
in dealer’s market penetration.

Our global FX business is among
the leading participants in the world’s
currency markets, trading $80 bil-
lion in foreign exchange in nearly 90
currencies on the average day.

Our company’s distribution
strength derives from strong relation-
ships with thousands of institutional
investors worldwide, in particular
the 200 largest U.S. institutions,
which manage more than 80% of
all equity assets.

Global Corporate and Investment
Banking continues to penetrate high-
growth industry sectors, including
technology, where we have first-tier
relationships with more than 100 key
companies, combined commitments
to the industry in excess of $6 billion
and top standings in equity offerings
and other services. 

Significant improvements are
underway to make our Web site for
corporate and institutional clients
more robust. This single portal at
http://corp.bankofamerica.com
will give both issuers and investors
easy access to the bank’s full range
of innovative products, tools, analy-
sis and other information.

Global Corporate and Investment

Banking is committed to pursue an
aggressive organic growth strategy.
We continue to focus resources and
investment where we can leverage
our unparalleled client franchise
and extensive capital raising capa-
bilities to build a leading position in
targeted markets. 

Most important of all, associates

are committed to excellence in client
service to garner a more significant
share of clients’ business. 

It’s just six years since Everett Dobson

(page 27) assumed control of the

Oklahoma telephone company his

grandfather founded as a single tele-

phone exchange in Paradise, Oklahoma

in 1936. In that time, he’s built the

company into the eighth-leading wire-

less carrier in the United States and

the second-largest rural cellular car-

rier. Today, Dobson Communications

serves customers in 19 states. “The

bigger cellular companies have tar-

geted major cities,” Dobson said.

“We’ve gone after the rural and subur-

ban areas that have been under-valued

and under-managed. Our revenues

since 1994 have grown many fold.”

The company recently entered into a

joint venture with AT&T to purchase

another cellular provider and purchased

expired cellular licenses in a Federal

Communications Commission auction.

“This is a very opportunistic business,”

Dobson said. “Bank of America has

helped us seize opportunities by pro-

viding us with excellent advice, indus-

try expertise and capital strength.”

29

Consolidated Statement of Income
Bank of America Corporation and Subsidiaries

(Dollars in millions, except per share information)

Interest income
Interest and fees on loans and leases
Interest and dividends on securities
Federal funds sold and securities purchased under agreements to resell
Trading account assets
Other interest income

Total interest income

Interest expense
Deposits
Short-term borrowings
Trading account liabilities
Long-term debt

Total interest expense

Net interest income
Provision for credit losses
Net interest income after provision for credit losses
Gains on sales of securities
Noninterest income
Consumer service charges
Corporate service charges

Total service charges

Consumer investment and brokerage services
Corporate investment and brokerage services

Total investment and brokerage services

Mortgage servicing income
Investment banking income
Equity investment gains
Card income
Trading account profits
Other income

Total noninterest income

Merger and restructuring charges
Other noninterest expense
Personnel
Occupancy
Equipment
Marketing
Professional fees
Amortization of intangibles
Data processing
Telecommunications
Other general operating
General administrative and other

Total other noninterest expense

Income before income taxes
Income tax expense
Net income
Net income available to common shareholders
Per share information

Earnings per common share

Diluted earnings per common share

Dividends per common share

Year Ended December 31

2 0 0 0

1 9 9 9

1 9 9 8

$ 31,872
5,045
2,354
2,725
1,262

43,258

$ 27,569
4,826
1,666
2,087
1,175

37,323

$ 28,331
4,502
1,828
2,626
1,301

38,588

11,010
7,957
892
4,957

24,816

18,442
2,535

15,907

25

2,654
1,946

4,600

1,466
463

1,929

560
1,512
1,054
2,229
1,830
775

14,489

550

9,400
1,682
1,173
621
452
864
667
527
2,114
583

18,083

11,788
4,271

7,517

7,511

4.56

4.52

2.06

$

$

$

$

$

9,002
5,826
658
3,600

19,086

18,237
1,820

16,417

240

2,550
1,849

4,399

1,334
414

1,748

673
1,411
833
2,006
1,495
1,504

14,069

525

9,308
1,627
1,346
537
630
888
763
549
1,820
518

17,986

12,215
4,333

7,882

7,876

4.56

4.48

1.85

$

$

$

$

$

10,811
5,239
895
3,345

20,290

18,298
2,920

15,378

1,017

2,632
1,694

4,326

1,238
464

1,702

389
1,430
579
1,569
171
2,023

12,189

1,795

9,412
1,643
1,404
581
843
902
765
563
2,044
584

18,741

8,048
2,883

5,165

5,140

2.97

2.90

1.59

$

$

$

$

$

Average common shares issued and outstanding (in thousands)

1,646,398

1,726,006

1,732,057

Refer to the Bank of America Corporation 2000 Annual Report on Form 10-K, which will be issued in March 2001, for a complete set of consolidated financial statements.

30

Consolidated Balance Sheet
Bank of America Corporation and Subsidiaries

(Dollars in millions)

Assets
Cash and cash equivalents
Time deposits placed and other short-term investments
Federal funds sold and securities purchased under agreements to resell
Trading account assets
Derivative-dealer assets
Securities:

Available-for-sale
Held-to-maturity, at cost (market value – $1,133 and $1,270)

Total securities

Loans and leases
Allowance for credit losses

Loans and leases, net of allowance for credit losses

Premises and equipment, net
Customers’ acceptance liability
Interest receivable
Mortgage servicing rights
Goodwill
Core deposits and other intangibles
Other assets

Total assets

Liabilities
Deposits in domestic offices:

Noninterest-bearing
Interest-bearing

Deposits in foreign offices:
Noninterest-bearing
Interest-bearing

Total deposits

Federal funds purchased and securities sold under agreements to repurchase
Trading account liabilities
Derivative-dealer liabilities
Commercial paper
Other short-term borrowings
Acceptances outstanding
Accrued expenses and other liabilities
Long-term debt
Trust preferred securities

At December 31

2 0 0 0

1 9 9 9

$ 27,513
5,448
28,055
43,041
15,534

64,651
1,187

65,838

392,193
(6,838)

385,355

6,433
1,972
4,432
3,762
11,643
1,499
41,666

$ 26,989
4,838
37,928
38,460
16,055

81,647
1,422

83,069

370,662
(6,828)

363,834

6,713
1,869
3,777
4,093
12,262
1,730
30,957

$ 642,191

$ 632,574

$ 98,722
211,978

$ 93,476
207,048

1,923
51,621

364,244

49,411
20,947
22,402
6,955
35,243
1,972
20,887
67,547
4,955

1,993
44,756

347,273

74,561
20,958
16,200
7,331
40,340
1,869
19,169
55,486
4,955

Total liabilities

594,563

588,142

Shareholders’ equity
Preferred stock, $0.01 par value; authorized – 100,000,000 shares; issued and

outstanding – 1,692,172 and 1,797,702 shares

Common stock, $0.01 par value; authorized – 5,000,000,000 shares; issued and

outstanding – 1,613,632,036 and 1,677,273,267 shares

Retained earnings
Accumulated other comprehensive loss
Other

Total shareholders’ equity

72

8,613
39,815
(746)
(126)

47,628

77

11,671
35,681
(2,658)
(339)

44,432

Total liabilities and shareholders’ equity

$ 642,191

$ 632,574

Refer to the Bank of America Corporation 2000 Annual Report on Form 10-K, which will be issued in March 2001, for a complete set of consolidated financial statements.

31

Report of Independent Accountants

To the Board of Directors and Shareholders of Bank of America Corporation:

We have audited, in accordance with auditing standards generally accepted in the United States of America, the
consolidated balance sheets of Bank of America Corporation and its subsidiaries as of December 31, 2000 and
1999, and the related consolidated statements of income, of changes in shareholders’ equity and of cash flows for
each of the three years then ended (not presented herein); and in our report dated January 12, 2001, we expressed
an unqualified opinion on those consolidated financial statements. 

In our opinion, the information set forth in the accompanying condensed consolidated financial statements is fairly
stated, in all material respects, in relation to the consolidated financial statements from which it has been derived.

Charlotte, North Carolina
January 12, 2001

Principal Officers

Hugh L. McColl, Jr.
Chairman of the Board and 
Chief Executive Officer 

Kenneth D. Lewis
President and 
Chief Operating Officer

Board of Directors

Charles W. Coker
Chairman 
Sonoco Products Company
Hartsville, South Carolina

Alan T. Dickson
Chairman
Ruddick Corporation
Charlotte, North Carolina

Frank Dowd, IV
Chairman and CEO
Charlotte Pipe and Foundry
Company
Charlotte, North Carolina

Kathleen F. Feldstein
President
Economic Studies, Inc.
Belmont, Massachusetts

32

James H. Hance, Jr.
Vice Chairman and 
Chief Financial Officer

Edward J. Brown III
President, Global Corporate
and Investment Banking

F. William Vandiver, Jr.
Corporate Risk 
Management Executive

Paul Fulton
Chairman
Bassett Furniture Industries, Inc.
Winston-Salem, North Carolina

W.W. Johnson
Chairman, Executive Committee
Bank of America Corporation
Charlotte, North Carolina

O. Temple Sloan, Jr.
Chairman and CEO
General Parts, Inc.
Raleigh, North Carolina

Donald E. Guinn
Chairman Emeritus 
Pacific Telesis Group
San Francisco, California

James H. Hance, Jr.
Vice Chairman and 
Chief Financial Officer
Bank of America Corporation
Charlotte, North Carolina

C. Ray Holman
Chairman
Mallinckrodt Inc.
St. Louis, Missouri

Kenneth D. Lewis
President and 
Chief Operating Officer
Bank of America Corporation
Charlotte, North Carolina

Walter E. Massey
President
Morehouse College
Atlanta, Georgia

Hugh L. McColl, Jr.
Chairman and CEO 
Bank of America Corporation
Charlotte, North Carolina

Meredith R. Spangler
Trustee and Board Member
Charlotte, North Carolina

Ronald Townsend
Communications Consultant
Jacksonville, Florida

Jackie M. Ward
Chairman
Computer Generation Incorporated
Atlanta, Georgia

Virgil R. Williams
Chairman and CEO
Williams Group International,  Inc.
Stone Mountain, Georgia

Corporate Information

Shareholders Bank of America Corporation (the corporation) common stock is listed on the New York Stock
Exchange and the Pacific Stock Exchange under the symbol BAC. The corporation’s common stock is also listed
on the London Stock Exchange, and certain shares are listed on the Tokyo Stock Exchange. The stock is typically
listed as BankAm in newspapers.

The corporation’s annual meeting of shareholders will be held at 10 a.m. on Wednesday, April 25, 2001 at the

North Carolina Blumenthal Performing Arts Center, 130 North Tryon Street, Charlotte, North Carolina.

For general shareholder information, call Jane Smith, manager of shareholder relations, at 1.800.521.3984.

For inquiries concerning dividend checks, the SharesDirect dividend reinvestment plan, electronic deposit of
dividends, tax information, transferring ownership, address changes or lost or stolen stock certificates, contact
Mellon Investor Services LLC, P.O. Box 3315, South Hackensack, NJ 07606-1915, call Bank of America Shareholder
Services at 1.800.642.9855, or access your shareholder information online at https://vault.mellon-investor.com/isd/.
Analysts, portfolio managers and other investors seeking additional information about the corporation should
contact Susan Carr, investor relations executive, at 1.704.386.8059; Kevin Stitt, director of investor relations, at
1.704.386.5667 or Lee McEntire, manager of investor communications, at 1.704.388.6780.

Visit the Investor Relations area of the Bank of America Web site for stock and dividend information, financial
news releases, links to Bank of America SEC filings and other material of interest to the corporation’s shareholders.
To reach the Investor Relations area, go to www.bankofamerica.com and choose Investor Relations from the
Inside Bank of America pull-down menu.

Customers For assistance with Bank of America products and services, call 1.800.900.9000 or visit the Bank of
America Web site at www.bankofamerica.com.

News Media News media representatives seeking information should visit the Newsroom area of the Bank of
America Web site for news releases, speeches and other material relating to the company, including a complete list
of the company’s media relations specialists grouped by business specialty or geography. To reach the Newsroom
area, go to www.bankofamerica.com and choose Newsroom from the Inside Bank of America pull-down menu.

Design: Hane Chow, Inc., Oakland, California

Bank of America Corporate Center
100 North Tryon Street, 18th Floor
Charlotte, North Carolina 28255

© 2001 Bank of America Corporation
00-04-1198B  2/2001

Why not?