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Bank of America Lowers Prime Lending Rate to 4.00 Percent

Posted by J.S.

October 29, 2008

CHARLOTTE, N.C., Oct. 29 /PRNewswire-FirstCall/ — Bank of America, N.A. announced today that it is lowering its prime-lending rate to 4.00 percent from 4.50 percent, effective October 29, 2008.

(In some Bank of America loan documentation, the term “reference rate” has been used to refer to this lending rate. The terms “prime rate” and “reference rate” refer to the same rate.)

Bank of America

Bank of America is one of the world’s largest financial institutions, serving individual consumers, small and middle market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk-management products and services. The company provides unmatched convenience in the United States, serving more than 59 million consumer and small business relationships with more than 6,100 retail banking offices, more than 18,000 ATMs and award-winning online banking with more than 25 million active users. Bank of America offers industry leading support to more than 4 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients in more than 150 countries and has relationships with 99 percent of the U.S. Fortune 500 companies and 83 percent of the Fortune Global 500. Bank of America Corporation stock (NYSE: BAC) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange.

http://www.bankofamerica.com/

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SOURCE: Bank of America

CONTACT: Sarah Whitmire, Bank of America, +1-980-387-8164,
sarah.whitmire@bankofamerica.com

Web site: http://www.bankofamerica.com/