Report Builder - Bank of America Corporation - Hoover's
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Hoover's Online Report Builder Bank of America Corporation (NYSE: BAC) Copyright 2004, Hoover's, Inc. Report Builder − Bank of America Corporation − Hoover's Online Table of Contents The Basics...............................................................................................................................................................................1 Key Numbers.............................................................................................................................................................1 Financial Overview....................................................................................................................................................1 Officers & Employees................................................................................................................................................1 Board Members..........................................................................................................................................................4 Industry Information..................................................................................................................................................5 SIC Codes...................................................................................................................................................................5 NAICS Codes.............................................................................................................................................................5 Top Competitors.........................................................................................................................................................6 All Competitors..........................................................................................................................................................6 Rankings.....................................................................................................................................................................6 Subsidiaries/Affiliates Covered By Hoover's Online.................................................................................................6 Biographies............................................................................................................................................................................7 Kenneth D. Lewis, Age 57........................................................................................................................................7 James H. (Jim) Hance Jr., Age 58.............................................................................................................................7 Edward J. (Ed) Brown III, Age 55............................................................................................................................8 David C. Darnell.......................................................................................................................................................9 Graham Denton.........................................................................................................................................................9 Richard M. (Rich) DeMartini, Age 50....................................................................................................................10 Barbara J. Desoer, Age 50.......................................................................................................................................10 Carter McClelland...................................................................................................................................................11 Liam E. McGee.......................................................................................................................................................11 Terry E. Perucca......................................................................................................................................................12 G. Patrick (Pat) Phillips...........................................................................................................................................12 Lynn Pike................................................................................................................................................................13 Andrew Plepler........................................................................................................................................................13 Alan Rappaport.......................................................................................................................................................14 Floyd S. Robinson...................................................................................................................................................14 Jonathan (Jon) Sandelman.......................................................................................................................................15 Alan Schroder..........................................................................................................................................................15 Kevin M. Shannon..................................................................................................................................................15 R. Eugene (Gene) Taylor, Age 55...........................................................................................................................16 J. Steele Alphin.......................................................................................................................................................16 J. Tim Arnoult.........................................................................................................................................................17 Catherine P. (Cathy) Bessant..................................................................................................................................17 Mary Cahillane........................................................................................................................................................18 Jim Cassady, Age 55...............................................................................................................................................18 Michael F. (Mike) Clement.....................................................................................................................................19 Kieth Cockrell.........................................................................................................................................................19 Gregory L. (Greg) Curl...........................................................................................................................................20 Alvaro G. (Al) de Molina, Age 46..........................................................................................................................20 Joseph R. Dewhirst, Age 53....................................................................................................................................20 Dana Drago.............................................................................................................................................................21 Helen Eggers...........................................................................................................................................................21 Frank Forrest...........................................................................................................................................................22 William A. (Bill) Hodges........................................................................................................................................22 Helga Houston.........................................................................................................................................................22 Milton H. Jones Jr...................................................................................................................................................23 i Report Builder − Bank of America Corporation − Hoover's Online Table of Contents Biographies Catherine S. (Cathy) Kenworthy.............................................................................................................................24 John Morton III.......................................................................................................................................................24 Marc D. Oken, Age 57............................................................................................................................................25 Jim Palermo.............................................................................................................................................................25 Daniel P. (Dan) Riley..............................................................................................................................................25 Overview..............................................................................................................................................................................27 History..................................................................................................................................................................................28 Products/Operations...........................................................................................................................................................29 Other Resources Available On Hoover's Online..............................................................................................................41 Other Resources.......................................................................................................................................................41 Related Products From Our Trusted Partners..........................................................................................................41 Annual Financials................................................................................................................................................................42 Quarterly Financials...........................................................................................................................................................44 Historical Financials & Employees....................................................................................................................................47 Market Data.........................................................................................................................................................................49 Comparison Data.................................................................................................................................................................50 Competitive Landscape.......................................................................................................................................................52 ii The Basics Bank of America Corporate Center, 100 N. Tryon St. Charlotte, NC 28255 (Map) http://www.bankofamerica.com Phone: 704−386−1845 Fax: 704−386−6699 Toll Free: 800−900−9000 Welcome to the machine. Having fulfilled its manifest destiny as the nation's first coast−to−coast bank, Bank of America will get even bigger after completing its pending purchase of Northeastern banking behemoth FleetBoston. Bank of America, already the third−largest bank in the US by assets (behind Citigroup and J.P. Morgan Chase and ahead of hometown competitor Wachovia), also boasts the country's most extensive branch network, with more than 4,200 locations covering 21 states and the District of Columbia. The FleetBoston deal should expand its presence in other parts of the world as well, particularly Latin America. Key Numbers Company Type Public (NYSE: BAC) Fiscal Year−End December 2003 Sales (mil.) $49,006.0 1−Year Sales Growth 5.7% 2003 Net Income (mil.) $10,810.0 1−Year Net Income Growth 16.9% 2003 Employees 133,549 1−Year Employee Growth (0.3%) Auditor PricewaterhouseCoopers LLP Financial Overview Last Close 23−Mar−2004 $78.53 52−Week High $84.90 52−Week Low $66.80 Basic EPS $7.13 Price/Earnings Ratio 11.01 Current Ratio −− R&D Expense (mil.) −− Advertising Expense (mil.) −− % Owned by Institutions 59.30% Officers & Employees Title Name Age Salary Report Builder − Bank of America Corporation − Hoover's Online Bonus 1 Chairman, President, and CEO Kenneth D. Lewis 57 $1,500,000 $5,375,000 James H. (Jim) Hance Jr. 58 $1,250,000 $4,125,000 President, Global Corporate and Edward J. (Ed) Brown III Investment Banking; CEO, Banc of America Securities (Retiring April 55 $700,000 $2,400,000 Vice Chairman and CFO (Stepping down as CFO effective April 2, 2004) 2, 2004) President, Commercial and Real Estate Banking David C. Darnell President, Bank of America North Carolina Graham Denton President, Asset Management Group (Stepping down April 1, 2004) Richard M. (Rich) DeMartini 50 $500,000 $2,725,000 President, Consumer Products Barbara J. Desoer 50 $600,000 $2,335,000 Chairman, Banc of America Securities; New York Market President Carter McClelland President, Bank of America National Consumer Bank Liam E. McGee 55 $700,000 $2,530,000 President, Banc of America Terry E. Perucca Equity Partners; President, Bank of America Chicago President, Card Services G. Patrick (Pat) Phillips Lynn Pike President, Small Business Banking; President, Bank of America California (Effective April 2, 2004) President, Bank of America Foundation Andrew Plepler President, Private Banking Alan Rappaport President, Bank of America Dealer Financial Services Floyd S. Robinson President, Banc of America Securities; Head of Debt and Equities Jonathan (Jon) Sandelman President, Executive Administration Alan Schroder President, Bank of America Consumer Real Estate Kevin M. Shannon President, Consumer and Commercial Banking R. Eugene (Gene) Taylor Corporate Personnel Executive J. Steele Alphin Technology and Operations Executive J. Tim Arnoult Report Builder − Bank of America Corporation − Hoover's Online 2 Corporate Marketing and Communications Executive Catherine P. (Cathy) Bessant Operational Risk Executive Mary Cahillane National Market President Executive Jim Cassady Corporate Communications Executive Michael F. (Mike) Clement Middle Market Treasury Executive Reggie Chun Customer Service and Support Executive Kieth Cockrell 55 Corporate Planning and Strategy Gregory L. (Greg) Curl Executive Corporate Treasury Executive Alvaro G. (Al) de Molina 46 Joseph R. Dewhirst 53 (Named President, Global Corporate and Investment Banking effective April 2, 2004) Corporate Treasurer (Effective April 2, 2004) Small Business Segment Executive Dana Drago Consumer Risk Management Executive Helen Eggers Commercial and Small Business Banking Risk Management Executive Frank Forrest Debt Capital Markets Executive William A. (Bill) Hodges Asset Management Risk Executive Helga Houston Quality and Productivity Executive Milton H. Jones Jr. Technology and Operations Business Executive Jim Kelly Insurance Services and Consumer Products Executive Catherine S. (Cathy) Kenworthy Public Affairs Executive Janet Lamkin National Premier Banking Executive John Morton III Technology Services Executive Don Obert Principal Financial Executive Marc D. Oken 57 (Named CFO effective April 2, 2004) Management Services Executive Jim Palermo Technology Relationship Management Karen Petrisko Report Builder − Bank of America Corporation − Hoover's Online 3 Global Treasury Services Executive Daniel P. (Dan) Riley Brand and Advertising Executive Dan Roselli Investor Relations Executive Kevin Stitt e−Commerce Channel Strategy Executive Pam West Chief Risk Officer Amy W. Brinkley Director of Taxation Thomas (Tom) Brantley General Counsel Timothy (Tim) Mayopoulos General Auditor Paul Morrison 47 $775,000 $2,595,000 44 President, Bank of America Auto Tim M. Russi Group President, Bank of America Texas Walter Elcock President, Bank of America Florida Tim Laney President, Bank of America Tennessee John F. Stein President, Bank of America Dallas Kathleen Gibson Board Members Title Name Age Chairman, President, and CEO Kenneth D. Lewis 57 Vice Chairman and CFO James H. (Jim) Hance Jr. 58 Director John R. (Johnny) Belk 45 Director Charles W. Coker 70 Director Frank Dowd IV 47 Director Kathleen F. Feldstein 62 Director Paul Fulton 69 Director Donald E. Guinn 71 Director Walter E. Massey 65 Director C. Steven McMillan 57 Director Patricia (Pat) Mitchell 60 Director Edward L. (Ed) Romero 69 Director O. Temple Sloan Jr. 64 Director Meredith R. Spangler 65 Director Ronald Townsend 61 Report Builder − Bank of America Corporation − Hoover's Online 4 Director Jacquelyn M. (Jackie) Ward 65 Director Virgil R. Williams 63 Industry Information • Banking ♦ Money Center Banks (primary) ♦ Online Banking ♦ Private Banking • Financial Services ♦ Asset Management ◊ Mutual Fund Management ◊ Retail Asset Management ♦ Investment Banking ♦ Lending ◊ Mortgage Banking & Related Services ♦ Securities Brokers & Traders ♦ Transaction, Credit & Collections ◊ Transaction Processing & Settlement SIC Codes 6021 National commercial banks 6162 Mortgage bankers and correspondents 6211 Security brokers and dealers 6221 Commodity contracts brokers, dealers 6282 Investment advice 6289 Security & commodity services, nec 6712 Bank holding companies 6722 Management investment, open−end 7374 Data processing and preparation NAICS Codes 522110 Commercial Banking 522210 Credit Card Issuing 522291 Consumer Lending 522292 Real Estate Credit 522294 Secondary Market Financing 522320 Financial Transactions Processing, Reserve, and Clearinghouse Activities 523110 Investment Banking and Securities Dealing 523120 Securities Brokerage 523130 Commodity Contracts Dealing 523920 Portfolio Management Report Builder − Bank of America Corporation − Hoover's Online 5 525910 Open−End Investment Funds 551111 Offices of Bank Holding Companies Top Competitors • Citigroup • Wachovia • Wells Fargo All Competitors • American Express • AmSouth • BANK ONE • Banknorth Group • BB&T • CIBC • Citigroup • Citizens Financial Group • Countrywide Financial • Credit Suisse First Boston • Deutsche Bank • FleetBoston • Golden West Financial • Household International • J.P. Morgan Chase • KeyCorp • MBNA • Mellon Financial • RBC Financial Group • SunTrust • UnionBanCal • U.S. Bancorp • Wachovia • Washington Mutual • Wells Fargo Rankings • #23 in FORTUNE 500 • S&P 500 • Dow Jones Global Titans • #29 in FT Global 500 Subsidiaries/Affiliates Covered By Hoover's Online • BA Venture Partners • Banc of America Securities LLC • Finacity Corporation Report Builder − Bank of America Corporation − Hoover's Online 6 Biographies Kenneth D. Lewis, Age 57 Chairman, President, and CEO, $1,500,000 salary, $5,375,000 bonus Other Company Affiliations Company Title Lowe's Companies, Inc. Director Salary Bonus Recent Work Highlights • Bank of America Corporation ♦ 2001: Chairman, President, and CEO, $1,333,333 salary, $5,200,000 bonus Biography Kenneth D. Lewis is chairman, chief executive officer and president of Bank of America. Prior to his current position, he was president and chief operating officer. Lewis joined NCNB (predecessor to NationsBank and Bank of America) in 1969 as a credit analyst in Charlotte and served as a corporate banking officer and Western Area director in the U.S. Department before being named manager of NCNB's International Banking Corporation in New York in 1977. Lewis was named senior vice president and manager of the bank's U.S. Department in 1979. He was named Middle Market Group executive in 1983 when the group was created and was responsible for expanding and improving service to middle market companies throughout the Southeast. He was named president of the company's Florida bank in 1986. From 1988 to 1990, he served as president of the company's Texas bank, and was president of Consumer and Commercial Banking before being named president and chief operating officer in 1999. Lewis was born April 9, 1947, in Meridian, Miss. He earned a bachelor's degree in finance from Georgia State University. He also is a graduate of the Executive Program at Stanford University. Lewis is a member of the board of directors of Health Management Associates Inc., a publicly owned operator of acute care hospitals; a director of the Homeownership Education and Counseling Institute; vice chairman and immediate past chairman of the board of trustees of the National Urban League; a member of the board of directors of Lowe's Companies, Inc.; a member of the board and past chairman of the Presbyterian Hospital Foundation; a member of the Financial Services Roundtable; a member of the board of the Financial Services Forum; and a member of the board and the executive committee and past chairman of the United Way of Central Carolinas, Inc. Source: Company Web Site, 2003 James H. (Jim) Hance Jr., Age 58 Vice Chairman and CFO (Stepping down as CFO effective April 2, 2004), $1,250,000 salary, $4,125,000 bonus Other Company Affiliations Company Title EnPro Industries, Inc. Director Summit Properties Inc. Director Salary Report Builder − Bank of America Corporation − Hoover's Online Bonus 7 Recent Work Highlights • Bank of America Corporation ♦ 2001: Vice Chairman and CFO, $1,166,667 salary, $3,600,000 bonus • NationsBank Corporation ♦ Last position held, Vice Chairman and CFO Biography James H. Hance Jr. is vice chairman and chief financial officer of Bank of America and a member of the corporation's Board of Directors. He is responsible for the Finance Group, comprising the finance, accounting and control functions, and for Treasury, including balance sheet management. He also is responsible for Principal Investing, the company's e−Commerce initiatives, Investor Relations, the Legal Department, Corporate Strategy and Management Services, which provides for the company's real estate needs. The global payment business, which provides depository and treasury services to customers worldwide, also reports to Hance. Hance, a certified public accountant, spent 17 years with the Price Waterhouse accounting firm (now PricewaterhouseCoopers) in Philadelphia and Charlotte. For six years, he was a partner in the Charlotte office and served as the audit partner responsible for the firm's relationship with NCNB Corporation, predecessor to NationsBank and Bank of America. From August 1985 until December 1986, he was chairman and co−owner of Consolidated Coin Caterers Corp, in Charlotte. He joined NCNB in March 1987. A Midwest native, Hance earned a bachelor's degree at Westminster College in Fulton, Mo. and a master's degree in business at Washington University in St. Louis. Hance is a member of the board of directors of Caraustar Industries Inc., Family Dollar Stores Inc., Lance Inc. and Summit Properties Inc. He also is chairman of the board of trustees of Charlotte Country Day School and immediate past chairman of the board of trustees of Novant Health Services. He is a trustee of Washington University in St. Louis and is a member of Washington University's National Council for the John M. Olin School of Business. He is a member of the board of visitors of Duke University Fuqua School of Business and serves on the board of trustees of the North Carolina Blumenthal Performing Arts Center. In addition, he is a member of the board of The United Negro College Fund and The Foundation for the University of North Carolina at Charlotte. He is a member of the Society of International Business Fellows. Source: Company Web Site, 2003 Edward J. (Ed) Brown III, Age 55 President, Global Corporate and Investment Banking; CEO, Banc of America Securities (Retiring April 2, 2004), $700,000 salary, $2,400,000 bonus Other Company Affiliations Company Title Salary Bonus Banc of America Securities LLC President, Corporate and Investment Banking, Bank of America (Retiring effective April 2, 2004; will remain with the company through June 30, 2004 ) Recent Work Highlights • Bank of America Corporation ♦ 2001: President, Global Corporate and Investment Banking, $700,000 salary, $2,750,000 bonus Report Builder − Bank of America Corporation − Hoover's Online 8 Biography Edward J. Brown III is president of Bank of America Global Corporate and Investment Banking, responsible for investment banking, corporate banking, capital markets, financial advisory, trade finance, leasing and e−Commerce services. He is also a member of the Bank of America Operating Committee. Brown joined the bank in 1972 as a credit analyst in Charlotte and served as an account officer in the Southeastern Department. He was named senior vice president and director of the Southern Department in 1979 and Specialized Industries division executive in 1980. Brown transferred to Tampa where he was named Tampa Bay area executive in 1982 and Tampa Bay Region executive in 1984. He returned to Charlotte as Middle Market Group executive in 1985 and served in this position until he was named president of Corporate Banking in 1988. He was named president of Global Finance in 1997 and president of Global Capital Raising and Global Capital Markets in 1998. A native of Savannah, Ga., Brown earned a bachelor's degree in industrial management from Georgia Institute of Technology. He earned a master's degree in finance from Harvard University. Brown is a member of the PGA Tour Golf Course Properties advisory board and a trustee of the Georgia Tech advisory board. He is a member of the Carolinas HealthCare System board of advisors, the 1999 U.S. Open President's Council and co−chair of the Georgia Tech Regional Development Council. Source: Company Web Site, 2003 David C. Darnell President, Commercial and Real Estate Banking Biography David C. Darnell is president of Commercial and Real Estate Banking for Bank of America. He leads national sales for the company's Commercial Banking, Real Estate Banking and Business Credit operations. Before assuming his current position in 2001, he led the bank's consumer and commercial banking operations in the central region of the United States. Darnell also served as executive vice president and Commercial Division executive for Bank of America in Florida. Darnell is a member of the Bank of America Management Operating Committee. Based in St. Louis, Darnell has been actively involved in the community, particularly in efforts to revitalize downtown St. Louis, where the bank has a major presence. He is a member of the boards of the St. Louis Regional Commerce and Growth Association; St. Louis Downtown Partnership, Inc.; Civic Progress; St. Louis Science Center; United Way of Greater St. Louis; Boy Scouts of America Greater St. Louis Area Council; and the Variety Club. He also is a trustee of St. Louis University and serves on the national board of the Museum of Science and Industry Foundation. Darnell received an MBA from the University of North Carolina and an undergraduate degree in business from Wake Forest University in Winston−Salem, N.C. Source: Company Web Site, 2002 Graham Denton President, Bank of America North Carolina Biography Denton joined Bank of America in 1971 as a cash management analyst. He has held a number of management positions at the company in Cash Management, Corporate Lending, Commercial Lending, Loan Policy, Middle Market Investment Banking and Commercial Finance. In late 1999, Denton assumed responsibility for a variety of businesses in Global Corporate and Investment Banking, including Latin America Investment and Financial Institutions Banking Canada, Sports finance and US Corporate Banking. In late 2001, he was appointed Business Risk Executive for Consumer and Report Builder − Bank of America Corporation − Hoover's Online 9 Commercial Banking. He assumed his role as Commercial Executive for the Atlantic Region in 2002. Active in the state and local community, Denton is a trustee of Wake Forest University. He also serves on the board of the Charlotte Chamber of Commerce, Leadership Charlotte, Wake Forest University Baptist Medical Center, United Family Services and United Way of the Central Carolinas. Source: Company Press Release, June 16, 2003 Richard M. (Rich) DeMartini, Age 50 President, Asset Management Group (Stepping down April 1, 2004), $500,000 salary, $2,725,000 bonus Recent Work Highlights • Bank of America Corporation ♦ 2001: President, Asset Management Group, $423,611 salary, $3,400,000 bonus Biography Richard M. DeMartini is president of the Bank of America Asset Management Group. This group provides investment management services to individuals and institutions through Banc of America Capital Management, Inc., a full range of financial services, including fiduciary and credit services, to high−net−worth individuals and families through the Private Bank, Trust Company and Private Client Services, and retail brokerage services through Banc of America Investment Services, Inc. He also is a member of the Bank of America Risk and Capital and Operating Committees. DeMartini most recently served as chairman and chief executive officer of the International Private Client Group at Morgan Stanley Dean Witter, a position that encompassed all of the firm's activities relating to the gathering of investment assets and sale of securities to individual investors internationally. He also was a member of the Morgan Stanley Dean Witter Management Committee. His career at Morgan Stanley Dean Witter spanned more than 26 years and included roles as president of Individual Asset Management and president of Dean Witter & Company, Inc. DeMartini has served as chairman of the board of the Nasdaq Stock Market, Inc. and vice chairman of the board of the National Association of Securities Dealers, Inc. He currently serves as a trustee of the Cancer Research Institute and as a director of Graham Windham, New York's oldest social service agency. DeMartini is a graduate of San Diego State University with a bachelor's degree in marketing. Source: Company Web Site, 2003 Barbara J. Desoer, Age 50 President, Consumer Products, $600,000 salary, $2,335,000 bonus Recent Work Highlights • Bank of America Corporation ♦ Title held until 2001: Director, Marketing Biography Barbara J. Desoer is the Consumer Products executive for Bank of America and a member of the bank's Risk & Capital and Operating committees. She is responsible for the Card Services, Consumer Deposit Products, Consumer Real Estate, Dealer Financial Services and Insurance businesses, as well as the Consumer Risk Operations Group. She is also responsible for these key channels: automated teller machines (ATMs), Online Banking, and Customer Service and Report Builder − Bank of America Corporation − Hoover's Online 10 Support. Desoer joined the bank in 1977. After a variety of Commercial Lending and Credit Administration assignments, she served as executive assistant to two chief executive officers. She then held a number of retail banking assignments and was named group executive vice president responsible for the California Retail Banking Group in 1996. In 1998 she was promoted to president of Northern California banking. She was Marketing executive from 1999 until July 2001, when she assumed her current position. In addition, she recently chaired the bank's internal Diversity Advisory Council. Desoer received a bachelor's degree in mathematics from Mount Holyoke College and a master's degree in business administration from the University of California at Berkeley. She serves on the Advisory Council of the Haas School of Business at the University of California at Berkeley and the Business Advisory Council of the Belk College of Business Administration at the University of North Carolina in Charlotte. She also serves as a member of the boards of directors of the North Carolina Dance Theatre, the Presbyterian Hospital Foundation and the United Way of Central Carolinas. Source: Company Web Site, 2003 Carter McClelland Chairman, Banc of America Securities; New York Market President Other Company Affiliations Company Title Salary Bonus Banc of America Securities LLC Chairman; Head of Corporate and Investment Banking, Bank of America Recent Work Highlights • Banc of America Securities LLC ♦ Title held until 2004: President; New York Market President, Bank of America Biography McClelland joined Banc of America Securities in 1998. Previously he was president and chief executive officer and member of the board directors of Deutsche Bank North America. McClelland's Wall Street career spans more than 30 years, including 21 years at Morgan Stanley, where he was chief administrative officer and a member of the firm's operating committee. He earned a B.S. in aeronautical engineering and an M.B.A. from Stanford University. McClelland and his family live in New York City. He currently serves on the boards of directors of the United Way of New York, the National Council on Economic Education and NYC2012, the organization created to bring the Olympic Games to New York. Source: Company Press Release, August 19, 2003 Liam E. McGee President, Bank of America National Consumer Bank Recent Work Highlights • Bank of America Corporation ♦ Title held until 2004: President, Bank of America National Consumer Bank; President, Bank of America California Report Builder − Bank of America Corporation − Hoover's Online 11 Biography McGee joined Bank of America in 1990 and for six years led its California Consumer Bank. From 1996 to 1998, he ran the company's technology and operations group. In July 1998, he was named President, Bank of America Southern California. McGee was appointed to his position as President of Bank of America California in August 2000 and assumed additional responsibility as President of Bank of America National Consumer Bank in August 2001. The 48−year−old bank executive is active in civic affairs, serving on the board of the San Francisco Museum of Modern Art, chairman of the United Way of Greater Los Angeles, and vice chairman of the Town Hall Los Angeles. McGee was a two−term member of the Federal Reserve Bank of San Francisco board of directors. McGee also has a personal interest in education. In 1999, he joined the effort to bring about fiscal reform in California's public schools, and now serves as chairman of the board of trustees of the University of San Diego and on the board of the Anderson School at UCLA. He is past chairman of Junior Achievement of Southern California. A native of Ireland, McGee has lived in California nearly all of his life and speaks Spanish fluently. He earned a bachelor's degree from the University of San Diego, a master's degree in business adminis− tration from Pepperdine University and a law degree from Loyola Law School. McGee and his family reside in Pasadena. Source: Company Web Site, 2002 Terry E. Perucca President, Banc of America Equity Partners; President, Bank of America Chicago Biography As president of Bank of America, Chicago, Terry Perucca represents the bank in the business and civic community. In addition, Perucca is president of Banc of America Equity Partners, the private equity investing group for Bank of America. As the local senior banking executive, he is responsible for leveraging all lines of business at the bank to ensure that the best interests of clients and the community are being served. Since 1996, Perucca has led Banc of America Equity Partners, which makes direct and indirect private equity investments for the bank in the United States as well as South America, Asia and Europe. He oversees a $5 billion portfolio of equity investments in private companies. Perucca joined BankAmerica during its merger with Security Pacific Bank in 1992, when he became part of its San Francisco−based Corporate Development department. He assumed responsibility for managing that unit in 1993. He joined Security Pacific in 1966 as a member of the Finance department and formed its Corporate Strategic Planning group in 1980 and managed its Planning and Acquisition activities from 1985 to 1990. He then headed its Retail Branch and Sales Support group prior to taking on his BankAmerica corporate development responsibilities. Perucca holds a bachelor's degree in management from Arizona State University. He also is a graduate of the University of Washington's Pacific Coast Bank School, where he served on the faculty for eight years. Perucca is a member of the board of trustees of the Museum of Contemporary Art, Chicago, the board of directors of Colorgraphics Inc., Los Angeles; and a managing board member of Weiss, Peck & Greer, San Francisco. He also is a member of the Union League Club, Chicago. Source: Company Web Site, 2002 G. Patrick (Pat) Phillips President, Card Services Biography G. Patrick Phillips is president of Card Services for Bank of America. Card Services includes consumer and commercial Report Builder − Bank of America Corporation − Hoover's Online 12 credit cards, check cards, ATM cards, emerging card products and merchant card services. Additionally, he leads the Small Business Integration Council, one of four such councils in the company that are focused on the execution of integrated plans to better meet the needs of major customer groups. Phillips joined the company in 1973. His early career included assignments in Corporate Banking and Marketing, and as director of Charlotte banking centers. He transferred in 1983 to Florida where he served as Broward Area executive, Florida Southeast Region executive and later as Northern/Western Florida executive. In l987 he was appointed Consumer Banking Group executive and relocated to Charlotte. He was appointed president of NCNB Services Inc. in 1988 and president of NCNB Financial Products in 1990. He became president of Card Services for Bank of America in 1998. The Greenville, S.C. native received a bachelor's degree in economics from Presbyterian College and a master's degree in business administration from the Darden School of the University of Virginia. Phillips is a director of Visa USA and Visa International and is immediate past president of the Consumer Bankers Association board. He also serves on the boards of the Charlotte Symphony and The Foundation for the Carolinas, and is a trustee of Presbyterian College. Source: Company Web Site, 2002 Lynn Pike President, Small Business Banking; President, Bank of America California (Effective April 2, 2004) Biography Lynn Pike, managing director of Consumer Banking and Distribution for FleetBoston Financial Corporation and a leader with strong banking and community development credentials in California and the Northeast, will succeed Liam McGee as president, Bank of America California. Pike will serve in a dual role as president of Small Business Banking nationally, as well as bank president in California. She will relocate to Los Angeles and assume those roles when the Bank of America−FleetBoston merger is completed this spring. She currently leads the FleetBoston Financial consumer businesses, telephone banking and ATM network and oversees the work of 15,000 FleetBoston associates and 1,500 banking centers in eight Northeastern states. Before joining FleetBoston in May 2002, Pike was executive vice president and regional president of Wells Fargo Bank's Los Angeles Metropolitan Division, where she was responsible for its largest retail operating division, which included retail banking in Los Angeles, Ventura, Orange and San Bernardino counties and the city of Santa Barbara. While there, she forged a strong reputation for community leadership and economic development. Prior to joining Wells Fargo, Pike was director of national sales support for GMAC Mortgage Corporation. She had previously managed the Florida, New York and New Jersey community banking units for First Nationwide Bank, and served as an executive with Bank of Boston and Bay Banks. Pike is a graduate of the Executive School of Marketing at the Fuqua School of Business at Duke University. She was very active with community and nonprofit organizations in California, serving on the boards of Junior Achievement of Southern California, the Consumer Bankers Association, Town Hall−Los Angeles, the Los Angeles Chamber of Commerce, Operation Hope and the Carreker Advisory Board. She is the recipient of the Chairman's Award from the Latin Business Association, and she has received the 2002 Asian Entrepreneurs of the Year− Minority Small Business Advocate of the Year award. She also was selected 2001 Board Member of the Year by Operation Hope. Pike currently serves on the board of the Consumer Bankers Association as the FleetBoston representative, as well as on the National Board of Directors of Operation Hope. Source: Company Press Release, January 15, 2004 Andrew Plepler President, Bank of America Foundation Report Builder − Bank of America Corporation − Hoover's Online 13 Biography Mr. Plepler will develop and manage relationships with national nonprofit organizations and create strategic partnerships with business leaders and foundations to strengthen corporate giving and expand the bank's leadership role in the community. He will also be responsible for managing the foundation's overall mission and coordinating its national focus with local market philanthropic efforts across Bank of America's coast−to−coast franchise. Plepler most recently served as senior vice president of Housing and Community Initiatives with the Fannie Mae Foundation. He oversaw three of the foundation's primary grant−making departments, as well as all five regional offices −− Dallas, Philadelphia, Pasadena, Atlanta and Chicago. He supervised the Outreach and Education Department, including the foundation's personal finance program, and directed the foundation's community development efforts in Washington, DC, which accounts for a third of its overall grantmaking. Before joining the Fannie Mae Foundation, Plepler practiced law as a trial attorney for the U.S. Department of Justice in the Tax Division and served on Capitol Hill as counsel to the U.S. Senate Committee on the Judiciary. Plepler earned a Bachelor of Arts degree in government from Franklin & Marshall College in Lancaster, PA and a Jurist Doctorate from the University of Miami School of Law in Coral Gables, FL. Plepler, his wife and three children will reside in Charlotte. Source: Company Press Release, June 19, 2003 Alan Rappaport President, Private Banking Biography Rappaport served as a managing director of CIBC Oppenheimer from 1982 to 1999 where he was responsible for the Asset Management Division. This private client oriented division provided a comprehensive array of investment services to wealthy clients, with a market leading position in non−traditional asset categories. He then became a partner of the Beacon Group and helped establish the wealth management business for this M&A and private equity investment boutique. When Beacon was acquired by Chase, Rappaport assumed a senior investment position as a managing director of Chase Investment Advisors and a member of the management committee of the Chase Global Private Bank. He has created and served on the boards as chairman of numerous investment companies and funds. He holds a master's degree in business administration from Stanford University and a bachelor's degree from Harvard College. Source: Company Press Release, Floyd S. Robinson President, Bank of America Dealer Financial Services Biography Floyd S. Robinson is president of Bank of America Dealer Financial Services, which includes the Auto Group and Specialty Group. Mr. Robinson also continues his role as president of the Auto Group, one of the largest non−captive providers of financial service products to the automotive industry. The Specialty Group is the largest provider of financial services to the recreational vehicle industry and one of the largest providers to the marine industry. Bank of America Dealer Financial Services is a part of Bank of America, one of the world's leading financial services companies. Dealer Financial Services has approximately $22 billion in assets and serves both commercial and consumer customers across the country. During his career, Mr. Robinson has held a variety of positions in the financial services industry including president, Fleet Credit Corporation; equipment division president of USL Capital, a Ford Financial Services Group Report Builder − Bank of America Corporation − Hoover's Online 14 company; and president and CEO of the LDI Corporation, a publicly traded technology company. He has served on the Board of Directors of the Equipment Leasing Association as well as several other corporate boards. Mr. Robinson currently resides in Ponte Vedra Beach, Florida, with his wife, Gwyn. Source: Company Web Site, 2002 Jonathan (Jon) Sandelman President, Banc of America Securities; Head of Debt and Equities Other Company Affiliations Company Title Banc of America Securities LLC President; Head of Debt and Equities, Bank of America Salary Bonus Recent Work Highlights • Banc of America Securities LLC ♦ Title held until 2004: Global Head of Equities Biography Sandelman joined BAS in 1998 as head of the Equity Financial Products business and became head of Equities in 2002. Prior to joining the company, he was deputy head of global equities and managing director of equity derivatives at Salomon Brothers, as well as a member of both the risk management committee and the compensation committee. Sandelman holds a bachelor's degree from Adelphia University and a law degree from Cardozo School of Law. Source: Company Press Release, February 17, 2004 Alan Schroder President, Executive Administration Biography Schroder comes to Bank of America after 18 years helping to build Morgan Stanley's brokerage business. Prior to his recent role as an advisory director, Schroder was executive vice president and director of Morgan Stanley's Central Division, where he had responsibility for approximately a third of the company's brokerage force, among the largest in the country. While at Morgan Stanley, Schroder restructured and significantly expanded the strategic training and career development programs for financial advisors and managers, working with leading academics in the field at the Wharton School of the University of Pennsylvania. Source: Company Press Release, January 29, 2002 Kevin M. Shannon President, Bank of America Consumer Real Estate Report Builder − Bank of America Corporation − Hoover's Online 15 Biography Kevin M. Shannon currently serves as President of Consumer Real Estate for Bank of America. He has overall responsibility for consumer and mortgage lending, including business reinvention, process design and improvement and mortgage. Shannon has been with Bank of America (and predecessor organizations) for 19 years. During his career at Bank of America, Shannon has held a variety of positions and responsibilities. From 1999 − 2000 he worked in Washington D.C. as program executive for Government Card Services. There he was responsible for the government travel and entertainment and purchasing card program for approximately 40 federal government agencies. From 1995 to 1999 he served as the Consumer and Business Loan Center executive. In this capacity, Mr. Shannon managed 14 regional loan center sites supporting sales, underwriting and settlement services for all consumer and small business lending activity. From 1992 − 1995 he held the position of Senior Credit Policy Executive, Direct Consumer and Small Business Loans. He was responsible for lending policy and risk management for the company's consumer and small business loan portfolio. For 1982 through 1992 he also held various roles in Consumer and Commercial Banking and Branch Management. Shannon earned a master's degree in Business Administration and a bachelor of science in Business Administration in Marketing, Cum Laude from East Carolina University. He is also a member of the East Carolina Business Advisory Council. Source: Company Web Site, 2002 R. Eugene (Gene) Taylor, Age 55 President, Consumer and Commercial Banking, $700,000 salary, $2,530,000 bonus Recent Work Highlights • Bank of America Corporation ♦ 2001: President, Consumer and Commercial Banking, $700,000 salary, $1,250,000 bonus Biography R. Eugene Taylor is president of Bank of America Consumer and Commercial Banking, the largest single profit center for the company. He also is responsible for Bank of America (Asia) Ltd. and is a member of the bank's Operating Committee. Taylor joined the company in Charlotte, N.C., in 1969 as a credit analyst. He served in branch offices, marketing and management positions across North Carolina. In 1986 he moved to Florida and in 1990 was named president of the Florida bank. In 1993 he was named president of NationsBank Mid Atlantic. After Barnett Bank was acquired in 1997, he returned to Florida as president of the merged bank. In 1998, Bank of America and NationsBank merged and Taylor was named president of the West Region. Responsibility for the Central Region was added in February 2000. A Florida native, Taylor graduated from Florida State University with a degree in finance. Active in civic affairs during his career, he has served on boards of community organizations throughout Bank of America markets. Source: Company Web Site, 2003 J. Steele Alphin Corporate Personnel Executive Report Builder − Bank of America Corporation − Hoover's Online 16 Biography J. Steele Alphin is Corporate Personnel Executive for Bank of America and a member of the bank's Operating Committee and the Exult Advisory Council. Alphin joined the bank in 1977 working in the Consumer Bank in Chapel Hill, N.C. He moved to Charlotte in 1980 as a compensation analyst in Personnel. He moved to Tampa in 1984 to become Regional Personnel manager and was named Personnel director of the Florida bank in 1985. Alphin returned to Charlotte in 1988 as Corporate Personnel division executive for the Eastern bank, with Personnel responsibilities for the General Bank, Institutional Bank, Credit Policy and Recruiting. He moved to Atlanta in 1992 as Corporate Personnel division executive supporting the General Bank, Asset Management Group and Financial Products and returned to Charlotte in 1994 with nationwide responsibility for the Personnel functions of the Consumer & Commercial Bank and Wealth Management. He was named Corporate Personnel executive in 1999. A native of Windsor, Va., Alphin earned his bachelor's degree in military history from the University of North Carolina at Chapel Hill. Alphin is a member of the board of the Bank Administration Institute and member of UNC Board of Visitors, Class of 2006. Source: Company Web Site, 2003 J. Tim Arnoult Technology and Operations Executive Biography Tim Arnoult is Technology &Operations executive at Bank of America. He is responsible for delivering the information technology and operations support necessary for Bank of America businesses to achieve breakthrough improvements in customer satisfaction and revenue growth. Arnoult started his banking career in 1975 in Texas. He has been president of the Private Bank and president of the 10−state Central Region Consumer and Commercial Banking Group. He was named Technology &Operations executive in 2000. Arnoult grew up in Beaumont, Texas, and is a graduate of the University of Texas at Austin, where he earned a bachelor's degree in psychology in 1971 and a master's in business administration in 1976. He is recipient of the University of Texas Outstanding Young Alumni Award. Over the years, Arnoult has been active in community affairs and banking industry trade groups. He has served in leadership roles on the boards of organizations such as the University of Texas Business School Advisory Council, United Way, the Texas Governor's Business Council and the Charlotte Arts and Science Council, and on the executive steering committee of the Business Leadership Network as an advisor to the President's Committee on Employment for People with Disabilities. He is current chairman of the Alexis de Tocqueville Society for the United Way of Central Carolinas and is a member of the Financial Services Roundtable − BITS Advisory Council and IBM's Information Systems Customer Advisory Council. In addition to his banking and community service activities, his interests include spending time with his family, golfing and piloting a private aircraft. Source: Company Web Site, 2003 Catherine P. (Cathy) Bessant Corporate Marketing and Communications Executive Recent Work Highlights • Bank of America Corporation ♦ Title held until 2001: President, Bank of America Florida Report Builder − Bank of America Corporation − Hoover's Online 17 Biography Catherine P. Bessant is chief marketing executive for Bank of America and serves as the president of the company's North Carolina operations as well. Her functional responsibilities include Brand, Internal and External Communications, Customer Analytics and Research, Electronic Marketing, Public Policy, Media Relations and the Bank of America Foundation. Bessant most recently was president of Bank of America, Florida, and national Small Business Segment executive. The company has more than 1.9 million small business customers in the United States and, with more than 800 banking centers, is the largest consumer and commercial bank in Florida. Prior to these roles, Bessant was president of Consumer Real Estate and Community Development Banking, where she was responsible for developing and executing the Bank of America consumer real estate, mortgage and community development financing strategies. She led Bank of America mortgage lending and operations nationwide, as well as the full complement of Bank of America community development activities. Bessant joined the company in 1982 as a corporate banking officer in the National Division. A native of Jackson, Michigan, Bessant earned a bachelor's degree in business administration, with concentrations in Finance, Marketing and English literature, from the University of Michigan School of Business Administration. Bessant is a member of the board of directors of Blue Cross Blue Shield of Florida, Inc. She is involved in numerous civic and charitable capacities, including the board of trustees of the Enterprise Foundation, and the boards of directors of the North Carolina Council for Commerce, Business, and Industry and the Children's Theatre of Charlotte. Bessant and her husband, John E. Clay, have two children. Source: Company Web Site, 2003 Mary Cahillane Operational Risk Executive Biography Mary Cahillane is the Operational Risk executive for Bank of America, responsible for operational risk policies and procedures across the company. She serves on the Compliance Executive Advisory Committee, the Credit Risk Committee and is a member of the company's Management Operating Committee. In her previous position, Cahillane was Deputy Treasurer, with responsibility for balance sheet management, management of relationships with credit rating agencies, the company's pension plan and insurable risk, as well as other treasury functions. Cahillane joined the company in 1981 in the Corporate Treasury Department. She earned a bachelor's degree in history from Emmanuel College and a master's degree in business administration from the Tuck School of Business at Dartmouth. Cahillane is a member of the board of the Charlotte Symphony. Source: Company Web Site, 2002 Jim Cassady, Age 55 National Market President Executive Biography Cassady started with one of Bank of America's predecessor institutions, C&S National Bank in Atlanta, in 1971 in branch management and commercial lending roles. Since then, he has served in positions ranging from senior credit and lending officer for Florida to vice president of international trade in Atlanta. He was named Broward County senior banking executive and president in 1992, and in 1999 he became Bank of America's Community Development Banking executive for Florida. Cassady is a graduate of Presbyterian College in South Carolina with a bachelor's degree in English, and he Report Builder − Bank of America Corporation − Hoover's Online 18 also attended the Rutgers Graduate School of Banking. He has long been active in the South Florida community, and he currently serves on the boards of directors of the Broward Workshop and the National Conference of Community and Justice. He is a former chairman of the Urban League of Broward County, Greater Fort Lauderdale Chamber of Commerce and Museum of Art, and is a recipient of numerous civic and community honors, including the Sun−Sentinel Excalibur Award, National Jewish Fund "Tree of Life" Award and the Greater Fort Lauderdale Chamber Hall of Fame Award. Source: Company Press Release, November 7, 2002 Michael F. (Mike) Clement Corporate Communications Executive Biography Clement brings 21 years of experience at the bank in various geographies and customer segments. He most recently served as the Personnel executive for Corporate Marketing & Communications, Finance and Legal & Management Services. Clement received his Bachelor of Science degree in Business Administration from the University of North Carolina, Chapel Hill. He resides in Charlotte with his wife and two children. Source: Company Press Release, February 24, 2003 Kieth Cockrell Customer Service and Support Executive Biography Kieth Cockrell is president of Customer Service and Support responsible for managing call centers nationwide that provide sales and service to Consumer, Small Business and Commercial Banking Customers. He also has overall responsibility for Associate Banking. Cockrell joined Bank of America in September 1993 as vice president and manager of Consumer Lending Division Project Management. In February 1995, he was promoted to senior vice president of National Consumer Assets Group−Project Management. In June 1997, he was named director of Marketing, Business Banking Division, where he was responsible for all product development and manage−ment of products and services for Small Business Banking clients. In November 1997, he was named executive vice president and senior manager of the ATM Banking Division, where he was responsible for ATM product management, sales and deployment. In addition, he was responsible for executing the company's debit card strategy. In August 1998, he was named executive vice president of Debit, ATM and Smart Card Services. He had responsibilities for all ATM Operations, Debit and Smart Card Marketing, and product development for all consumer card products. Prior to joining Bank of America, Cockrell was the administrative assistant to the IBM vice president and general manager of U.S. Marketing. During his 10 years with IBM, he held several technical and marketing management positions supporting large financial institutions. Cockrell received his bachelor of science degree in industrial engineering from Columbia University. Cockrell currently serves as a member of the National Board of INROADS, Inc., the Government Relations Council of Consumer Bankers Association, the Board of Trustees of Charlotte Repertory Theatre, and on the Board of Directors of the United Way of Central Carolinas, Inc., and as chairman of the Community Investment Committee of the United Way of Central Carolinas, Inc. President of Customer Service and Support Source: Company Web Site, 2002 Report Builder − Bank of America Corporation − Hoover's Online 19 Gregory L. (Greg) Curl Corporate Planning and Strategy Executive Recent Work Highlights • Boatmen's Bancshares, Inc. ♦ Last position held, Vice Chairman Biography Gregory L. Curl is director of Corporate Planning and Strategy for Bank of America. Curl began his career in 1974 in St. Louis as a commercial loan officer. From 1976 to 1978, he served as a special assistant to U.S. Senator John C. Danforth. He returned to the bank in 1978 and continued to serve in many capacities, including vice chair−man of Corporate Development and president of Specialized Lending from 1997 to 1998. Curl received a bachelor's degree in political science from Southwest Missouri State University and a master's degree in government from the University of Virginia. He was named a Woodrow Wilson Fellow in 1970 and was a Philip Dupont Scholar and a McIntire Fellow at the University of Virginia. He served as a naval officer in the Mediterranean and the Middle East from 1970 to 1974. Source: Company Web Site, Alvaro G. (Al) de Molina, Age 46 Corporate Treasury Executive (Named President, Global Corporate and Investment Banking effective April 2, 2004) Other Company Affiliations Company Title Banc of America Securities LLC President, Global Corporate and Investment Banking (Effective April 2, 2004) Salary Bonus Biography A native of Havana, Cuba, de Molina, joined the company in 1989 and most recently served as Corporate Treasury executive responsible for all investment and funding activities, as well as pensions, insurance and economics. He also has served as chairman of the bank's Asset/Liability committee. Prior to joining Bank of America, Mr. de Molina was the Emerging Markets CFO for J.P. Morgan. He began his career in 1979 with Price Waterhouse. Source: Company Press Release, March 23, 2004 Joseph R. Dewhirst, Age 53 Corporate Treasurer (Effective April 2, 2004) Report Builder − Bank of America Corporation − Hoover's Online 20 Biography Dewhirst was previously Financial Senior Vice President and Treasurer of FleetBoston Financial Corporation. Dewhirst worked at Fleet since 1982 Source: Company Press Release, March 23, 2004 Dana Drago Small Business Segment Executive Biography Dana Drago began her career with Bank of America as a credit trainee in 1980. She has held many sales and service positions in banking centers, Premier Banking, and Small Business Banking. She was a banking center manager for seven years. As a Consumer region executive, Dana managed three different regions in Northern and Southern California. She has also served in various marketing positions, including the marketing head of Premier Banking for the West franchise. Prior to relocating to North Carolina from California as the Carolinas Consumer executive, Dana was the West Region marketing executive. In 2001, Dana accepted the additional responsibility of managing the Atlantic South region Currently, Dana Drago holds the position of National Small Business Segment executive, reporting to Gene Taylor, president of Consumer and Commercial Banking. Dana graduated from Bishop England High School in Charleston, South Carolina. She has an undergraduate degree from the University of Mississippi. Dana also attended the Graduate School of Bank Management at the University of Virginia. Dana and her husband, John, have three children: Eight−year−old twins, Nick and Rebecca, and 11−year−old John. Dana's community involvement includes the Community Building Initiative leadership team (promoting diversity inclusion), March of Dimes, United Way, Arts and Science Council, and the Charlotte Women's Mentoring Group. In 2001, Dana was selected as one of Charlotte's Top Women in Business. Source: Company Web Site, 2002 Helen Eggers Consumer Risk Management Executive Biography Helen Eggers is the Consumer Risk Management executive for Bank of America with responsibility for credit, market, and operational risk management for the Consumer segments, Premier segment, and the consumer product businesses including credit card, ATM and debit, e−commerce, consumer real estate, dealer financial services, deposits, and insurance. Eggers joined the company in 1984 as a credit analyst in Tampa, Florida. She joined the Marketing department in 1987 as a vice−president and manager of Florida product development. After serving as Florida Marketing director in 1989, she transferred to Charlotte in 1990 as corporate director of Consumer Marketing. She assumed various roles in marketing including serving as Brand & Communications executive with responsibility for the development and launch of the Bank of America brand after the merger of NationsBank and Bank of America, as well as, corporatewide Olympics and sports marketing, and marketing communications for the consumer and commercial businesses. In 2000, Eggers assumed responsibility as president of EquiCredit Corporation, a Bank of America Company. After successfully completing the divestiture of the EquiCredit sales channel, the selection of a portfolio servicer, the securitization of the real estate portfolio, and the disposition of selected assets, she assumed her current role in March 2002. Eggers earned a B.A. in Public Policy Studies and Economics at Duke University. She was awarded an Associate Fellowship to the University of Pittsburgh Katz Graduate School of Business where she earned her MBA. Report Builder − Bank of America Corporation − Hoover's Online 21 Source: Company Web Site, 2002 Frank Forrest Commercial and Small Business Banking Risk Management Executive Biography Frank Forrest is the Commercial and Small Business Banking Risk Management executive for Bank of America, where he partners primarily with the Commercial and Small Business Banking organization to deliver innovative and value−added solutions to clients, while profitably managing risk and reward. The Commercial and Small Business Banking Risk Management organization works closely with each line of business to identify leading indicators of credit, market and operational risk and proactively monitor and gauge portfolio stability and performance. He is also a member of the Bank of America Management Operating Committee. Forrest joined NCNB (predecessor to NationsBank and Bank of America) in 1986 as a credit policy officer in Charlotte. Over the years, he has held several Risk Management positions, including Credit Policy executive for NCNB, Senior Credit Policy executive for the General Bank and the state of Tennessee for NationsBank, Senior Credit Policy executive for the Carolinas and the Eastern Region for NationsBank, Senior Credit Risk Management executive for the eastern Region for Bank of America and most recently Forrest held the position of Commercial Risk Management executive for Bank of America from 1998 − 2002. He has been in his current position since August 2002. Before joining the bank, Forrest worked at the U.S. Department of Treasury, Office of the Comptroller of the Currency as a National Bank examiner. Forrest graduated from Florida State University with a Bachelor of Science degree in accounting and finance. He currently serves on the Board of Advisors for Providence Day School. Source: Company Web Site, 2002 William A. (Bill) Hodges Debt Capital Markets Executive Biography William A. Hodges is Debt Capital Markets executive for Bank of America, responsible for debt product origination, issuer structuring and due diligence. He is also a member of the Bank of America Operating Committee. Hodges began his career with the company in 1972 as a credit analyst. He has served as credit policy executive for Florida, management executive for corporate banking and real estate lending and senior credit policy executive for the Southeast. He was named president of Bank of America in greater Washington, D.C. in 1994 and was responsible for leading the area management team in a broad base of business and community activities. Prior to his current position, he was Real Estate Group executive. A Charlotte, N.C. native, Hodges earned a bachelor's degree in history from the University of North Carolina at Chapel Hill and a master's degree in finance from Georgia State University. Source: Company Web Site, Helga Houston Asset Management Risk Executive Report Builder − Bank of America Corporation − Hoover's Online 22 Biography Helga Houston is the Asset Management Risk executive responsible for credit, market and operational risk management within the Asset Management Group. She also serves on the Bank of America Management Operating Committee. Houston joined Bank of America in 1986 as a Commercial Real Estate appraiser. Shortly thereafter, she transferred to Commercial Real Estate Lending and over the next 12 years held key roles in Lending, Real Estate Loan Workouts, Other Real Estate Owned and Corporate Real Estate. In 1998, Houston was named head of Real Estate Finance, which included syndications, advisory services, structured debt and, later, commercial mortgage−backed securities origination. Prior to her current role, she served as a senior portfolio manager in Global Corporate and Investment Banking (GCIB), where she managed credit risk in the Financial Services, Natural Resources, Financial Sponsors, and Japan portfolios. She also led the GCIB Diversity Council and participated in the Corporate Diversity Council. Houston graduated from Westmont College in 1983 with a bachelor's degree in business and economics. She earned a master's degree in business administration from the University of Southern California in 1988. Source: Company Web Site, 2002 Milton H. Jones Jr. Quality and Productivity Executive Recent Work Highlights • Bank of America Corporation ♦ Title held until 2003: President, Bank of America Mid−South Biography Milton H. Jones Jr. is Bank of America Quality & Productivity (Q&P) executive. He is responsible for the company's quality and productivity initiatives, including Six Sigma process engineering, aimed at increasing customer delight, expanding customer relationships, growing revenue and enhancing shareholder returns. Jones is a member of the Bank of America Management Operating Committee, and serves as Chairman of the Diversity Advisory Council. He is also a certified Six Sigma professional. His previous position was Q&P executive for the Consumer and Commercial Bank (CCB). The CCB Q&P organization is comprised of more than 3,000 associates in the segments of Liability Risk Management, Banking Center Channel Support, Innovation & Development and Channel Strategy and Network Support. Before that, he was Group Executive in Techology &Operations and Technology Solutions executive. Jones joined the company in 1977 as a senior planning analyst. He has held a number of positions in the Finance Group, including management of the Financial Planning Process and Asset and Liability Information and Analysis. He was promoted to executive vice president and group manager for Finance and Administration of the Georgia bank in 1990. In 1997, he was named president of the Dealer Finance Service Group, one of the largest bank providers of retail financing for automobile and other specialty product buyers in the United States. Jones graduated from the University of Notre Dame. He is also an alumnus of Leadership Atlanta and Leadership Georgia. He is a member of The Executive Committee of the YMCA of Metropolitan Atlanta, The Board of Trustees of Meharry Medical College in Nashville, Tennessee, and the Executive Committee of the Metropolitan Atlanta Chamber of Commerce. Jones received the National Association of Black Accountants Career Achievement Award, Dollars and Sense magazine's Corporate Trailblazer Award and Best and Brightest Award and the Atlanta Urban Banker's Association's Pioneer Award. He was named to the Who's Who Registry of Global Business Leaders. Source: Company Web Site, 2003 Report Builder − Bank of America Corporation − Hoover's Online 23 Catherine S. (Cathy) Kenworthy Insurance Services and Consumer Products Executive Biography Catherine S. Kenworthy, a senior vice president, is Insurance Services and Consumer Deposit Products executive. Kenworthy joined Bank of America in 2001 as Insurance Services executive, leading sales and service of all insurance products for retail and business customers. In 2002, her responsibilities grew to include the Consumer Deposit Products group as well. She now oversees teams focused on product strategy, development and distribution for insurance and consumer deposit products. She also co−leads the capacity management process for the Consumer segment, charged with optimizing the time that sales associates spend learning about changes in products and processes. Kenworthy serves on the company's Management Operating Committee and its Diversity Advisory Council. Before joining Bank of America, Kenworthy managed development and implementation of e−business platforms for General Electric Mortgage Corp. in Raleigh, N.C. Her GE career began in marketing and strategic planning. From 1991 to 1997, Kenworthy was a consultant with McKinsey & Co. in Washington, D.C., where she was a senior engagement manager, responsible for leading project teams to provide strategic consulting services to clients who were primarily in the financial, insurance and utility industries. Kenworthy began her career as a financial analyst in the corporate finance department of Drexel Burnham Lambert, Inc., in New York City. She participated in financing and advisory activities that included debt and equity offerings, leveraged acquisitions, mergers and restructuring. Kenworthy graduated in 1987 from Georgetown University, where she majored in chemistry and mathematics. She earned a master's degree in management in 1991 from MIT Sloan School of Management in Cambridge, Mass. Source: Company Web Site, 2002 John Morton III National Premier Banking Executive Biography John Morton is the National Premier Banking executive and a member of the Management Operating Committee of the corporation. As National Premier Banking executive, Morton manages the sale and distribution of financial products and services to over 430,000 affluent customers in 21 states and the District of Columbia. With a national network of 450 offices and over 1,600 associates, Premier Banking is one of the most rapidly growing and profitable business lines in the company. Morton also served as the president of Bank of America, Mid−Atlantic region. In his regional president role, Morton provided executive leadership for over 11,000 associates in all banking and investment operations throughout Maryland, Virginia and Washington, D.C. Prior to assuming his regional president position in 1998, Morton was president of the former Nations Bank Private Client Group. At Bank of America predecessor Boatmen's Bancshares, Inc., he was chairman, CEO and president of The Boatmen's National Bank of St. Louis. Morton is chairman of the Washington, DC 2012 Coalition, the organization responsible for developing and submitting the bid proposal to bring the 2012 Olympic Games to the greater Washington − Baltimore metropolitan area. He is a former chairman of the Greater Baltimore Committee and is a member of the Executive Committee of the Federal City Council. He is also a board member of the University of Maryland and a member of the Washington Redskins Leadership Council. Morton holds a bachelor's degree from the U.S. Naval Academy and a master's in business administration from Harvard University. He served in the U.S. Navy as a lieutenant aboard the nuclear submarine U.S.S. George Washington Carver. Source: Company Web Site, 2002 Report Builder − Bank of America Corporation − Hoover's Online 24 Marc D. Oken, Age 57 Principal Financial Executive (Named CFO effective April 2, 2004) Biography Oken joined Bank of America as chief accounting officer in 1989 and was named Principal Financial Executive in 1998. Prior to joining the bank, Oken was a partner with Price Waterhouse. He spent two years as a fellow with the Securities and Exchange Commission (SEC), serving as principal advisor to the SEC's chief accountant on financial services industry accounting and disclosure matters. A Baltimore native, Oken earned a bachelor's degree in business administration from Loyola College in Baltimore. He obtained his master's degree in business administration from the University of West Florida. He is a certified public accountant in North Carolina and Georgia. He also is a Vietnam veteran and served from 1968 to 1973 as a U.S. Navy aviator. Oken is chairman of the board of the Charlotte Symphony Orchestra and a member of the boards of trustees of the Charlotte Country Day School and the Naval Aviation Museum Foundation. Source: Company Web Site, Jim Palermo Management Services Executive Biography James R. Palermo is Management Services executive for Bank of America. His areas of responsibility include Corporate Real Estate and Corporate Security. He is an executive vice president. Palermo joined Bank of America in 1979 as a purchasing manager. During his career with Bank of America, he has managed General and Real Estate Services functions in various departments, divisions and group assignments. Palermo is chairman of Charlotte Center City Partners and is immediate past president of the Charlotte Arts & Science Council. He also chairs the Friends of the Fourth Ward and is known as the "unofficial mayor of Fourth Ward." He is a member of the board of trustees for the North Carolina Medical Foundation, Belmont Abbey College and Retinitis Pigmentosis Foundation. He is an honorary member of Beta Gamma Sigma at Clemson University. A native of Dunkirk, N,Y., Palermo earned a bachelor's degree from Canisius College, Buffalo, N.Y. Palermo and his wife Sharron have an adult son and daughter. Source: Company Web Site, 2002 Daniel P. (Dan) Riley Global Treasury Services Executive Biography Daniel P. Riley is Global Treasury Services Executive. In this role, he is responsible for the development, marketing, sales and support of treasury and trade finance products for corporate clients and for the operations, systems and related support for these functions. Global Treasury and its support functions operate in 38 countries doing business with multinational corporations with sales in excess of $500 million a year. Riley is also a member of the team that sets strategic direction and priorities for Bank of America's international activities and is a member of the bank's Operating Committee. Riley has been with Bank of America for more than 25 years and in his current position since 1996. Most recently, he managed Report Builder − Bank of America Corporation − Hoover's Online 25 Support Services, with responsibility for Cash Vaults, Item Processing, Data Processing Centers, and Corporate Procurement Services. Before that, he managed the Consumer Banking Group Operations Division, where he was responsible for the bank's retail operations support and payment transaction processing. Riley holds a bachelor's degree in marketing from San Francisco State University and a master's degree in business administration from Golden Gate University. He is a member of the Compaq Financial Services board of advisors. Source: Company Web Site, 2002 Report Builder − Bank of America Corporation − Hoover's Online 26 Overview Welcome to the machine. Having fulfilled its manifest destiny as the nation's first coast−to−coast bank, Bank of America will get even bigger after completing its pending purchase of Northeastern banking behemoth FleetBoston. Bank of America, already the third−largest bank in the US by assets (behind Citigroup and J.P. Morgan Chase and ahead of hometown competitor Wachovia), also boasts the country's most extensive branch network, with more than 4,200 locations covering 21 states and the District of Columbia. The FleetBoston deal should expand its presence in other parts of the world as well, particularly Latin America. Federal law prohibits banks from exceeding more than 10% of US banking deposits via acquisition; the combined Bank of America/FleetBoston will bump up against that limit, perhaps forcing the company to divest accounts or bank branches following the merger. Bank of America operates through four business segments: Consumer and Commercial Banking is the biggest, providing deposit products, credit cards, insurance, loans, treasury services, and financing of car, boat, and RV dealerships. Global Corporate and Investment Banking, including subsidiary Banc of America Securities provides brokerage, advisory, and capital markets services to corporate and institutional clients. Asset Management serves institutional investors and high−net−worth individuals and manages the company's mutual fund family, Nations Funds, while Equity Investments buys stakes in startups and established firms. The bank, which claims market share leadership in California, Florida, Maryland, and Washington State, is spending more than $150 million on advertising to draw consumer deposits and is building its branch network, particularly in California, Florida, and Texas. The company also has bought about a quarter of one of Mexico's largest banks, Grupo Financiero Santander Serfin, a subsidiary of Santander Central Hispano. The deal augments Bank of America's domestic campaign to attract Hispanic customers; the bank is also running multilingual ads targeting Chinese, Korean, and Vietnamese clients in California. The company has written down more than $250 million in loans to Everett Dobson, the CEO of Dobson Communications and has also made millions of dollars of loans to the heads of other companies in hot water, including Bernie Ebbers (former CEO of troubled telecommunications firm WorldCom), Sam Waksal (former CEO of ImClone), and the Rigas family (ousted from Adelphia Communications). In September 2003 Bank of America's mutual fund chief Robert Gordon was among several employees who left the firm amidst a New York attorney general's investigation into hedge fund client Canary Capital Partners, which may have had access to Bank of America's trading platform to make illegal after−hours trades of Nations Funds. Bank of America is making arragements to repay investors who may have lost money because of the alleged malfeasance. The company also paid a $10 million fine to the SEC for failing to provide documents to the federal agency during its investigation of the scandal. Report Builder − Bank of America Corporation − Hoover's Online 27 History Bank of America predecessor NationsBank was formed as the Commercial National Bank in 1874 by citizens of Charlotte, North Carolina. In 1901 George Stephens and Word Wood formed what became American Trust Co. The banks merged in 1957 to become American Commercial Bank, which in 1960 merged with Security National to form North Carolina National Bank. In 1968 the bank formed holding company NCNB, which by 1980 was the largest bank in North Carolina. Under the leadership of Hugh McColl, who became chairman in 1983, NCNB became the first southern bank to span six states. NCNB profited from the savings and loan crisis of the late 1980s by managing assets and buying defunct thrifts at fire−sale prices. The company nearly doubled its assets in 1988, when the FDIC chose it to manage the shuttered First Republicbank, then Texas' largest bank. The company renamed itself NationsBank in 1991. In 1993 the company bought Chicago Research & Trading, a government securities dealer and provider of oil and gas financing. A 1993 joint venture with Dean Witter, Discover to open securities brokerages in banks led to complaints that customers were not fully informed of the risks of some investments and that brokers were paying rebates to banking personnel for customer referrals. Dean Witter withdrew from the arrangement in 1994, and SEC investigations and a class−action lawsuit ensued. NationsBank settled the lawsuit for about $30 million the next year. (The company agreed to pay nearly $7 million to settle similar charges in 1998.) NationsBank scooped up St. Louis−based Boatmen's Bancshares and Montgomery Securities (now Banc of America Securities) in 1997. The next year it bought Barnett Banks, Florida's #1 bank. Enter BankAmerica. Founded in 1904 as Bank of Italy, BankAmerica had once been the US's largest bank but had fallen behind as competitors consolidated. The company's board of directors was pondering ways to become more competitive and in 1998 decided a merger was the best way. With the ink barely dry on its Barnett Banks deal, NationsBank obliged. After the merger, the combined firm announced it would write down a billion−dollar bad loan to D.E. Shaw & Co., which followed the same Russian−investment−paved path of descent as Long−Term Capital Management. David Coulter (head of the old BankAmerica, which made the loan) took the fall for the loss, resigning as president; the balance of power shifted to the NationsBank side in 1999 when Kenneth Lewis took the post. The Russian debacle and merger hiccups led the firm in early 1999 to reorganize and reduce overseas operations; it sold its private banking operations in Europe and Asia to UBS. Also that year it bought the recreational−vehicle financing unit of Associates First Capital (now part of Citigroup), 50% of Denver−based mutual fund firm Marsico Capital Management (it bought the rest in 2001), and BA Merchant Services. The bank also changed its name to Bank of America and began offering online banking through America Online (now part of Time Warner). To avoid a court battle the bank settled charges that it retained proceeds from unclaimed bonds in California. In 1999 the company earned the ire of labor officials for a program in which employees were recruited to maintain ATMs without being paid or provided supplies. EVP Frank Gentry, who crafted the NationsBank/BankAmerica deal, retired in 2000, signalling an end to the company's buying spree. Its focus turned inward as it set about the difficult integration of the two firms. McColl retired as chairman in 2001. Later that year the company announced it would cease its subprime lending and car leasing operations. Report Builder − Bank of America Corporation − Hoover's Online 28 Products/Operations Bank of America has branches in Arizona, Arkansas, California, Florida, Georgia, Idaho, Illinois, Iowa, Kansas, Maryland, Missouri, Nevada, New Mexico, North Carolina, Oklahoma, Oregon, South Carolina, Tennessee, Texas, Virginia, Washington, and Washington, DC. 2003 Sales $ mil. % of total Interest Loans & leases Trading account assets Debt securities Other Noninterest Consumer service charges Card income Corporate service charges Investment & brokerage services Mortgage banking Investment banking Other Total 21,668 3,935 3,160 2,880 44 8 6 6 3,230 3,052 2,388 2,351 1,922 1,736 2,684 49,006 7 6 5 5 4 4 5 100 2003 Assets $ mil. % of total Cash & equivalents 111,627 15 Trading account 68,547 9 Derivative assets 36,507 5 Debt securities 68,240 9 Net loans & leases 365,300 50 Other 86,224 12 Total 736,445 100 Selected Subsidiaries • A/M Properties, Inc. • Abilene Park, Inc. • Airlease Ltd. • Airlease Management Services, Inc. • Alexanders on Ninth, Inc. • Alie Street Investments Limited • Alliance Enterprise Corporation • Altier, Inc. • Amarillo Lane, Inc. • AMB Pier One LLC • America Fund (Cayman Islands) Report Builder − Bank of America Corporation − Hoover's Online 29 • American Financial Service Group, Inc. • Ariens Credit Corporation • Arrendadora Bank of America, S.A. (Mexico) • Asian American Merchant Bank Ltd. (Singapore) • Asset Backed Funding Corporation • Aswan Village Associates, LLC • Atlanta Affordable Housing Fund Limited Partnership • Atlantic Equity Corporation • Austin National Realty Corporation • BA Agency, Inc. • BA Asia Limited (Hong Kong) • BA Assets Company (Cayman Islands) • BA Australia Limited • BA Capital Advisors S.r.L. (Italy) • BA Capital Beratungs GmbH (Germany) • BA Capital Company, L.P. • BA Card Operations, Inc. • BA Coinvest GP, Inc. • BA Employment Services Limited (Cayman Islands) • BA Equity Advisors Sp.zo.o (Poland) • BA Equity Advisors S.r.L. (Italy) • BA Equity Holdings, L.P. • BA Equity Investment Company, L.P. • BA Equity Investors, Inc. • BA Finance (Hong Kong) Limited • BA Finance Ireland Limited • BA Finance Lease, Inc. • BA Holding Company S.A. (Luxembourg) • BA Insurance Agency, Inc. • BA International (Netherlands) B.V. • BA International Finance B.V. (the Netherlands) • BA Investments (Cayman Islands) • BA Mortgage, LLC • BA Netting Limited (UK) • BA Overseas Holdings (Cayman Islands) • BA Partners III, LLC • BA Properties, Inc. • BA Rescarven Holding Company (Cayman Islands) • BA Securities Australia Limited • BA Securities Limited (Hong Kong) • BA Technology I, LLC • BAC Funding Consortium, Inc. • BAC Realty LLC • BACAP Advisory Partners, LLC • BACAP Distressed Debt Fund, LLC • BACAP Multi−Strategy Hedge Fund, LLC • BACAP Multi−Strategy Hedge Fund, Ltd. • BACAP Opportunity Strategy, LLC • BACF Corporation • BAEP Telecommunications Investments, L.L.C. • BAK Consolidated Holdings Overseas Partners • BAK Consolidated Holdings, Inc. • BALCAP Funding, LLC Report Builder − Bank of America Corporation − Hoover's Online 30 • Bamerilease, Inc. • Bamerinvest, C.A. (Venezuela) • Banc of America Advisors, Inc • Banc of America Advisory Services, LLC • Banc of America Agency of Nevada, Inc. • Banc of America Agency of Texas, Inc. • Banc of America Agency, LLC • Banc of America Auto Finance Corp. • Banc of America Bridge LLC • Banc of America Business Finance Corporation • Banc of America Capital Management (Ireland), Limited • Banc of America Capital Management Alternative Advisors, Inc. • Banc of America Capital Management, LLC • Banc of America Capital Markets−Asia, Inc. (Singapore) • Banc of America CDC Special Holding Company, Inc. • Banc of America Commercial, LLC • Banc of America Commercial Finance Corporation • Banc of America Commercial Mortgage, Inc. • Banc of America Community Development Corporation • Banc of America Community Holdings, Inc. • Banc of America Community Housing Investment Fund LLC • Banc of America Development, Inc. • Banc of America E−Commerce Holdings, Inc. • Banc of America Facilities Leasing, LLC • Banc of America Financial Products, Inc. • Banc of America Funding Corporation • Banc of America Futures, Incorporated • Banc of America Historic Ventures, LLC • Banc of America Insurance Group, Inc. • Banc of America Insurance Services, Inc. • Banc of America Investment Leasing Co., Ltd. • Banc of America Investment Services, Inc. • Banc of America Large Loan, Inc. • Banc of America Leasing & Capital, LLC • Banc of America Leasing Commercial Markets, Inc. • Banc of America Leasing Commercial Markets, LLC • Banc of America Management Corporation • Banc of America Mezzanine Capital LLC • Banc of America Mortgage Capital Corporation • Banc of America Neighborhood Services Corporation • Banc of America Preferred Funding Corporation • Banc of America Public and Institutional Financial Funding, LLC • Banc of America Retirement Management, Inc. • Banc of America Securities (India) Private Limited • Banc of America Securities Canada Co. • Banc of America Securities Canada Holding Corp. • Banc of America Securities Limited (UK) • Banc of America Securities LLC • Banc of America Securities Mexico, S.A. de C.V. • Banc of America Securities−Japan, Inc. • Banc of America Specialty Finance, Inc. • Banc of America Strategic Solutions, Inc. • Banc of America Strategic Solutions, LLC Report Builder − Bank of America Corporation − Hoover's Online 31 • Banc of America Structured Notes, Inc. • Banc of America Technology Investments, Inc. • Banc of America Vendor Finance, Inc. • Bank of America−Brasil S.A. (Banco Multiplo) (Brazil) • Bank of America (Asia) Limited (Hong Kong) • Bank of America (Hawaii) Insurance Agency, Inc. • Bank of America (Jersey) Limited (Channel Islands) • Bank of America (Macau) Limited • Bank of America (Polska) S.A. (Poland) • Bank of America Asset Management Ltda. (Brazil) • Bank of America Brasil Holdings Ltda. (Brazil) • Bank of America California, National Association • Bank of America Canada • Bank of America Canada Specialty Group Ltd. • Bank of America Capital Advisors LLC • Bank of America Capital Corporation • The Bank of America Foundation, Inc. • Bank of America Fund • Bank of America Georgia, National Association • Bank of America Malaysia Berhad • Bank of America Mexico, S.A., Institucion de Banca Multiple • Bank of America Mortgage Securities, Inc. • Bank of America Oregon, National Association • Bank of America Overseas Corporation • Bank of America Reinsurance Corporation • Bank of America S.A. Corretora de Cambio e Valores Mobiliarios (Brazil) • Bank of America Securitization Investment Trust LLC • Bank of America Singapore Limited • Bank of America Technology and Operations, Inc. • Bank of America Trust and Banking Corporation (Cayman) Limited • Bank of America Trust Company of Delaware, National Association • Bank of America Ventures • Bank of America, National Association • Bank of America, National Association (USA) • BankAmerica Acceptance Corp. • BankAmerica International Financial Corporation • BankAmerica International Investment Corporation • BankAmerica Investment Corporation • BankAmerica Realty Finance, Inc. • BankAmerica Realty Services, Inc. • Bankamerica Representacao e Servicos Limitada (Brazil) • BankAmerica Special Assets Corporation • BankAmerica Trust and Banking Corporation (Bahamas) Limited • BankAmerica Trust Company (Hong Kong) Limited • Barrier Reef International Ltd. (British Virgin Islands) • Barrow Ltd. (Cayman Islands) • Bartlett Park Neighborhood Redevelopment, L.C. • BAS Alternative Investment Montage Fund LLC • BAS Alternative Management, LLC • BAS Capital Funding Corporation • BAS Oak Management, LLC • BAS Oak X, LLC • BAS Securitization LLC Report Builder − Bank of America Corporation − Hoover's Online 32 • BBI Merchant Processing Company, LLC • Belmont Heights Development Company, L.C. • BFS Participacoes Ltda. (Brazil) • Birch Funding, Inc. • BIRMSON, L.L.C. • Biscayne Apartments, Inc. • Black Business Investment Fund of Central Florida, Inc. • Blue Ridge Investments, L.L.C. • Blue Spruce Investments, GP • BoA Beteiligungs GmbH (Germany) • BoA Consulting GmbH & Co. KG (Germany) • BoA Consulting Verwaltungs GmbH (Germany) • BoA Netherlands Cooperatieve U.A. (the Netherlands) • BoA Treuhand GmbH & Co. KG (Germany) • BOA/Mermart Joint Venture • Boatmen's Insurance Agency, Inc. • BofA Investment Company S.A. (Argentina) • Brazilian Financial Services, Inc. • Bristlecone Park LLC • Bronco Street REIT • Burton Road Development Partners, LLC • C&S Premises, Inc. • Cabot Investments (UK) • California Environmental Redevelopment Fund, LLC • Calnevari Holdings, Inc. • Calstock Holdings Corporation • Calstock Partners • Capital Courts Corporation • Capital Crossing Development Corporation • Carolina Investments Limited (UK) • Carolina Mountain Holding Company • Carson Asset Management Company • Castle Bay REIT • Castlepoint, L.L.C. • Cathedral Gorge Management LLC • Centerpoint Development LLC • Centrex Capital Corp. • Ceramica International Holdings S.a.r.l. (Luxembourg) • Charlotte Affordable Housing LLC, The • Charlotte Gateway Village, LLC • Charlotte Transit Center, Inc. • Chase Federal Housing Corporation • ChaseFed Insurance Co. • Chepstow Bellagio Holdings, Inc. • Chepstow Real Estate Investment Trust • Cherry Affordable Housing Corp. • Church Street Housing Partners I, LLC • Church Street Retail Partners I, LLC • CIC Trading, S.A. (Argentina) • City Hall Lofts, L.P. • Clark Street Redevelopment Corporation • Cloudy Bay LLC • CNL Franchise Network, LP Report Builder − Bank of America Corporation − Hoover's Online 33 • Commerce Place Company • Community Reinvestment Group, L.C. • Conestoga Trail REIT • Continental Finanziaria S.P.A. (Italy) • Continental Illinois Venture Corporation • Continental Information & Technology Services Co. S.A. (Argentina) • Continental Partners Group, Inc. • Continental Servicios Corporativos, S.A. de C.V. (Mexico) • Corporate Leasing Facilities Limited (UK) • Covation LLC • Crockett Funding, Inc. • Cupples Development, L.L.C. • Cupples Development Phase I, L.L.C. • Cupples Garage, L.L.C. • Dalespring Corporation • Elmfield Investments Limited (UK) • Elmsleigh Funding, Ltd. • Endeavour, LLC • EquiCredit Corporation • Equity/Protect Reinsurance Company • ESP Financial Services LLC • Export Funding Corporation • Financial Services Engine, LLC • FinancialOxygen, Inc. • First Coast Black Business Investment Corporation • First Mortgage Corporation • Fleetwood Credit Corp. • Foremost Factors Limited (India) • Gatwick, Inc. • General Fidelity Insurance Company • General Fidelity Life Insurance Company • Germany Telecommunications 1 S.a.r.L (Luxembourg) • The Giannini Family Foundation • Glacier Point (Philippines), Inc. • Gleneagles Trading LLC • GLM Investments, Inc. • Golden Gate Investments S.A. (Colombia) • Golden Gate Participacoes Ltda. (Brazil) • Golden Stella Investments GP • Grace Church European Investments Company • Groom Lake, LLC • Grupo Financiero Bank of America, S.A. de C.V. • Harbilan Corporation • Het Loo REIT, Co. • HomeFocus Services, LLC • HomeFocus Tax Services, LLC • InCapital Europe Limited (UK) • Incapital Holdings, LLC • InCapital, LLC • Inchroy Credit Corporation Limited • Integrion Financial Network, LLC • Intrepid Funding Master Trust • InverAmerica S.A. (Colombia) Report Builder − Bank of America Corporation − Hoover's Online 34 • Inversiones of America Corredores de Bolsa Limitada (Chile) • Inversiones y Negocios Fiduciarios S.A. (Argentina) • InvestAmerica S.A. (Chile) • Island Funding, Ltd. • Jawbridge Finance, Inc. • Joey Trust • Jupiter Loan Funding LLC • Jupiter Funding Trust • Justin, Inc. (Cayman Islands) • Klondike Management LLC • Korg Acceptance Corporation • Laguna Funding Trust • Laredo Partners • Latin America Funding, Inc. • Lava Bed LLC • Lee County Holdings Company • Liberal Banking Corporation Ltd. (Bahamas) • Liberal Consultoria e Servicos Ltda. (Brazil) • Liberal Gestao e Recursos Ltda. (Brazil) • Lily River Investments, Ltd. (Cayman Islands) • Main Place Funding, LLC • Marsico Capital Management, LLC • Marsico Fund Advisors, LLC • Marsico Management Holdings, L.L.C. • Mayfair Partners • Mazestake Limited (UK) • Mercury Marine Acceptance Corporation • Mexican Outdoor Advertising, LLC • Middletown Finance, Inc. • Mohave Partners • Montage Select LLC • Montrose & Company International, LLC • MortgageRamp Associates, LLC • MortgageRamp Investment, LLC • Mt. Mitchell Capital Funding, LLC • Mt. Mitchell Holdings, Inc. • Mt. Mitchell Holdings, LLC • Mt. Mitchell LLC • Muirfield Trading LLC • Nations Europe Limited (UK) • Nations Finance (Cayman) Limited • Nations Finance Company (Ireland) • Nations High Yield Bond Fund (Offshore) (Cayman Islands) • Nations International Value Fund (Offshore) (Cayman Islands) • Nations Marsico Focused Equities Fund (Offshore) (Cayman Islands) • Nations Marsico Growth Fund (Offshore) (Cayman Islands) • NationsBanc Business Credit, Inc. • NationsBanc Insurance Agency, Inc. • NationsBanc Insurance Company, Inc. • NationsBanc Insurance Inc. • NationsBank International Trust (Jersey) Limited (Channel Islands) • NationsBanc Leasing & R.E. Corporation • NationsBanc Montgomery Holdings Corporation Report Builder − Bank of America Corporation − Hoover's Online 35 • NationsBanc Pacific Corporation • NationsCommercial Corp. • NationsCredit Financial Services Corporation • NationsCredit Financial Services Corporation of Nevada • NationsCredit Home Equity ABS Corporation • NationsCredit Insurance Agency, Inc. • NationsCredit Insurance Corporation • NationsCredit Manufactured Housing Corporation • NationsCredit Securitization Corporation • NB Finance Lease, Inc. • NB Financial Trading (Ireland) Limited • NB Funding Company LLC • NB Holdings Corporation • NB Insurance Services, Inc. • NB International Finance B.V. (the Netherlands) • NB Partner Corp. • Nevis Investments Limited (Cayman Islands) • New Haven Limited Partnership • Newchurch European Investments Company • The Newington Limited Partnership • North Carolina Historic Ventures, LLC • NorthRoad Capital Management LLC • Northwest Florida Black Business Investment Corporation • Nubia Redevelopment Partnership • NZA Overseas Funding • Old Sterling Street REIT • Olympic Funding Trust • Overseas Lending Corporation • Pacific Southwest Realty Company • Padovano Investments (Cayman Islands) • Palm Beach County Black Business Investment Corporation • Pan American Mortgage Corp. • Paradise Funding, Ltd. • Pinehurst Trading, Inc. • Plano Partners • PNB Securities Corporation • Poplar Partners • Power Equities, Inc. • Portfolio Financial Servicing Company • Price Auto Outlet of California, Inc. • Prodigy Holdings Private Limited (Mauritius) • Pydna Corporation • Python Partners • QBE Hongkong & Shanghai Insurance Limited (Hong Kong) • Queen City Partnership • RepublicBank Insurance Agency, Inc. • Riverfront Partners, LLC • Riviera Funding LLC • Rockwell Resources, Inc. • Ruby Aircraft Leasing and Trading Limited (UK) • Sawgrass Trading LLC • Scossa Management LLC • Sea Ray Credit Corporation Report Builder − Bank of America Corporation − Hoover's Online 36 • Seabrook Operations, Inc. • Seafirst America Corporation • Seafirst Insurance Corporation • Seafirst Leasing Company • Securilease BV (the Netherlands) • Securitization Funding Corporation • Security Pacific Australian Assets Limited • Security Pacific Capital Leasing Corporation • Security Pacific EuroFinance, Inc. • Security Pacific Hong Kong Holdings Limited • Security Pacific Housing Services, Inc. • Security Pacific Lease Finance (Europe) Inc. • Security Pacific Leasing Corporation • Security Pacific Overseas Investment Corporation • Security−First Company • Seminole Funding LLC • Service−Wright Corporation • Servicios Integrales y Equipamiento S. de R.L. de C.V. (Mexico) • Seventh Street REIT, Inc. • Sidewinder Funding, Inc. • Sierra Nevada Realty, G.P. • Siesta Holdings, Inc. • Silver Management Company • South Charles Capital Partners I, L.P. • South Charles Investment Corporation • South Charles Realty Corp • Southern Dallas Development Fund, Inc. • Sovran Capital Management Corporation • Spotted Horse Holdings, Inc. • Springfield Finance and Development Corporation • SRF Trading, Inc. • St. Johns Place, L.C. • Stamford Investors GP LLC • Stamford Investors LLC • Stanwich Loan Funding LLC • Statewide Administrative Services, Inc. • Sunset Hill Corporation • SunStar Acceptance Corporation • Sweet River Investments, Ltd. (Cayman Islands) • Sweeting Associates, LLC • Sycamore Funding, Inc. • TA Investimentos e Participacoes Ltda. (Brazil) • Tampa Bay Black Business Investment Corporation, Inc. • Titulos Rioplatenses S.A. (Uruguay) • Transit Holding, Inc. • Transit Leasing Corportion • Tri−Star Communications, Inc. • Trunoms, Limited (Bahamas) • Tryon Assurance Company, Ltd. (Bermuda) • Tucker Commercial Lease Funding, LLC • Tyler Trading, Inc. • Ulysses Leasing Limited • Union Realty and Securities Company Report Builder − Bank of America Corporation − Hoover's Online 37 • United States Airlease Holding, Inc. • UniTrusco Corporation • Varese Holdings SarL (Luxembourg) • Velocity Associates, LLC • Velocity Investment, LLC • Viewpointe Archive Services, L.L.C. • Viva Associates, LLC • Viva Investment, LLC • Wellington Land Company, Inc. • West Trade, LLC • White Pine Asset Management Company • White Ridge Investment Advisors LLC • White Ridge Investments Limited (UK) • Willowemoc Partners • Winged Foot Funding Trust • Winnebago Acceptance Corporation • Worthen Development Corporation, Inc. • Worthen Mortgage Company • Yellow Rose Investments Company • Yellowtail LLC • Zentac Productions, Inc. • Zephyr Cove Finance, Inc. Archived Charts 2002 Assets $ mil. % of total Cash & equivalents 76,664 12 Trading account 63,996 10 Securities 69,148 10 Net loans & leases 335,904 51 Other 114,746 17 Total 660,458 100 2002 Sales $ mil. Interest Loans & leases 22,030 Securities 4,035 Trading account assets 3,811 Other 2,285 Noninterest Consumer service charges 2,986 Card income 2,620 Corporate service charges 2,290 Investment & brokerage services 2,237 Investment banking income 1,545 Other 1,893 % of total 48 9 8 5 7 6 5 5 3 4 Report Builder − Bank of America Corporation − Hoover's Online 38 Total 45,732 100 2002 Sales $ mil. % of total Interest Loans & leases 22,030 Securities 4,035 Trading account assets 3,811 Other 2,285 Noninterest Consumer service charges 2,986 Card income 2,620 Corporate service charges 2,290 Investment & brokerage services 2,237 Investment banking income 1,545 Other 1,893 Total 45,732 2002 Assets $ mil. % of total Cash & equivalents 76,664 12 Trading account 63,996 10 Securities 69,148 10 Net loans & leases 335,904 51 Other 114,746 17 Total 660,458 100 48 9 8 5 7 6 5 5 3 4 100 2001 Sales $ mil. % of total Interest Loans & leases Securities Trading account assets Other Noninterest Consumer service charges Card income Investment & brokerage services Corporate service charges Trading account profits Investment banking Other Total Cash & equivalents Trading account Derivatives Mortgage−backed securities Other securities Net loans & leases Other assets 27,166 3,706 3,623 3,798 51 7 7 7 2,866 2,421 2,112 2,078 1,842 1,579 1,925 5 5 4 4 3 3 4 53,116 100 2001 Assets $ mil. % of total 60,877 10 47,344 8 22,147 3 73,106 12 12,393 2 322,278 52 83,619 13 Report Builder − Bank of America Corporation − Hoover's Online 39 Total 621,764 100 Report Builder − Bank of America Corporation − Hoover's Online 40 Other Resources Available On Hoover's Online News for Bank of America (last 90 days) Company Press Release Archive Other Resources • Headquarters Map • SEC Filings ♦ 10−K Filings • Stock Quote • Stock Chart • Earnings Estimates • ValuEngine Analysis • Annual Report • Investor Relations • Financial Data Definitions • Market Data Definitions • Comparison Data Definitions • Historical Financials & Employees Definitions Related Products From Our Trusted Partners Buy Reports and Books Additional Research On Bank of America • D&B Business/Credit Reports: Bank of America Corporation • Corporate Hierarchy (D&B, Feb 1, 2004, Business Reports) • EDS and Bank of America Focus on Network Costs and Value (Gartner, Inc., Apr 30, 2003, Business Reports) • Bank of America Corporation: Company Profile (Datamonitor, Feb 1, 2004, Business Reports) • SGA Lists − Individual Company Contact List for BAC (Sheila Greco and Associates, Sep 30, 2003, Business Reports) • Mortgages on Aisle Five: The Trend Toward Financial Supermarkets in the Financial Services Industry (Hoover's, Inc., Feb 1, 2004, Business Reports) • Credit & Depository Banking Services Major Companies Report (Harris Industry Reports, Aug 12, 2003, Business Reports) • Investment Banking: Financial Analysis Profiles (BizMiner, Dec 23, 2003, Business Reports) • Commodity Contracts Brokerage in the US (IBISWorld, Dec 16, 2003, Business Reports) Additional 3rd Party Libraries Report Builder − Bank of America Corporation − Hoover's Online 41 Annual Financials All amounts in millions of US Dollars Income Statement Dec 03 Dec 02 Dec 01 49,006.0 46,362.0 53,116.0 Cost of Goods Sold −− −− −− Gross Profit −− −− −− Gross Profit Margin −− −− −− SG&A Expense −− −− −− Depreciation & Amortization −− −− −− Operating Income 26,040.0 24,229.0 28,120.0 Operating Margin 53.1% 52.3% 52.9% −− −− −− Nonoperating Expenses 33,145.0 33,371.0 42,999.0 Income Before Taxes 15,861.0 12,991.0 10,117.0 5,051.0 3,742.0 3,325.0 Net Income After Taxes 10,810.0 9,249.0 6,792.0 Continuing Operations 10,810.0 9,249.0 6,792.0 0.0 0.0 0.0 Total Operations 10,810.0 9,249.0 6,792.0 Total Net Income 10,810.0 9,249.0 6,792.0 Net Profit Margin 22.1% 19.9% 12.8% Diluted EPS from Continuing Operations ($) 7.13 5.91 4.18 Diluted EPS from Discontinued Operations ($) 0.00 0.00 0.00 Diluted EPS from Total Operations ($) 7.13 5.91 4.18 2.88 2.44 2.28 Dec 03 Dec 02 Dec 01 Cash −− −− −− Net Receivables −− −− −− Inventories −− −− −− Revenue Nonoperating Income Income Taxes Discontinued Operations Diluted EPS from Total Net Income ($) Dividends per Share Balance Sheet Assets Current Assets Report Builder − Bank of America Corporation − Hoover's Online 42 Other Current Assets −− −− −− Total Current Assets −− −− −− Net Fixed Assets −− −− −− Other Noncurrent Assets 736,445.0 660,458.0 621,764.0 Total Assets 736,445.0 660,458.0 621,764.0 Dec 03 Dec 02 Dec 01 Accounts Payable −− −− −− Short−Term Debt 42,478.0 25,234.0 22,217.0 Other Current Liabilities −− −− −− Total Current Liabilities −− −− −− 75,343.0 61,145.0 62,496.0 Other Noncurrent Liabilities 570,644.0 517,729.0 483,001.0 Total Liabilities 688,465.0 610,139.0 573,244.0 Preferred Stock Equity 54.0 58.0 65.0 Common Stock Equity 47,926.0 50,261.0 48,455.0 Total Equity 47,980.0 50,319.0 48,520.0 Shares Outstanding (mil.) 1,441.1 1,500.7 1,559.3 Cash Flow Statement Dec 03 Dec 02 Dec 01 Net Operating Cash Flow 24,313.0 (12,007.0) (12,826.0) Net Investing Cash Flow (73,425.0) (10,081.0) 37,552.0 Net Financing Cash Flow 51,048.0 20,209.0 (25,345.0) 2,111.0 (1,864.0) (676.0) −− −− −− Capital Expenditures (349.0) (1,049.0) (835.0) Cash Dividends Paid Data Definitions (4,281.0) (3,709.0) (3,632.0) Liabilities and Shareholders' Equity Current Liabilities Long−Term Debt Shareholders' Equity Net Change in Cash Depreciation & Amortization Some financial information provided by Media General Financial Services, Inc. , Richmond, Virginia Report Builder − Bank of America Corporation − Hoover's Online 43 Quarterly Financials All amounts in millions of US Dollars except per share amounts. Quarter Quarter Income Statement Ending Dec 03 Ending Sep 03 Revenue Quarter Quarter Ending Ending Jun 03 Mar 03 Quarter Ending Dec 02 12,250.0 12,527.0 12,546.0 11,683.0 11,855.0 Cost of Goods Sold −− −− −− −− −− Gross Profit −− −− −− −− −− Gross Profit Margin −− −− −− −− −− SG&A Expense −− −− −− −− −− Depreciation & Amortization −− −− −− −− −− Operating Income 6,385.0 6,806.0 6,716.0 6,133.0 5,858.0 Operating Margin 52.1% 54.3% 53.5% 52.5% 49.4% −− −− −− −− −− Nonoperating Expenses 8,347.0 8,272.0 8,460.0 8,066.0 8,744.0 Income Before Taxes 3,903.0 4,255.0 4,086.0 3,617.0 3,111.0 Income Taxes 1,177.0 1,333.0 1,348.0 1,193.0 497.0 Net Income After Taxes 2,726.0 2,922.0 2,738.0 2,424.0 2,614.0 Continuing Operations 2,726.0 2,922.0 2,738.0 2,424.0 2,614.0 0.0 0.0 0.0 0.0 0.0 Total Operations 2,726.0 2,922.0 2,738.0 2,424.0 2,614.0 Total Net Income 2,726.0 2,922.0 2,738.0 2,424.0 2,614.0 Net Profit Margin 22.3% 23.3% 21.8% 20.7% 22.0% Diluted EPS from Continuing Operations ($) 1.82 1.92 1.80 1.59 1.69 Diluted EPS from Discontinued Operations ($) 0.00 0.00 0.00 0.00 0.00 Diluted EPS from Total Operations ($) 1.82 1.92 1.80 1.59 1.69 0.80 0.80 0.64 0.64 0.64 Quarter Ending Dec 03 Quarter Ending Sep 03 Quarter Quarter Ending Ending Jun 03 Mar 03 Quarter Ending Dec 02 Nonoperating Income Discontinued Operations Diluted EPS from Total Net Income ($) Dividends per Share Balance Sheet Report Builder − Bank of America Corporation − Hoover's Online 44 Assets Current Assets Cash −− −− −− −− −− Net Receivables −− −− −− −− −− Inventories −− −− −− −− −− Other Current Assets −− −− −− −− −− Total Current Assets −− −− −− −− −− Net Fixed Assets −− −− −− −− −− Other Noncurrent Assets 736,445.0 737,088.0 769,179.0 679,765.0 660,458.0 Total Assets 736,445.0 737,088.0 769,179.0 679,765.0 660,458.0 Quarter Ending Dec 03 Quarter Ending Sep 03 Quarter Quarter Ending Ending Jun 03 Mar 03 Quarter Ending Dec 02 Accounts Payable −− −− −− −− −− Short−Term Debt 42,478.0 41,739.0 43,584.0 29,729.0 25,234.0 Other Current Liabilities −− −− −− −− −− Total Current Liabilities −− −− −− −− −− 75,343.0 66,462.0 61,681.0 63,442.0 61,145.0 Other Noncurrent Liabilities 570,644.0 578,442.0 606,842.0 530,511.0 517,729.0 Total Liabilities 688,465.0 686,643.0 718,163.0 629,713.0 610,139.0 Preferred Stock Equity 54.0 55.0 56.0 57.0 58.0 Common Stock Equity 47,926.0 50,390.0 50,960.0 49,995.0 50,261.0 Total Equity 47,980.0 50,445.0 51,016.0 50,052.0 50,319.0 1,441.1 1,489.4 1,496.3 1,497.5 1,500.7 Quarter Ending Dec 03 Quarter Ending Sep 03 Quarter Quarter Ending Ending Jun 03 Mar 03 Quarter Ending Dec 02 Net Operating Cash Flow 24,313.0 25,521.0 (10,898.0) (10,737.0) (12,007.0) Net Investing Cash Flow (73,425.0) (62,566.0) (78,859.0) (10,232.0) (10,081.0) Net Financing Cash Flow 51,048.0 34,084.0 89,943.0 21,028.0 20,209.0 2,111.0 (2,831.0) 247.0 96.0 (1,864.0) −− −− −− −− −− Liabilities and Shareholders' Equity Current Liabilities Long−Term Debt Shareholders' Equity Shares Outstanding (mil.) Cumulative Cash Flow Statement Net Change in Cash Depreciation & Amortization Report Builder − Bank of America Corporation − Hoover's Online 45 Capital Expenditures (349.0) (141.0) (100.0) (221.0) (1,049.0) Cash Dividends Paid (4,281.0) (3,116.0) (1,922.0) (962.0) (3,709.0) Data Definitions Some financial information provided by Media General Financial Services, Inc. , Richmond, Virginia Report Builder − Bank of America Corporation − Hoover's Online 46 Historical Financials & Employees Income Statement Year Assets ($ mil.) Net Income ($ mil.) Income as % of Assets Employees Dec 03 736,445.0 10,810.0 1.5% 133,549 Dec 02 660,458.0 9,249.0 1.4% 133,944 Dec 01 621,764.0 6,792.0 1.1% 142,670 Dec 00 642,191.0 7,517.0 1.2% 142,724 Dec 99 632,574.0 7,882.0 1.2% 155,906 Dec 98 617,679.0 5,165.0 0.8% 170,975 Dec 97 264,562.0 3,077.0 1.2% 80,360 Dec 96 185,794.0 2,375.0 1.3% 62,971 Dec 95 187,298.0 1,950.0 1.0% 58,322 Dec 94 169,604.0 1,690.0 1.0% 61,484 Stock History Stock Price ($) Year P/E Per Share ($) FY High FY Low FY Close High Low Earns. Div. Book Value Dec 03 84.9 64.3 80.4 11.9 9.0 7.1 2.9 33.3 Dec 02 77.1 54.0 69.6 13.0 9.1 5.9 2.4 33.5 Dec 01 65.5 45.0 63.0 15.7 10.8 4.2 2.3 31.1 Dec 00 61.0 36.3 45.9 13.5 8.0 4.5 2.1 29.5 Dec 99 76.4 47.6 50.2 17.0 10.6 4.5 1.9 26.5 Dec 98 88.4 44.0 60.1 30.5 15.2 2.9 1.6 26.6 Dec 97 71.7 48.0 60.8 17.2 11.5 4.2 1.4 30.0 Dec 96 52.6 32.2 48.9 13.4 8.2 3.9 1.2 23.9 Dec 95 37.4 22.3 34.8 10.6 6.3 3.5 1.0 23.3 Dec 94 28.7 21.7 22.6 9.5 7.2 3.0 0.9 19.9 2003 Year−End Financials Equity as % of assets −− Return on assets 1.5% Return on equity 22.6% Long−term debt ($ mil.) 75,343.0 Shares Outstanding (mil.) 1,441.1 Report Builder − Bank of America Corporation − Hoover's Online 47 Dividend yield 3.6% Dividend payout 40.4% Market Cap ($ mil.) 115,911.2 Revenue ($ mil.) 49,006.0 Data Definitions Some financial information provided by Media General Financial Services, Inc. , Richmond, Virginia Report Builder − Bank of America Corporation − Hoover's Online 48 Market Data Current Information Last Close 23−Mar−2004 $78.53 Price/Sales Ratio 2.32 52−Week High $84.90 Price/Book Ratio 2.37 52−Week Low $66.80 Price/Earnings Ratio 60−Month Beta 11.01 0.7 Price/Cash Flow Ratio Market Cap (mil.) Shares Outstanding (mil.) Dividend Rate 10.53 $113,789.3 Return on Assets 1.5% 1,449.0 Return on Equity 22.6% 3.20 Current Ratio −− Dividend Yield 4.1% Long−Term Debt/Equity 1.57 # of Institutional Holders 3,092 % Owned by Institutions 59.3% Latest Short Interest Ratio Growth Rates 8.30 Latest Net Insider Transactions (118,074.00) 12 Month 36 Month 60 Month 5.7% (6.1%) (1.9%) EPS Growth 20.6% 18.7% 16.1% Dividend Growth 18.0% 11.3% 11.7% Revenue Growth Data Definitions Some financial information provided by Media General Financial Services, Inc. , Richmond, Virginia Report Builder − Bank of America Corporation − Hoover's Online 49 Comparison Data Company Industry1 Market2 −− −− 48.25% Pre−Tax Profit Margin 32.37% 26.69% 6.92% Net Profit Margin 22.06% 18.30% 4.05% Return on Equity 22.6% 17.2% 7.9% Return on Assets 1.5% 1.2% 1.3% Return on Invested Capital 8.8% 6.9% 3.8% Company Industry1 Market2 2.32 2.55 1.37 11.01 14.18 33.17 2.37 2.39 2.66 10.53 13.99 13.40 Company Industry1 Market2 Days of Sales Outstanding −− −− 58.63 Inventory Turnover −− −− 7.6 Days Cost of Goods Sold in Inventory −− −− 47 Asset Turnover 0.1 0.1 0.3 Net Receivables Turnover Flow −− −− 6.3 31.8% 31.4% 41.1% Company Industry1 Market2 Current Ratio −− −− 1.42 Quick Ratio −− −− 1.0 15.37 13.81 5.95 Total Debt/Equity 2.46 2.34 1.42 Interest Coverage 2.60 2.30 2.30 Company Industry1 Market2 33.82 19.77 19.90 Fully Diluted Earnings Per Share from Total Operations 7.13 3.55 0.82 Dividends Per Share 2.88 1.35 0.43 Cash Flow Per Share 7.46 3.60 2.03 −− −− 2.26 Long−Term Debt Per Share 52.00 31.30 11.10 Book Value Per Share 33.08 21.04 10.24 Profitability Gross Profit Margin Valuation Price/Sales Ratio Price/Earnings Ratio Price/Book Ratio Price/Cash Flow Ratio Operations Effective Tax Rate Financial Leverage Ratio Per Share Data ($) Revenue Per Share Working Capital Per Share Report Builder − Bank of America Corporation − Hoover's Online 50 Total Assets Per Share 508.25 290.49 60.91 Company Industry1 Market2 5.7% 2.9% 7.0% 12−Month Net Income Growth 16.9% 29.6% 147.2% 12−Month EPS Growth 20.6% 29.6% 156.3% 12−Month Dividend Growth 18.0% 19.5% 4.9% 36−Month Revenue Growth (6.1%) (4.6%) 2.5% 36−Month Net Income Growth 15.0% 16.0% (9.3%) 36−Month EPS Growth 18.7% 13.3% (10.0%) 36−Month Dividend Growth 11.3% 7.6% 2.2% Growth 12−Month Revenue Growth 1Industry: Money Center Banks Industry classifications are from Media General Financial Services, Inc. 2 . Public companies trading on the New York Stock Exchange, the American Stock Exchange, and the NASDAQ National Market. Data Definitions Some financial information provided by Media General Financial Services, Inc. , Richmond, Virginia Report Builder − Bank of America Corporation − Hoover's Online 51 Competitive Landscape KEY: Best of Group. Companies listed are Top Competitors. Key Numbers Bank of Citigroup Wachovia Wells Fargo America Annual Sales ($mil.) 49,006.0 94,713.0 24,474.0 31,800.0 Employees 133,549 259,000 86,670 −− 113,789.3 256,816.1 61,036.2 96,207.7 Market Cap ($mil.) Profitability Gross Profit Margin Bank of Citigroup Wachovia Wells Fargo Industry2 Market3 America −− −− −− −− Pre−Tax Profit Margin 32.37% 27.80% 25.43% 29.80% 26.69% 6.92% Net Profit Margin 22.06% 18.85% 17.35% 19.50% 18.30% 4.05% Return on Equity 22.6% 18.4% 13.1% 18.1% 17.2% 7.9% Return on Assets 1.5% 1.4% 1.1% 1.6% 1.2% 1.3% Return on Invested Capital 8.8% 6.8% 6.1% 6.3% 6.9% 3.8% Valuation Price/Sales Ratio Price/Earnings Ratio Price/Book Ratio Price/Cash Flow Ratio Operations −− 48.25% Bank of Citigroup Wachovia Wells Fargo Industry2 Market3 America 2.32 2.71 2.49 3.03 2.55 1.37 11.01 14.56 14.64 15.51 14.18 33.17 2.37 2.65 1.88 2.81 2.39 2.66 10.53 14.43 14.37 15.51 13.99 13.40 Bank of Citigroup Wachovia Wells Fargo Industry2 Market3 America Days of Sales Outstanding −− −− −− −− −− 58.63 Inventory Turnover −− −− −− −− −− 7.6 Days Cost of Goods Sold in Inventory −− −− −− −− −− 47 Asset Turnover 0.1 0.1 0.1 0.1 0.1 0.3 Net Receivables Turnover Flow −− −− −− −− −− 6.3 31.8% 31.1% 29.5% 34.6% 31.4% 41.1% Effective Tax Rate Financial Bank of Citigroup Wachovia Wells Fargo Industry2 Market3 America Current Ratio −− −− −− −− −− 1.42 Quick Ratio −− −− −− −− −− 1.0 15.37 13.05 12.37 11.32 13.81 5.95 2.46 2.28 3.33 2.58 2.34 1.42 Leverage Ratio Total Debt/Equity Report Builder − Bank of America Corporation − Hoover's Online 52 Interest Coverage 2.60 2.50 2.40 3.80 2.30 2.30 Bank of Citigroup Wachovia Wells Fargo Industry2 Market3 America Per Share Data ($) Revenue Per Share 33.82 18.37 18.61 18.71 19.77 19.90 Fully Diluted Earnings Per Share from Total Operations 7.13 3.42 3.17 3.65 3.55 0.82 Dividends Per Share 2.88 1.10 1.25 1.50 1.35 0.43 Cash Flow Per Share 7.46 3.45 3.23 3.65 3.60 2.03 −− −− −− −− −− 2.26 Long−Term Debt Per Share 52.00 31.55 27.93 37.45 31.30 11.10 Book Value Per Share 33.08 18.79 24.66 20.16 21.04 10.24 Total Assets Per Share 508.25 245.11 305.00 228.23 290.49 60.91 Working Capital Per Share Bank of Citigroup Wachovia Wells Fargo Industry2 Market3 America Growth 12−Month Revenue Growth 5.7% 2.3% 3.7% 11.7% 2.9% 12−Month Net Income Growth 16.9% 16.5% 18.7% 8.6% 29.6% 147.2% 12−Month EPS Growth 20.6% 15.9% 21.9% 9.9% 29.6% 156.3% 12−Month Dividend Growth 18.0% 57.1% 25.0% 36.4% 19.5% 4.9% 36−Month Revenue Growth (6.1%) (6.7%) 0.8% 5.0% (4.6%) 2.5% 36−Month Net Income Growth 15.0% 9.5% 202.6% 19.8% 16.0% (9.3%) 36−Month EPS Growth 18.7% 9.1% 183.1% 20.5% 13.3% (10.0%) 36−Month Dividend Growth 11.3% 29.4% (11.7%) 17.7% 7.6% 7.0% 2.2% 1 Data unavailable. Industry: Money Center Banks Industry classifications are from Media General Financial Services, Inc. . 3 Public companies trading on the New York Stock Exchange, the American Stock Exchange, and the NASDAQ National Market. 2 Data Definitions Some financial information provided by Media General Financial Services, Inc. , Richmond, Virginia Report Builder − Bank of America Corporation − Hoover's Online 53 Copyright 2004, Hoover's, Inc. Report Builder − Bank of America Corporation − Hoover's Online 54
