Bank of America has announced that Tim M. Russi has joined the company as Auto Group president, along with plans for the Auto Group to expand to nine states in the Northeast.

As Auto Group president, Russi will report directly to Dealer Financial Services president Floyd S. Robinson and be responsible for setting strategic vision, meeting profit objectives and delivering breakthrough results for the bank’s automotive division.

Russi brings a wealth of financial services experience to his new position, having previously served as executive vice president and managing director for DHR International, Inc., the fifth largest executive search firm in the United States. Prior to DHR International, Russi worked for USL Capital – a subsidiary of Ford Financial Services Group – leading several areas, including corporate development, sales, portfolio management, operations and finance.

“Tim has a deep understanding of the financing business and a combination of essential skills that uniquely position him to lead the Auto Group and continue to build on our success,” Robinson said. “His proven track record in developing and delivering world-class services to clients and executing growth strategies is consistent with our customer-driven philosophy and supports our goal to be the lender of choice to the automotive industry.”

Concurrently, Russi announced the Auto Group’s plans to expand into the Northeast market, extending servicing to automotive dealers in a nine-state area that includes Connecticut, Maine, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island and Vermont.

As the Northeast expansion gets underway, Russi said new associates will be added to the team to handle retail and commercial sales, service and fulfillment functions. The group also plans to open a dedicated credit center for retail customers in the second quarter of 2004.

“We are excited about the opportunities this expansion presents,” said Russi. “There’s a strong automotive presence in the Northeast, with 4,400 new car franchises representing over $100 billion in annual sales. We’ve been providing commercial services to key clients in this market, and this move will enable us to enhance our service to these customers, while offering an array of financial solutions to a broader group.

“Expanding our services to the Northeast market further underscores our commitment to the automotive industry, supports our growth goals, and most importantly, helps us continue to explore new ways to deliver world-class financial service to dealers,” Russi continued. “We’re pleased to offer a variety of dealer financial services to customers in the region now as we prepare for the merger of Bank of America and Fleet to be completed later this spring.”

About the Bank of America Auto Group

The Bank of America Auto Group, headquartered in Jacksonville, Fla., is a provider of commercial and retail financing for the automotive industry in the United States.

A $17 billion division of the bank’s Dealer Financial Services group, the Auto Group says it is focused on meeting the distinct needs of new-car franchised automobile dealers. According to Bank of America, the Auto Group is uniquely equipped to service dealers with a full suite of industry-specific products designed solely to meet dealers’ needs, opportunities and risks.

Dealers have access to a full array of financial solutions designed to help optimize cash flow, reduce overhead and put them in a better position to leverage their funds. The Auto Group currently supports more than 4,500 franchised dealerships throughout the country.

More information is available at www.bankofamerica.com/autodealer.

About Bank of America Corporation

Bank of America serves individual consumers, small businesses and large corporations and institutions with banking, investing, asset management and other financial and risk management products and services.

The company says it serves one in three American households with 4,277 banking centers, more than 14,400 ATMs and an Internet site with more than seven million active online users.

Bank of America is rated the number one Small Business Administration Lender in the United States by the SBA. The company serves clients in 150 countries and has relationships with 94 percent of the U.S. Fortune 500 companies and 76 percent of the Global Fortune 500.

The seventh most profitable company in the United States, Bank of America had $736 billion in assets, $414 billion in deposits and a market capitalization of $115.9 billion at Dec. 31, 2003. Bank of America Corporation stock (ticker: BAC) is listed on the New York Stock Exchange.

For more information, visit www.bankofamerica.com.