WASHINGTON, D.C.

- Bank of America today announced the appointment of Lorenzo Ascoli as head of the Private Bank at Bank of America for the Washington, D.C. market. He will be responsible for spearheading the growth of the Private Bank’s presence and market share throughout the metropolitan area. Ascoli will be based in Washington, D.C. and report directly to Tim Maloney, the Private Bank North Region President.

“The Washington metropolitan area holds incredible growth opportunities for the Private Bank,” said Maloney. “As a long time resident of the Washington area, Lorenzo brings intimate knowledge of the market and deep experience in providing asset management services to high-net-worth individuals and families.”

Ascoli was previously with Morgan Stanley for 12 years, where he was most recently Senior Vice President and manager of the Chevy Chase office in Maryland. Ascoli received his bachelor’s degree from Georgetown University and master’s in business administration from George Washington University.

The Private Bank at Bank of America, with offices in 119 cities in 26 states, is the largest private bank in the United States in terms of number of clients and includes the nation’s largest trust organization serving individuals and families. The Private Bank is part of the Asset Management Group at Bank of America, which oversees more than $429 billion in client assets.

One of the world's leading financial services companies, Bank of America is committed to making banking work for customers and clients like it never has before. Through innovative technologies and the ingenuity of its people, Bank of America provides individuals, small businesses and commercial, corporate and institutional clients across the United States and around the world new and better ways to manage their financial lives. The company enables customers to do their banking and investing whenever, wherever and however they choose through the nation's largest financial services network, including approximately 4,400 domestic offices and 13,000 ATMs, as well as 30 international offices serving clients in more than 150 countries, and an Internet Web site that provides online banking access for more than 3.8 million active users, more than any other bank.

Bank of America stock (ticker: BAC) is listed on the New York, Pacific and London stock exchanges. The company's Web site is www.bankofamerica.com.

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Reporters may contact: Jennifer Tice, Bank of America, 1.212.933.2559 Connie Lee, RF Binder Partners, 1.212.994.7542