New Issue: Bank of America sells $6.95 million six-month Bear Accelerated Return Notes on S&P 500

By Susanna Moon

Chicago, July 22 - Bank of America Corp. priced $6.95 million of 0% Bear Accelerated Return Notes due Jan. 28, 2011 based on the performance of the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par of $10.00 plus triple the absolute value of any decline in the index, up to a maximum payout of $11.353 per note.

Investors will lose 1% for every 1% index gain.

Merrill Lynch, Pierce, Fenner & Smith Inc. is the underwriter.

Issuer:	Bank of America Corp.
Issue:	Bear Accelerated Return Notes
Underlying index:	S&P 500
Amount:	$6,954,000
Maturity:	Jan. 28, 2011
Coupon:	0%
Price:	Par of $10
Payout at maturity:	Par plus 300% of the absolute value of any index loss, capped at 13.53%; 1% loss for every 1% index gain
Initial index level:	1,069.59
Pricing date:	July 21
Settlement date:	July 28
Underwriter:	Merrill Lynch, Pierce, Fenner & Smith Inc.
Fees:	1%
Cusip:	06052K489

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