New Issue: Bank of America prices $5.32 million Bear Accelerated Return Notes linked to S&P 500

By Angela McDaniels

Tacoma, Wash., May 13 - Bank of America Corp. priced $5.32 million of 0% Bear Accelerated Return Notes due July 28, 2010 linked to 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 plus 5% for every 1% that the index declines, subject to a maximum return of 15%. Investors will receive par if the index increases by 10% or less and will lose 1% for every 1% that the index advances beyond 10%.

Merrill Lynch, Pierce, Fenner & Smith Inc. and First Republic Securities Co., LLC are the underwriters.

Issuer:	Bank of America Corp.
Issue:	Bear Accelerated Return Notes
Underlying index:	S&P 500
Amount:	$5.32 million
Maturity:	July 28, 2010
Coupon:	0%
Price:	Par of $10
Payout at maturity:	Par plus 5% for every 1% that index declines, up to maximum return of 15%; par if index gains by 10% or less; 1% loss for every 1% advance beyond 10%
Initial index level:	909.24
Final index level:	Average of index's closing levels on the five trading days ending July 23, 2010
Pricing date:	May 11
Settlement date:	May 15
Underwriters:	Merrill Lynch, Pierce, Fenner & Smith Inc. and First Republic Securities Co., LLC
Fees:	2%

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