Bank of America Acquires $990 Million Auto Loan Portfolio

Seller KeyCorp Exiting Indirect Auto Business

JACKSONVILLE, Fla., March 28 -- Bank of America today announced it has signed an agreement with KeyCorp to purchase the KeyCorp prime indirect automobile loan portfolio, consisting of $990 million spread among 89,000 customers. KeyCorp announced in January that it was exiting the indirect automobile lending business.

"This action demonstrates the continued commitment of Bank of America to the auto industry and specifically to the growth of the retail indirect channel," said Tim Russi, president of Dealer Financial Services at Bank of America. "We continue to achieve growth in both our indirect retail and commercial business through organic growth and portfolio purchases. This purchase expands the depth and breadth of our presence in the Northeast and Midwest, which are both important expansion opportunities for Dealer Financial Services and Bank of America overall."

KeyCorp will continue servicing the accounts on an interim basis and will notify customers prior to transferring them to Bank of America.

"We are planning a smooth transition for these customers and look forward to welcoming each one of them to Bank of America in the near future," Russi said.

About Bank of America

Bank of America Dealer Financial Services provides retail loan financing and the full range of commercial banking services to dealers primarily in the automobile, marine and recreational vehicle industries across the United States. These services include comprehensive inventory financing, commercial loans, depository services, and merchant and treasury management services. Bank of America has relationships with more than 10,000 dealer clients and manages over $30 billion in consumer and commercial loans through Dealer Financial Services.

Bank of America is one of the world's largest financial institutions, serving individual consumers, small and middle market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk-management products and services. The company provides unmatched convenience in the United States, serving 33 million consumer relationships with more than 5,800 retail banking offices, more than 16,700 ATMs and award-winning online banking with more than twelve million active users. Bank of America is the No. 1 overall Small Business Administration (SBA) lender in the United States and the No. 1 SBA lender to minority-owned small businesses. The company serves clients in 150 countries and has relationships with 98 percent of the U.S. Fortune 500 companies and 85 percent of the Global Fortune 500. Bank of America Corporation stock is listed on the New York Stock Exchange.

                       http://www.bankofamerica.com/
   
   About KeyCorp

Cleveland-based KeyCorp is one of the nation's largest bank-based financial services companies, with assets of approximately $91 billion. Key companies provide investment management, retail and commercial banking, consumer finance, and investment banking products and services to individuals and companies throughout the United States and, for certain businesses, internationally.