Bank of America Becomes 'Official Bank of NASCAR' Starting With 2007 Season

Company's expansion into racing driven by enterprise-wide business growth potential

Multi-year agreement exemplifies NASCAR's strategy to partner with Fortune 500 blue chip companies that will market the sport nationally

CHARLOTTE, N.C., Nov. 27 -- Bank of America, one of the world's largest financial institutions, today announced that it has entered into a multi-year agreement with the National Association of Stock Car Auto Racing (NASCAR) to become the "Official Bank of NASCAR," beginning with the 2007 season. Bank of America's agreement with NASCAR marks a significant expansion into racing, and acknowledges the sport as a strong platform for targeting multiple customer segments and accelerating growth across the company's enterprise.

"We are very proud of our new partnership with NASCAR, which has proven to have the reach, passionate fan base and ability to communicate directly to our customers," said Anne Finucane, Chief Marketing Officer, Bank of America. "NASCAR's popularity and loyal following gives us an opportunity to promote a broad array of financial solutions not only to its 75 million fans, but also to NASCAR's powerful community of teams, sponsors and businesses that support the operations and growth of the sport."

Under the five-year agreement, Bank of America will be NASCAR's exclusive partner for banking and related financial services, and will have the rights in this category to use NASCAR marks in marketing and advertising promotions through 2011. These services include a broad set of products and services, including: consumer checking and savings products; Visa-branded credit, debit and ATM card issuance, processing and servicing; consumer and commercial lending; merchant services; securities brokerage services; mutual fund distribution and management services; treasury and payroll services; and community development banking.

NASCAR will continue existing relationships with partners in the areas of payment services, insurance and related services, tax preparation and gift cards.

"With its trusted reputation and national reach, Bank of America is an ideal partner for NASCAR," said Steve Phelps, Chief Marketing Office for NASCAR. "We're thrilled Bank of America will play such a visible role in the sport, and look forward to the value the company will bring to NASCAR fans, drivers, teams, tracks, sponsors and media partners. We consider this agreement, which comes at the end of a very successful season for NASCAR, a significant step for the future growth of our sport."

Bank of America will leverage its agreement with NASCAR through racing-themed mass-market promotions, at-track branding and hospitality, rewards programs for both customers and employees, and business-to-business and cross-promotional opportunities with NASCAR's various sponsor partners.

Other elements of the agreement include onsite branding and hospitality opportunities during NASCAR's jewel events, such as the NASCAR Nextel All-Star Challenge, Championship Event and Champions Week.

Financial terms of the sponsorship agreement were not disclosed.

Bank of America's agreement with NASCAR deepens the company's association with racing that dates back to the early 1980's, when its legacy banks in Virginia and North Carolina sponsored races and provided financing for motor speedways throughout the United States. Over the last two decades, the company's foray into racing has continued to expand.

As a result of its completed merger with MBNA, Bank of America today enjoys the benefits of serving as the Official Credit Card Issuer of NASCAR, a sponsorship commitment that dates back to 1993 and enables it to exclusively issue Visa-branded products. In 2005, Bank of America announced multi-year sponsorship agreements with International Speedway Corporation (ISC) and Speedway Motorsports Inc. (SMI), for a combined total of 10 track sponsorships and title sponsorship of the Bank of America 500 at Lowe's Motor Speedway in Concord, N.C.

"We have enjoyed remarkable business results from our track relationships and race entitlements," said Ray Bednar, Global Sponsorship Marketing Executive, Bank of America. "By teaming up with NASCAR to expand our association with the sport, we can continue to benefit and build excitement for fans across the country, linking their need for competitive and innovative financial products and services with their passion for the thrills and excitement of racing."

About NASCAR

The National Association for Stock Car Racing (NASCAR) has a broad reach with 1,800 racing events in 36 states at more than 110 tracks. Among major professional sports, NASCAR ranks number one in corporate involvement and per-event attendance, and number two in television viewership. The sanctioning body for stock car racing is headquartered in Daytona Beach, Fla., with offices in New York City (Corporate Marketing), Los Angeles (Broadcasting Media and Entertainment), Charlotte, N.C. (Licensing and Aftermarket), Concord, N.C. (Research and Development Center), Mexico City and Toronto.

Bank of America

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 more than 55 million consumer and small business relationships with more than 5,700 retail banking offices, nearly 17,000 ATMs and award-winning online banking with more than 20 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 175 countries and has relationships with 98 percent of the U.S. Fortune 500 companies and 80 percent of the Global Fortune 500. Bank of America Corporation stock is listed on the New York Stock Exchange. http://www.bankofamerica.com/