Exhibit 99.1

October 19, 2010

Investors May Contact:

Kevin Stitt, Bank of America, 1.980.386.5667

Lee McEntire, Bank of America, 1.980.388.6780

Reporters May Contact:

Jerry Dubrowski, Bank of America, 1.980.388.2840

jerome.f.dubrowski@bankofamerica.com

Bank of America Reports Third-Quarter Financial Results

Net Loss of $7.3 Billion, or $0.77 per Diluted Share, Includes Goodwill Impairment Charge of $10.4 Billion

Excluding Goodwill Impairment Charge, Net Income Was $3.1 Billion, or $0.27 per Diluted Share¹

Credit Costs Decline for Fifth Consecutive Quarter

Tier 1 Capital Ratios Continue to Strengthen

Strong Asset Management Fees in Wealth Management Business

Investment Bank Remains No. 2 in Global Investment Banking Fees

CHARLOTTE – Bank of America Corporation today reported a net loss of $7.3 billion, or $0.77 per diluted share, in the third quarter of 2010, including a non-cash, non-tax deductible goodwill impairment charge of $10.4 billion. Excluding this charge, net income was $3.1 billion, or $0.27 per diluted share, compared with a net loss of $1.0 billion, or $0.26 per diluted share, in the third quarter of 2009.

About the Goodwill Impairment Charge

As previously announced, the goodwill impairment charge is a non-cash, non-tax deductible charge applicable to the Global Card Services segment. The goodwill impairment charge does not impact regulatory capital or tangible equity ratios or liquidity, and has no impact on the company’s ability to serve its customers and clients around the world.

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The charge results from the limits to be placed on debit interchange fees under the financial reform legislation enacted in July 2010, which will reduce future revenues in the Global Card Services business.

New Consumer Bank Strategy

As a result of the legislation and other changes in the environment, the company is changing the way its consumer bank does business, focusing on a relationship enhancement strategy designed to incent customers to bring more business and to make pricing more upfront and transparent. This change moves away from a dependence on penalty fees, which the industry had adopted over the years, and provides the customer with a better banking experience. These changes are expected to result in additional revenue.

Bank of America has begun to introduce new customer solutions designed to meet these goals. In August, the company began offering eBanking, which allows customers who primarily use such alternative channels as online banking and ATMs, to be rewarded with better pricing. The bank plans to begin testing new offerings in December that will provide customers choices on how to pay for their banking services and reward them for using certain products or bringing more balances. The company is also considering other new products in the payments area that would meet the evolving needs of specific customer groups with testing scheduled to begin next year.

Operating Results

Third-quarter 2010 results compared to a year ago benefited from lower credit costs, higher net interest income due in part to the adoption of new consolidation guidance on January 1, 2010 and increases in other income, mortgage banking income and card income. These improvements were partially offset by lower service charges, lower trading account profits and a decrease in insurance income.

“Our results this quarter demonstrate continued traction with each customer group – consumers, businesses, and institutional investors,” said President and Chief Executive Officer Brian Moynihan. “Our strategy is to leave nothing to chance in our goal of doing everything we can for each of our customers.

“We are adapting to the regulatory environment, credit quality continues to improve, and we are managing risk and building capital. We are realistic about the near-term challenges, and optimistic about the long-term opportunity.”

Third-Quarter Business Highlights

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Third-Quarter 2010 Financial Summary

Revenue and Expense

n/a = Not applicable

Revenue, net of interest expense, on a fully taxable-equivalent (FTE) basis rose 2 percent from the year-ago period. Net interest income on an FTE basis increased 8 percent from a year earlier, reflecting the impact of the adoption of new consolidation guidance, effective January 1, 2010, which added assets of approximately $100 billion to the balance sheet as of that date. The change, while having no impact on net income, primarily increased net interest income and card income offset by increased provision for credit losses.

Compared to the second quarter of 2010, revenue, net of interest expense, on an FTE basis was down 8 percent. Net interest income on an FTE basis was down 4 percent from the second quarter of 2010, reflecting lower loan levels and the impact of the extended low rate environment. The net interest yield widened 11 basis points from the year-ago quarter due primarily to the higher-yielding loans included on our balance sheet related to the adoption of the new consolidation guidance, partially offset by the impact of spread compression. Compared to the second quarter of 2010, the net interest yield decreased 5 basis points due mainly to a shift in the mix of earning assets as higher-yielding assets ran off and were replaced with lower-yielding assets available in the lower rate environment.

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Noninterest income declined 2 percent from the year-ago quarter due primarily to lower service charges, reduced trading account profits and lower gains on sales of debt securities. Additionally, insurance income was lower compared to the same period a year ago as a result of a $592 million reserve related to payment protection insurance claims in the U.K. These factors were partially offset by year-over-year improvements in other income driven largely by lower losses of $190 million primarily related to structured liabilities, compared to losses of $1.8 billion in the year-ago period, higher mortgage banking income, and increases in card income.

Noninterest expense was up 67 percent from the year-ago quarter, primarily reflecting the goodwill impairment charge. Excluding the goodwill impairment charge, noninterest expense was up 3 percent from a year ago due primarily to higher personnel costs, increased professional fees and litigation costs. Pretax merger and restructuring charges declined $173 million from a year earlier to $421 million.

Credit Quality

n/a = not applicable

Note: Ratios do not include loans measured under the fair value option.

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Credit quality continued to improve during the quarter, with net charge-offs continuing to decline in almost all portfolios. Credit costs, while still at elevated levels, fell for the fifth consecutive quarter. Additionally, delinquencies accruing past due 30 days or more, excluding FHA-insured loans, declined for the sixth consecutive quarter, and reservable criticized utilized levels decreased for the fourth consecutive quarter.

Net charge-offs were $2.4 billion lower than the second quarter of 2010, reflecting improvement in the consumer and commercial portfolios. The decrease was primarily driven by the impact of continued improvement in delinquencies in both the consumer credit card and real estate portfolios. The allowance to annualized net charge-off coverage ratio improved in the third quarter to 1.53 times, compared with 1.18 times in the second quarter of 2010 and 0.94 times in the third quarter of 2009. Excluding purchased credit-impaired loans, the allowance to annualized net charge-off coverage ratio was 1.34, 1.05 and 0.86 times, respectively. Nonperforming loans, leases and foreclosed properties declined to $34.6 billion, compared with $35.6 billion at June 30, 2010 and $33.8 billion a year ago.

The provision for credit losses was $5.4 billion, $2.7 billion lower than the second quarter and $6.3 billion lower than the same period a year earlier. The provision was $1.8 billion lower than net charge-offs, resulting in a reduction in the allowance for loan and lease losses for the quarter. This compares with a $1.45 billion reduction in the second quarter and an addition of $2.1 billion a year earlier.

The reserve reduction in the third quarter was primarily due to improved delinquencies, collections and bankruptcies in the domestic credit card, small business and consumer lending businesses. Additionally, improving portfolio trends in consumer real estate products and reductions across the core commercial portfolio, reflecting stabilization of borrower credit profiles and economic conditions contributed to the reserve reduction. These were partially offset by reserve additions for certain purchased credit-impaired consumer portfolios obtained through acquisitions.

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Capital and Liquidity Management

(Dollars in millions, except per share information)

Capital ratios strengthened from the second quarter of 2010 due to retained earnings and the sale of First Republic Bank. Additionally, the total capital ratio and tangible common equity ratio benefited from the mark-to-market after-tax adjustment in equity of $6.2 billion on the company’s investment in China Construction Bank that is within a year of the expiration of sales restrictions. The company’s liquidity position strengthened during the quarter as customers continued to reduce debt. The company’s total global excess liquidity sources rose more than $30 billion from the second quarter of 2010 to $324 billion. At September 30, 2010, the company’s time-to-required funding was 23 months.

During the quarter, a cash dividend of $0.01 per common share was paid, and the company declared $348 million in preferred dividends. Period-end common shares issued and outstanding were 10.03 billion for the second and third quarters of 2010 and 8.65 billion for the third quarter of 2009. The increase in outstanding shares year over year was driven primarily by the company’s capital-raising initiative in the fourth quarter of 2009 and the related conversion of common equivalent shares into common stock in the first quarter of 2010.

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Business Segment Results

Deposits

Deposits net income of $195 million declined $619 million from the year-ago period due to decreases in revenue and higher noninterest expense. The revenue decline was driven by the impact of Regulation E, which was effective beginning this quarter, and related overdraft policy changes implemented beginning in the fourth quarter of 2009. This was partially offset by disciplined pricing and a customer shift to more liquid products, which led to increased net interest income.

Noninterest expense increased 18 percent from a year ago as a higher proportion of costs associated with banking center sales and service efforts were aligned to Deposits from the other consumer businesses.

Average deposits declined 2 percent from a year ago driven by the decline in higher-yielding former Countrywide deposits and the transfer of certain deposits to other client-managed businesses, partially offset by organic growth.

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Global Card Services

Global Card Services reported a net loss of $9.9 billion due to the $10.4 billion goodwill impairment charge. Excluding this charge, Global Card Services would have reported net income of $529 million, compared to a net loss of $955 million a year ago.

Revenue decreased $1.5 billion from a year ago, driven by lower average loans, reduced interest and fee income primarily resulting from the implementation of the CARD Act and the impact of recording a $592 million reserve related to future payment protection insurance claims in the U.K.

Provision for credit losses decreased $3.6 billion from a year ago driven by $3.2 billion lower charge-offs and reserve reductions due to lower delinquencies and decreasing bankruptcies as a result of the improved economic environment.

Noninterest expense increased compared to a year ago due to the goodwill impairment charge. Excluding this impairment charge, noninterest expense decreased 11 percent compared to the year-ago period as a higher proportion of

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costs associated with banking center sales and service efforts were aligned to Deposits from Global Card Services.

Home Loans and Insurance

The net loss of $344 million in Home Loans and Insurance decreased $1.3 billion from the year-ago period. Revenue increased 10 percent largely due to higher mortgage banking income primarily driven by improved mortgage servicing rights results, net of hedges, and higher production income driven by wider production margins. These improvements were partially offset by a $417 million increase in representations and warranties expense.

Provision for credit losses decreased $1.6 billion driven primarily by improving portfolio trends, which led to lower net charge-offs and reserve reductions compared to the reserve increases in the prior year. In addition, provision for credit losses benefited from a lower reserve addition in the Countrywide purchased credit-impaired home equity portfolio.

Noninterest expense was essentially flat from a year ago as lower production and insurance expenses were offset by higher costs related to the increase in default management staff and other loss mitigation activities.

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Global Commercial Banking

Global Commercial Banking net income increased $797 million from the year-ago loss of $160 million due to lower credit costs.

Revenue decreased $213 million from a year ago primarily due to a lower residual net interest income allocation related to asset and liability management activities and, to a lesser extent, declines in net interest income from lower average loan balances. These were partially offset by improved loan spreads on new, renewed and amended facilities. In addition, revenue was positively impacted by strong deposit growth as clients remained very liquid.

The provision for credit losses decreased $1.5 billion from a year ago driven by reserve reductions and lower net charge-offs in the commercial real estate portfolio, reflecting stabilization of appraised values primarily in the homebuilder portfolio and fewer single name charge-offs, combined with lower net charge-offs in the commercial domestic portfolio, reflecting improved borrower credit profiles.

Average loan and lease balances decreased $27.2 billion from a year ago due to client deleveraging and low new loan demand. Average deposit balances continued to grow, increasing by $17.0 billion, as clients managed to new liquidity levels.

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Global Banking and Markets

Global Banking and Markets net income decreased $794 million from strong year-ago levels, driven by reduced revenues, increased noninterest expense and higher income tax expense partially offset by lower credit costs.

Revenue decreased 7 percent from the year-ago period due to lower sales and trading revenues, partially offset by higher Investment Banking fees and revenues from Corporate Banking. Compared to the second quarter, revenue rose 20 percent due to an improved trading environment, primarily in Credit sales and trading.

Provision for credit losses declined $695 million from a year ago primarily driven by lower net charge-offs and reserve reductions in the corporate portfolio, reflecting improvement in borrower credit profiles and reduction in reservable criticized levels.

Noninterest expense increased $793 million driven by higher compensation costs, which reflects the year-over-year impact of changing compensation last year to deliver a greater portion of incentives over time and increases in other operating costs. Additionally, the most recent period was impacted by a $388 million charge related to the U.K. tax rate change, impacting the carrying value of the deferred tax asset.

Fixed Income, Currency and Commodities sales and trading revenue fell to $3.5 billion, compared to $4.0 billion a year ago, due to the relative changes in spreads over last year, mainly in Credit. Compared to the second quarter of 2010, Fixed Income, Currency and Commodities sales and trading revenue rose $1.2 billion due to spread tightening, increased customer activity and eased concerns from the European sovereign debt crisis.

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Equities sales and trading revenue declined to $1.0 billion from $1.3 billion a year ago, driven primarily by a decrease in volumes as well as reductions in equity derivatives revenue. Compared to the second quarter of 2010, equities revenue rose $122 million primarily due to the rebound from adverse market conditions in the prior period.

Global Wealth and Investment Management

Global Wealth and Investment Management net income increased $79 million from a year earlier driven by lower credit costs and higher noninterest income, partially offset by higher noninterest expense.

Revenue increased $200 million from a year earlier to $4.1 billion driven by higher asset management fees and the absence of support for certain cash funds in the prior year, partially offset by lower brokerage income.

The provision for credit losses decreased $387 million from a year ago to $128 million driven by lower reserve additions and net charge-offs in the consumer real estate and commercial portfolios, along with the absence of a prior-year single large commercial charge-off.

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Noninterest expense increased from a year ago due primarily to higher revenue-related expenses, personnel costs, higher litigation and support costs.

All Other

All Other reported net income of $323 million compared to a $1.5 billion net loss a year ago, as higher revenue reflected an increase in net interest income and negative fair value adjustments of $190 million related to structured liabilities, compared to negative fair value adjustments of $1.8 billion in the year-ago period. This was partially offset by an increase in the provision for credit losses.

The provision for credit losses increased from a year ago primarily due to the impact of the new consolidation guidance as the prior year period included a securitization offset to present Global Card Services on a managed basis. This was partially offset by reserve reductions to the residential mortgage portfolio due to improving portfolio trends as compared to reserve additions in the prior year. In addition, the provision benefited from a lower reserve addition in the Countrywide purchased credit-impaired discontinued real estate portfolio.

All Other consists primarily of equity investments, the residential mortgage portfolio associated with asset and liability management (ALM) activities, the residual impact of the cost allocation process, merger and restructuring charges, intersegment eliminations, fair value adjustments related to structured liabilities and the results of certain consumer finance, investment management and commercial lending businesses that are being liquidated. Prior to January 1, 2010, All Other also included the offsetting securitization impact to present Global Card Services on a managed basis. For more information and detailed reconciliation, please refer to the data pages supplied with this press release.

Note: President and Chief Executive Officer Brian Moynihan and Chief Financial Officer Charles Noski will discuss third-quarter 2010 results in a conference call at 8:30 a.m. ET today. The presentation and supporting materials can be accessed on the Bank of America Investor Relations Web site at http://investor.bankofamerica.com. For a listen-only connection to the conference call, dial 1.888.245.1801 (U.S.) or 1.785.424.1733 (international) and the conference ID: 79795.

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 approximately 57 million consumer and small business relationships with approximately 5,900 retail banking offices and approximately 18,000 ATMs and award-winning online banking with 29 million active users. Bank of America is among the world’s leading wealth management companies and is a global leader in corporate and investment banking and

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trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in more than 40 countries. Bank of America Corporation stock (NYSE: BAC) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange.

Forward-Looking Statements

Bank of America and its management may make certain statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts. Forward-looking statements often use words such as “anticipate,” “target,” “expect,” “estimate,” “intend,” “plan,” “goal,” “believe,” or other words of similar meaning. The forward-looking statements made represent Bank of America’s current expectations, plans or forecasts of its future results and revenues, including future risk-weighted assets and any mitigation efforts to reduce risk-weighted assets, representations and warranties reserves, expenses and repurchase activity, net interest income, credit trends and conditions, including credit losses, credit reserves, charge-offs, delinquency trends and nonperforming asset levels, consumer and commercial service charges, including the impact of changes in the company’s overdraft policy as well as from the Electronic Fund Transfer Act, the company’s ability to mitigate a decline in revenues, liquidity, regulatory and GAAP capital levels, including complying with any Basel capital requirements without raising additional capital, revenue impact of the Credit Card Accountability, Responsibility and Disclosure Act of 2009 (the CARD Act), revenue impact resulting from and any mitigation actions taken in response to the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Financial Reform Act), mortgage production levels, long-term debt levels, runoff of loan portfolios, the number of delayed foreclosure sales and the resulting financial impact, and other similar matters. These statements are not guarantees of future results or performance and involve certain risks, uncertainties and assumptions that are difficult to predict and are often beyond Bank of America’s control. Actual outcomes and results may differ materially from those expressed in, or implied by, any of these forward-looking statements.

You should not place undue reliance on any forward-looking statement and should consider all of the following uncertainties and risks, as well as those more fully discussed under Item 1A. “Risk Factors” of Bank of America’s 2009 Annual Report on Form 10-K and Quarterly Report on Form 10-Q for the quarter ended June 30, 2010 and in any of Bank of America’s subsequent SEC filings: the foreclosure revenue and assessment process, the effectiveness of the company’s response and any third party claims asserted in connection with the foreclosures; negative economic conditions; Bank of America’s modification policies and related results, the level and volatility of the capital markets, interest rates, currency values and other market indices; changes in consumer, investor and counterparty confidence, and the related impact on financial markets and institutions; Bank of America’s credit ratings and the credit ratings of its securitizations; estimates of fair value of certain Bank of America’s assets and liabilities; legislative and regulatory actions in the United States (including the impact of the Financial Reform Act, the Electronic Fund Transfer Act, the CARD Act and related regulations and interpretations) and

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internationally; the identification and effectiveness of any initiatives to mitigate the negative impact of the Financial Reform Act; the impact of litigation and regulatory investigations, including costs, expenses, settlements and judgments; various monetary and fiscal policies and regulations of the U.S. and non-U.S. governments; changes in accounting standards, rules and interpretations (including the new consolidation guidance), inaccurate estimates or assumptions in the application of accounting policies, including in determining reserves, applicable guidance regarding goodwill accounting and the impact on Bank of America’s financial statements; increased globalization of the financial services industry and competition with other U.S. and international financial institutions; Bank of America’s ability to attract new employees and retain and motivate existing employees; mergers and acquisitions and their integration into Bank of America, including the company’s ability to realize the benefits and cost savings from and limit any unexpected liabilities acquired as a result of the Merrill Lynch acquisition; Bank of America’s reputation; and decisions to downsize, sell or close units or otherwise change the business mix of Bank of America.

Forward-looking statements speak only as of the date they are made, and Bank of America undertakes no obligation to update any forward-looking statement to reflect the impact of circumstances or events that arise after the date the forward-looking statement was made.

BofA Global Capital Management Group, LLC (“BofA Global Capital Management”) is an asset management division of Bank of America Corporation. BofA Global Capital Management entities furnish investment management services and products for institutional and individual investors.

Bank of America Merrill Lynch is the marketing name for the global banking and global markets businesses of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed by banking affiliates of Bank of America Corporation, including Bank of America, N.A., member FDIC. Securities, financial advisory, and other investment banking activities are performed by investment banking affiliates of Bank of America Corporation (“Investment Banking Affiliates”), including Banc of America Securities LLC, and Merrill Lynch, Pierce, Fenner & Smith Incorporated, which are both registered broker-dealers and members of FINRA and SIPC. Investment products offered by Investment Banking Affiliates: Are Not FDIC Insured * May Lose Value * Are Not Bank Guaranteed. Bank of America Corporation’s broker-dealers are not banks and are separate legal entities from their bank affiliates. The obligations of the broker-dealers are not obligations of their bank or thrift affiliates (unless explicitly stated otherwise), and these bank affiliates are not responsible for securities sold, offered or recommended by the broker-dealers. The foregoing also applies to other non-bank, non-thrift affiliates.

www.bankofamerica.com

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Bank of America Corporation and Subsidiaries

Selected Financial Data

(Dollars in millions, except per share data; shares in thousands)

n/a = not applicable

n/m = not meaningful

Certain prior period amounts have been reclassified to conform to current period presentation.

Bank of America Corporation and Subsidiaries

Quarterly Business Segment Results

(Dollars in millions)