8-KOther EventsExhibits & Filings

BANK OF AMERICA CORP /DE/ 8-K Report, Corporate Update (May 8, 2009)

Filed May 8, 2009For Securities:BACBAC-PBBAC-PKBAC-PLBAC-PMBAC-PNBAC-PSBML-PJBAC-PEBAC-PPBAC-PQBACRPBML-PGBML-PHBML-PLBAC-POMER-PK

Summary

This 8-K filing from Bank of America (BAC) on May 7, 2009, announced significant developments following the Federal Reserve's stress test results. While the stress test results themselves are not detailed in this specific filing, the company used the announcement to signal its intentions regarding a proposed U.S. Treasury guarantee. Bank of America stated its intent to terminate negotiations for a guarantee of approximately $118 billion in capital market assets, suggesting a desire to move away from government support and demonstrate its financial resilience. The filing also clarified that the company had not yet commenced any exchange offer for its preferred stock, but indicated that a Tender Offer Statement on Schedule TO would be filed with the SEC should such an offer be initiated. Investors were advised to consult these future filings for important details regarding any potential exchange offer, emphasizing transparency and the availability of information through SEC channels.

Key Highlights

  • 1Bank of America announced its intention to terminate negotiations with the U.S. Treasury regarding a proposed guarantee of approximately $118 billion in capital market assets.
  • 2This decision was made concurrently with the announcement of the Federal Reserve's stress test results.
  • 3The company explicitly stated that no exchange offer for its preferred stock had commenced at the time of filing.
  • 4Investors were informed that a Tender Offer Statement on Schedule TO would be filed with the SEC if any exchange offer for preferred stock were to be initiated.
  • 5The filing incorporated by reference a news release (Exhibit 99.1) and supplemental investor call information (Exhibit 99.2) from May 7, 2009, which presumably contain further details on these announcements.

Frequently Asked Questions

This 8-K filing is primarily to announce Bank of America's decision to end negotiations with the U.S. Treasury concerning a proposed guarantee of $118 billion in capital market assets, a decision made in light of the Federal Reserve's stress test results.

No, the filing clearly states that Bank of America has not commenced an exchange offer for any of its preferred stock at this time. They intend to file a Schedule TO with the SEC if and when such an offer begins.

This 8-K filing itself does not contain the detailed stress test results. However, it incorporates by reference a news release dated May 7, 2009 (Exhibit 99.1) and supplemental information prepared for an investor conference call (Exhibit 99.2), which are the primary sources for additional details on these matters.

Investors should closely monitor SEC filings, specifically looking for a Tender Offer Statement on Schedule TO. This document, along with other related materials that will be made available, will contain important information about the exchange offer, and investors can obtain free copies from the SEC's website or by contacting Bank of America directly.