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Business Description
Bank of America Corp. is a bank holding company. Through its banking subsidiaries (the Banks) and various non-banking subsidiaries, the Company provides a diversified range of banking and non-banking financial services and products, primarily throughout the Mid-Atlantic (Maryland, Virginia and the District of Columbia), the Midwest (Illinois, Iowa, Kansas and Missouri), the Southeast (Florida, Georgia, North Carolina, South Carolina and Tennessee), the Southwest (Arizona, Arkansas, New Mexico, Oklahoma and Texas), the Northwest (Oregon and Washington) and the West (California, Idaho and Nevada) regions of the United States and in selected international markets. As part of its operations, the Company regularly evaluates the potential acquisition of, and holds discussions with, various financial institutions and other businesses of a type eligible for financial holding company ownership or control.

Financial Information
BAC provides a diversified range of banking and certain non-banking financial services and products through its various subsidiaries. For the six months ended 6/30/02, interest income fell 21% to $15.86 billion. Net interest income after LLP rose 6% to $8.52 billion. Net income applicable to Common rose 13% to $4.40 billion. Net interest income reflects lower average rates on earning assets, offset by decreased cost of funds. Net income reflects lower personnel expenses.