Two Major Nonprofit Credit Counseling Agencies Announce Merger

/PRNewswire/ -- Consumer Credit Counseling Service (CCCS) of Greater Atlanta and Consumer Credit Counseling Service (CCCS) of Central Florida & The Florida Gulf Coast today announced that their two organizations have merged.

Together these agencies provided credit, housing and bankruptcy counseling and education services, as well as debt repayment plans, to an estimated 550,000 consumers during 2008. The combined organization will have approximately 300 certified counselors and 33 counseling offices in four states.

The merger enables CCCS of Greater Atlanta to significantly expand its service area. While the Atlanta-based agency already has offices in West Palm Beach, Boca Raton, Stuart and Port St. Lucie, after the merger it will reach an additional 8 million Florida residents in Orlando, Tampa, Tallahassee, Fort Myers, Naples, Clearwater, Daytona Beach and several other Florida communities.

Clients of CCCS of Central Florida & The Florida Gulf Coast, now served by 15 offices, gain access to the 24-hour toll-free telephone and sophisticated internet counseling that is offered by CCCS of Greater Atlanta around the clock, 365 days a year.

"The merger will enable us to take advantage of CCCS of Greater Atlanta's large base of counselors that are available 24 hours a day, 365 days a year," said Rick Skaggs, chief executive officer of CCCS of Central Florida & The Florida Gulf Coast. "Having more counselors available around the clock means financially distressed Floridians can get the help they need in a more timely manner."

"This combination will help Floridians gain more convenient access to certified, nonprofit credit counselors who can help them find solutions for their financial problems," said Suzanne Boas, president of CCCS of Greater Atlanta. "The merger will also bring our Atlanta operation more depth in bilingual and reverse mortgage counseling, which are strengths of the Central Florida agency.

Both agencies are certified by the U.S. Department of Housing and Urban Development, help staff the national foreclosure prevention hotline (888-995-HOPE), and provide reverse mortgage counseling. In addition, both organizations are certified by the Executive Office of the United States Trustees for pre-filing bankruptcy counseling and pre-discharge debtor education.

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Circuit City Stores, Inc. Provides Update

/PRNewswire/ -- Circuit City Stores, Inc. today provided an update on developments in its United States Bankruptcy Court proceedings, its restructuring activities and its operations.

On January 5, 2009, the company filed a motion with the Bankruptcy Court that seeks approval of procedures that would formally put the company up for sale, as a going concern, as separate business units or as individual assets - including the sale of inventory.

Presently, the company is engaged in significant discussions, meetings and negotiations with two highly motivated and interested parties concerning the terms of a going concern transaction. These interested parties are considering providing additional financing to allow the company to sustain operations and move forward with a subsequent restructuring through a stand-alone plan and/or purchasing the company or all or substantially all of the company's assets. The parties have substantially completed due diligence and now are in negotiations with the company and the company's major stakeholders in order to finalize such a transaction. While the company is optimistic that a transaction can be successfully finalized, no assurance can be given that this will occur.

The motion was originally filed under seal and is being "unsealed," or made public, by the Bankruptcy Court today in order to conduct a hearing on the motion on Friday, January 9, 2009. The company was required to file the motion pursuant to an amendment to the company's debtor-in-possession (DIP) credit agreement, which was approved under seal by the Bankruptcy Court on December 23, 2008. The motion currently provides that an auction of the company and its assets would commence on January 13, 2009, and a sale hearing would occur on January 16, 2009.

The company's discussions with the interested parties could result in a sale agreement, or the company and the lenders could further amend the DIP credit agreement prior to the January 16, 2009, sale hearing. If no agreement is approved with a party interested in a going concern transaction by January 16, 2009, and the auction does not result in a sale of the company's assets, the motion provides that the company may enter into a transaction that will result in an asset liquidation process commencing soon after the sale hearing scheduled for January 16, 2009, absent any further amendment to the DIP credit agreement deadlines.

Restructuring and Operations Update

The company has continued to operate its business without interruption, and management is focused on developing and executing a comprehensive corporate restructuring plan. Initial successes toward restructuring the company's business and operations include the following:

-- As planned, in the months of November and December, the company
completed liquidation sales in and subsequently closed 155 domestic
stores that were underperforming or were no longer a strategic fit for
the company.
-- The company has achieved significant selling, general and
administrative expense reductions as it restructures it business to
align operations with its smaller national store base and has
implemented more stringent expense controls.
-- The company has retained DJM Realty Services, Inc. to negotiate
reduced rent for leased properties and to sell owned properties.
-- The company's sales trends improved significantly during the last two
weeks of December, and the combination of the improvement in sales and
focus on gross margin has enabled the company to continue to operate
well within the operating budget required by the amended DIP credit
agreement.

The case number for Circuit City's Chapter 11 filing in the United States Bankruptcy Court for the Eastern District of Virginia is 08-35653. Additional information on the filing can be found by visiting the company's investor information home page at http://investor.circuitcity.com/ and clicking on "Breaking News" and at the Claims Agent's Web site at www.kccllc.net/circuitcity.

Forward-Looking Statements

Statements made in this release may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and are subject to risks and uncertainties. These forward-looking statements include, without limitation, statements regarding the company's expectations concerning the bankruptcy process and the company's restructuring activities and operations. Actual results may differ materially from those included in the forward-looking statements due to a number of factors, including, without limitation, the following: (1) the impact of today's announcement on the company's restructuring activities and operations; (2) the ability of the company to continue as a going concern; (3) the ability of the company to negotiate successfully with one or more interested parties for a sale of all or substantially all of the company's assets; (4) the nature and amounts of the bids in any auction for the sale of all or substantially all of the company's assets; (5) the ability of the company to obtain approval of any necessary modifications to the DIP credit facility and operate pursuant to the terms of that facility; (6) the ability of the company to obtain Court approval of motions pursued by it from time to time in the Chapter 11 proceeding, including motions to extend deadlines currently in place in the bankruptcy proceeding; (7) the ability of the company to develop, pursue, confirm and consummate one or more plans of reorganization with respect to the Chapter 11 proceeding; (8) risks associated with third parties seeking and obtaining Court approval to propose and confirm one or more plans of reorganization, for the appointment of a Chapter 11 trustee or to convert the proceeding to a Chapter 7 proceeding; (9) the ability of the company to obtain and maintain normal terms with vendors and service providers; (10) the ability of the company to maintain contracts that are critical to its operations; (11) potential adverse developments with respect to the company's liquidity or results of operations; (12) the ability of the company to fund and execute its business plan; (13) the ability of the company to attract and retain customers; and (14) any further deterioration in the macroeconomic environment or consumer confidence. Discussion of additional factors that could cause actual results to differ materially from management's projections, forecasts, estimates and expectations is set forth under Management's Discussion and Analysis of Results of Operations and Financial Condition in the Circuit City Stores, Inc. annual report on Form 10-K for the fiscal year ended February 29, 2008, the quarterly report on Form 10-Q for the fiscal quarter ended August 31, 2008, and in the company's other SEC filings. A copy of the annual report is available on the company's investor information Web site at http://investor.circuitcity.com/.

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Wildlands Speeds Delivery of Federal Stimulus Projects

(BUSINESS WIRE)--Georgia is at risk of losing millions of dollars from a proposed federal public works stimulus package if these projects lack environmental permits. Wildlands, Inc. can help by offering wetland and stream mitigation credits to city, county and state agencies needing rapid permitting of public projects.

The incoming Obama Administration has asked Congress to assemble a stimulus package that includes massive spending on a variety of public projects including highway and bridge repairs and maintenance, new and upgraded schools, water supply reservoirs, and energy-efficient government buildings, among other projects. However, candidate projects for stimulus funding must be “shovel ready” and have all necessary permits within 180 days of package approval.

Public works projects impacting wetlands and streams are often required to offset project impacts through compensatory mitigation and habitat replacement. Wildlands’ mitigation credits provide a quick, efficient and cost-effective solution to this requirement.

“Wildlands stands ready to assist government agencies with fulfilling mitigation requirements with quality habitat replacement as quickly as possible,” says Wildlands’ CEO Steve Morgan.

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Consumer Interest in Larger Autos Continues to Rise as Gas Prices Fall

/PRNewswire/ -- Larger vehicles continued to see increases in views across AutoTrader.com as gas prices fell to around $1.60 nationally. The new Ford F-150 led the way with the most overall views of any new vehicle on AutoTrader.com during the month of December, enjoying an increase of 23.03% from December 2007. The new Dodge Ram also gained in consumer interest, with an increase of views of 43.16% year-over-year. This rise in interest for these two full-size pick-ups came partially at the expense of their chief competitors, the Chevrolet Silverado and GMC Sierra, which were down 12.64% and 2.73% year-over-year, respectively.

Consumers also researched dealership inventories on other large SUVs and minivans such as the Honda Pilot and Honda Odyssey, which saw increases in views of 129.63% and 60.46%, respectively, as well as large family sedans including the Chevrolet Impala and Honda Accord, which were up 32.11% and 27.13%.

Asking prices for most new vehicles on AutoTrader.com generally rose during the month of December, which at first seems counterintuitive considering the sluggish economy and rising manufacturer incentives. However, among consumers who are shopping for a new vehicle, many are opting for less- expensive, less well-optioned cars and trucks, leaving dealerships with better-optioned, more expensive inventory. With most manufacturers now scheduling production stoppages to better match the overall supply of vehicles available with consumer demand, dealers are not as quickly replenishing their inventories of these lower-priced vehicles.

"Consumers have reached new levels of concern about the current state of the economy, a fact reflected in the sales numbers we have seen since October," said AutoTrader.com President and CEO Chip Perry. "At the same time, we are seeing new-car shoppers making every dollar count by spending increased time on-line looking at a larger selection of vehicles to find the right car or truck at the right price."

Used Vehicles Continue Price Drops

Used vehicle prices and research levels showed drops across the board, in line with the current economic mood of the nation. Bright spots included the Chevrolet Tahoe, which saw a fraction of a percentage point increase in views year over year; the Jeep Wrangler, which saw a 6.34% jump compared to December 2007, and the Toyota Tundra, which recorded a 10.42% increase.

"Just as with new cars, used vehicles are also suffering due to consumers' economic fears," said Perry. "However, just as with those new vehicles, great deals are available for the asking for shoppers looking to buy a used vehicle in the New Year."

Perry remains optimistic that automobile sales will begin to revive in 2009. In the short term, Federal bailout money flowing into the financial sector should make credit more available. Tight credit has been a major impediment for those buyers who were in-market for a new or used vehicle, limiting vehicle sales to buyers with the highest credit scores or significant down payments. Aggressive moves in pricing and incentives by manufacturers and dealers looking to move existing inventory off of lots, combined with increased access to financing, should help sales into 2009.

In the longer-term, Federal bailout money will allow the Detroit manufacturers to retool their factories and balance sheets, with an eye towards future development.

"Shoppers considering a vehicle purchase in 2009 need to know that credit is available," said Perry. "And for many people who put off a vehicle purchase because of economic uncertainty or because of tight credit, there is pent up demand. This is illustrated by the fact that our unique visitor traffic was up about 20% in December of this year compared to December of last year. So people are definitely on-line looking at vehicles, considering their options, building their consideration sets and figuring out what they can afford. I do believe with a new year, easier access to financing and this pent up demand, we should start seeing some positive movement in auto sales in 2009."

AutoTrader.com is the ultimate automotive marketplace with over 3.5 million vehicle listings. Using research gathered by studying the shopping habits of over 14 million unique monthly visitors to the site, many of whom are in-market shoppers looking to complete a vehicle purchase within the next 90 days, AutoTrader.com regularly compiles this data to offer insight into current and emerging sales trends in the automobile industry.

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Specialists On Call Expands Access to Emergency Neurology On-Call Services in Georgia

/PRNewswire/ -- Specialists On Call, Inc. (SOC) announced today that it is expanding the states in which it provides service, including Georgia. SOC is the country's largest provider of emergency neurology on-call services to hospitals, having already managed more than 5,500 emergency neurology consultations to date.

Dr. Joe Peterson, CEO, described the company's ongoing expansion, "We are pleased that our model for providing hospitals with immediate 24/7 access to neurology on-call coverage is generating demand in new states and facilities. Our model delivers clinical and financial benefits to our hospital clients and their patients. At the same time, we relieve local neurologists of the burden of call, while not taking referrals or procedures from them. In fact, our partners consistently expand their acute neurology volumes in our model creating a win for all participants, which is accelerating the growth of our business. We are looking forward to working with hospitals in Georgia in 2009. SOC will expand the emergency neurology resources available to hospitals in Georgia in the year ahead."

SOC is a private provider of emergency neurology consultations by telemedical link, and is accredited by the Joint Commission as an ambulatory care organization. Karen Deli, SVP for Operations explained, "Our successful offering is built upon a track record of clinical excellence that has our team of affiliated neurologists as its foundation. Because our affiliated neurologists must be licensed in each state in which we operate in order to be credentialed at each of our clients, our expansion requires substantial investments of time and money. Our 2008 investment in licensing will add more than ten states to our coverage area in 2009."

Dr. Peterson summarized, "With every chance we get to expand our service, we get the chance to extend access to state-of-the-art neurology care to emergency patients that otherwise have to do without. In many emergencies, but especially in acute strokes, our ability to intervene in minutes can have remarkable impact upon the patient's recovery, dramatically bettering the lives of patients and their families."

Specialists On Call, Inc., is a private, national, professionally managed, physician led telemedicine company that provides access to the clinical expertise of a team of university and private practice specialists through a consolidated teleconferencing, PACS and EMR system. With offices in Los Angeles and Washington, DC, SOC is committed to extending access to professional on-call specialty physician support to patients in all settings and geographies, with special expertise in urban and suburban hospitals and hospital systems.

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Women For Hire's Work From Home Expo

Whether you're a stay-at-home mom looking to supplement your family's income, a retiree whose savings have fallen short of the monthly minimum, or someone who's eager to find an alternative to the cubicle and the commute, Women For Hire's Work From Home Expo is a must-attend for you.

On Saturday, April 4, 2009 at Cobb Galleria we'll bring together a wide range of opportunities for you to make money from home. In addition to visiting directly with exhibitors, attendees will benefit from workshops and special speakers throughout the day.

Now entering its 10th year, Women For Hire has built a stellar reputation for empowering professional women in their traditional corporate careers. In recent years, however, the desire for more flexibility, the demands of childcare and eldercare, the fluctuating cost of gas and just about everything else, we've heard from thousands of women nationwide who want us to guide them to opportunities that will allow them to work from home. This event is a direct response to their calls for help.

Attendees to this free expo will benefit from:
.. Exceptional exhibitors who'll talk to you one-on-one about their range of home-based opportunities to determine what may be an ideal fit for you
.. Phenomenal speakers who'll inspire and empower you to follow your dreams of making money on your terms
.. Expert advice on avoiding those maddening scams that prey on people who are eager to work at home
.. Giveaways throughout the day

You'll get ideas on the ways you can make money at home, financial guidance on meeting your family's goals, advice on how to succeed while working on your own, and access to stellar resources that support women today.

Saturday, April 4, 2009
10 a.m. - 2 p.m.
Cobb Galleria
Two Galleria Parkway
Atlanta, GA 30339

Admission: Free
Parking: Free
Attire: Business casual
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Delta Community Credit Union Shares Earnings with Customers

/PRNewswire/ -- Delta Community Credit Union, Georgia's largest credit union, believes in sharing its financial successes with its customers. A strong capital base and solid financial results in 2008 enabled the credit union to give back approximately $5.0 million to its members as a Patronage Reward and to further strengthen its capital position, which remains significantly above the regulatory target for well-capitalized status.

Under the Patronage Reward, customers earned additional deposit dividends or loan rate rebates based on the amount of business they conducted with the credit union last year. Customers who maintained positive balances in checking, savings, money market and IRAs received a bonus equal to 4.50 percent of the total dividends they earned on those accounts during 2008. Borrowers in good standing received a rebate equal to 2.50 percent of the interest they paid on their loans during the same period.

"The Patronage Reward is just one of the many ways Delta Community gives back to our customers and the communities we serve," said Rick Foley, President and CEO. "In 2008, we opened six new branches and introduced several new products, including the well received 4.50 percent APY StandingStrong CD. We also awarded three scholarships to high school seniors, honored ten young 'Hometown Heroes' for their contributions to the community and gave more than $200,000 to Children's Miracle Network."

"Sharing our earnings with our members is one important difference between Delta Community Credit Union and other financial institutions," Foley continued. "In light of the current economic climate, we believe it's a difference that is more important than ever."

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Grubb & Ellis Predicts a Challenging 2009 for Commercial Real Estate as Economy Weathers Recession

/PRNewswire-FirstCall/ -- Grubb & Ellis Company (NYSE:GBE) , a leading real estate services and investment firm, today released its 2009 Global Real Estate Forecast, which indicates that 2009 will be a challenging year for commercial real estate with the economy starting the year 13 months into what may become the longest recession since the 1930s.

"The economy will struggle in 2009, which will dampen demand for all product types, resulting in negative absorption and increased vacancy," said Robert Bach, senior vice president, chief economist of Grubb & Ellis. "We expect total payroll job losses in the range of 1 to 2 million in 2009 on top of the 2+ million in 2008. GDP is likely to shrink by 1 percent in 2009, compared with growth of 1.3 percent and 2 percent in 2008 and 2007, respectively."

The investment market, which saw transaction volume plummet in 2008 as the financial markets collapsed and the credit markets froze, is expected to see a 15 percent increase in sales volume in 2009 as distressed properties are brought to market, particularly those acquired in the past couple of years with floating rate debt. Loan delinquencies and foreclosures will increase with more properties returning to lenders, who will be anxious to sell them. Debt capital will remain expensive and tight in 2009, but more of it will be available than in 2008, and there will be a slow increase in equity capital flowing into the market from private, institutional and offshore investors waiting on the sidelines. The coming year should be more active as the gap between buyers and sellers gradually narrows, with sellers making up most of that difference.

Debt will be the hot investment type in 2009. Investments could be made in CMBS, collateralized debt obligations or funds investing in these assets. Or debt investments could be made at the property level with owners seeking to refinance their properties. More equity investments will be made as well in 2009 as investors holding an estimated $300 to $400 billion in institutional, private and offshore equity begin to deploy their capital in response to falling prices.

The outlook is equally challenging for global markets, both developed and emerging. The previous contention that emerging markets would largely escape the financial crises in North America and Europe looks to be overly optimistic. This will not be an ordinary downturn, but rather a structural correction in global capital markets that will impact every sector of the economy and real estate market.

One benefit of the global market correction has been the rapid evaporation of inflationary pressures in most key economies. The decline in inflation has left governments less reticent in using interest rates as a weapon in the battle to stave off sharp economic and commercial decline.

Office Tenants Will Have the Upper Hand in 2009

The office construction pipeline contained 90 million square feet at year-end 2008, the lion's share of which will be delivered in 2009. This combined with a projected 45 million square feet of negative absorption, including a big jump in sublease space, will push vacancy up by two percentage points to end 2009 at 16.5 percent. Tenants will have greater negotiating leverage in 2009 with concession packages becoming more generous as the year progresses. The growing inventory of sublease space will put downward pressure on asking rental rates for direct lease space, which are expected to decline in the range of 4 to 5 percent for both Class A and B space by year-end.

"Employment growth drives demand for office space and the labor market will be shrinking in 2009," said Bach. "Government and health care will be among the few sectors with growing demand for office space."

In this difficult market, Washington, D.C. should be at the top of office investors' buy list, according to Grubb & Ellis' Investment Opportunity Monitor, a proprietary market ranking in which Grubb & Ellis annually measures 60 office, 53 retail, 56 apartment and 55 industrial markets against 13 to 17 criteria important to the performance of real estate investments. Washington, D.C., is the one market that will benefit from the credit crisis as the government expands to implement its economic recovery plan.

Following Washington, D.C., on the top 10 list are Portland, Ore.; Los Angeles; San Francisco; Austin, Texas; Dallas-Fort Worth; Houston; Raleigh-Durham, N.C.; Boston; and Oakland, Calif. The Texas markets offer strong population growth, while the others offer strong population growth as well as natural barriers to entry.

Industrial Users Strive to Reduce Costs

Businesses look at industrial space as a productivity enhancer, an integral part of their supply chain strategies. Their relentless quest for cost-saving efficiencies should sustain demand for industrial space in 2009, despite the weak economy. However, supply is expected to outpace demand with absorption dipping into the red and the vacancy rate rising by 60 basis points to end the year at 9.4 percent as the construction pipeline delivers space still underway.

"The industrial market will recover more quickly than the office market because the construction pipeline is set to thin out sooner," said Bach.

For the third consecutive year, the logistics business is driving demand for space in Grubb & Ellis' Investment Opportunity Monitor's 2009 rankings. Los Angeles retained the top spot on the list, with its proximity to the busiest ports in the U.S., negligible vacant space and little developable land. Also making the list were other cities with nearby port facilities including Houston (No. 2), Oakland, Calif., and Seattle (tied for No. 4), Miami (No. 8), Portland, Ore. (No. 9) and New Jersey (No. 10). Inland distributions hubs Atlanta (No. 3), Dallas (No. 6) and Chicago (No. 7) rounded out the list.

Will Consumer Spending Rebound in 2009?

Consumer spending hit a 28-year low in 2008 with retailers in the crosshairs of the downturn. Grocery store-anchored centers in mature trade areas will hold their ground in 2009, while centers on the urban fringe, where housing construction has stalled will suffer. Retailers will be even more conservative with their expansion plans in 2009, with more store closings and fewer openings. Expect higher vacancies and softer rental rates by year-end.

"Value retailers are garnering the majority of consumers' dollars in this challenging economic climate," said Bach. "Even the luxury retailers, which are usually immune to downturns, are feeling the pain."

According to Grubb & Ellis' Investment Opportunity Monitor, no retail market will escape the effects of the recession entirely, but some offer more protection due to factors such as strong population growth, a high median income and/or limited land for further development. Los Angeles topped the list for retail investment followed by Washington, D.C. California had an additional three cities in the top 10 with Orange County (No. 6), San Francisco (No. 7) and San Diego (No. 9). Texas appeared three times with Houston (No. 3), Dallas (No. 4) and Austin, Texas (No. 8). Also making the list were Atlanta (No. 5) and Portland, Ore. (No. 10).

Multi Housing Will See Vacancy Rising as Well

The housing slump and recession have produced countervailing forces that will both help and hurt the multifamily market in 2009. Apartments are seeing some new renters who have lost their homes to foreclosure, while landlords are able to maintain existing renters who are waiting for prices and mortgage rates to fall further. However, new graduates who can't find jobs are doubling up with a roommate or moving in with a relative to conserve cash. At the same time, the apartment market faces competition from an increasing supply of unsold condos and foreclosed homes returning to the market as rentals. The negative forces are expected to have a slight edge in 2009 resulting in slowly rising vacancies for the multi housing market this year.

Of the top 10 apartment markets in Grubb & Ellis' Investment Opportunity Monitor, seven are on the West Coast and three are on the East Coast. All offer barriers to entry, good economic prospects and high home prices. Los Angeles ranks first followed by San Francisco; Orange County and Oakland, Calif.; Washington D.C.; San Diego; New York City; San Jose, Calif.; Long Island, N.Y.; and Portland, Ore.

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Chrysler LLC Statement Re Federal Assistance Received

Chrysler Chairman and CEO Bob Nardelli said on behalf of the leadership team, that he was pleased to report that the Company's discussions with the Treasury Department have been completed, and that today (January 2), Chrysler received an initial $4 billion loan to help bridge the current financial crisis.

"We recognize the magnitude of the effort by the Treasury Department to complete the multiple financial arrangements and appreciate their confidence in Chrysler. We would like to thank the many constituents who worked with us to meet the loan requirements. This initial loan will allow the Company to continue an orderly restructuring, while pursuing our vision to build the fuel-efficient, high-quality cars and trucks people want to buy, will enjoy driving and will want to buy again."

Cerberus Capital Management, LP, informed the Company that productive discussions continue between Chrysler Financial and the U.S. Treasury Department regarding Chrysler Financial's loan and a closing is expected in due course.

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Bank of America Completes Merrill Lynch Purchase

/PRNewswire/ -- Bank of America Corporation today completed its purchase of Merrill Lynch & Co., Inc. creating a premier financial services franchise with significantly enhanced wealth management, investment banking and international capabilities.

"We created this new organization because we believe that wealth management and corporate and investment banking represent significant growth opportunities, especially when combined with our leading capabilities in consumer and commercial banking," said Bank of America Chairman and Chief Executive Officer Ken Lewis. "We are now uniquely positioned to win market share and expand our leadership position in markets around the world."

Bank of America will have the largest wealth management business in the world with approximately 20,000 financial advisors and more than $2 trillion in client assets. Global investment management capabilities will include approximately 50 percent ownership in BlackRock Inc., which at September 30 had $1.26 trillion in assets under management. Bank of America had $564 billion in assets under management in the same period.

The combination also adds strengths in debt and equity underwriting, sales and trading, and merger and acquisition advice, creating significant opportunities to deepen relationships with corporate and institutional clients around the globe.

Under terms of the agreement, shareholders of Merrill Lynch received .8595 shares of Bank of America common stock for each common share of Merrill Lynch.

As previously announced, Bank of America expects to achieve $7 billion in pre-tax expense savings, fully realized by 2012. Cost reductions will come from a range of sources, including the elimination of positions announced on December 11, and the reduction of overlapping technology, vendor and marketing expenses. In addition, the company is expected to benefit by leveraging its broad product set to deepen relationships with existing Merrill Lynch customers.

Forward-Looking Statements

Bank of America may make forward-looking statements, including statements about the financial conditions, results of operations and earnings outlook of Bank of America Corporation. The forward-looking statements involve certain risks and uncertainties. Factors that may cause actual results or earnings to differ materially from such forward - looking statements include, among others, the following: 1) projected business increases following process changes and other investments are lower than expected; 2) competitive pressure among financial services companies increases significantly; 3) general economic conditions are less favorable than expected; 4) political conditions including the threat of future terrorist activity and related actions by the United States abroad may adversely affect the company's businesses and economic conditions as a whole; 5) changes in the interest rate environment and market liquidity reduce interest margins, impact funding sources and effect the ability to originate and distribute financial products in the primary and secondary markets; 6) changes in foreign exchange rates increases exposure; 7) changes in market rates and prices may adversely impact the value of financial products; 8) legislation or regulatory environments, requirements or changes adversely affect the businesses in which the requirements or changes adversely affect the businesses in which the company is engaged; 9) changes in accounting standards, rules or interpretations, 10) litigation liabilities, including costs, expenses, settlements and judgments, may adversely affect the company or its businesses; 11) mergers and acquisitions and their integration into the company; and 12) decisions to downsize, sell or close units or otherwise change the business mix of any of the company. Accordingly, readers are cautioned not to place undue reliance on forward- looking statements, which speak only as of the date on which they are made. Bank of America does not undertake to update forward-looking statements to reflect the impact of circumstances or events that arise after the date the forward-looking statements are made. For further information regarding Bank of America Corporation, please read the Bank of America reports filed with the SEC and available at http://www.sec.gov/.

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