June 27, 2006 at 11:00 AM EDT
Bank of America Donates Hutchinson Center to University of Maine System
$3.3 million property gift is one of largest ever received by school

BELFAST, Maine, June 27 /PRNewswire/ -- Bank of America today announced the donation of the Fred Hutchinson Center, located on Route 3 in Belfast, to the University of Maine System. The building and grounds are assessed by the City of Belfast at $3.3 million.

(Logo: http://www.newscom.com/cgi-bin/prnh/20050720/CLW086LOGO-b )

The center, named for Dr. Fred Hutchinson, president of the University of Maine from 1992 to 1997, measures 19,500 square feet and is situated on a 12- acre lot. It contains eight class and seminar rooms, a 105-seat auditorium, a large atrium and a kitchen. MBNA Corporation, which merged with Bank of America earlier this year, constructed the facility in 2000.

"Bank of America is a strong supporter of higher education here in Maine and throughout the country," said Elizabeth T. Greenstein, president, Bank of America Maine. "Today's gift is another affirmation of the strong relationship between Bank of America, the university and the community. We are pleased this facility will continue to provide nontraditional students and faculty with a top-notch learning environment in which to thrive."

Since the center opened in 2000, it has served more than 5,000 students, 95 percent of whom are over 21 years of age and take classes at night or on the weekends. The university has awarded more than 40 MBA degrees through the center to date. In addition, the center's "senior college," serving students over 50 years of age, is the second largest in the state.

"We are extremely grateful to Bank of America for this wonderful gift," said Robert Kennedy, president, University of Maine. "Bank of America's generosity will allow the University of Maine to continue offering educational and outreach programming at this wonderful facility. The Hutchinson Center is a vital part of our university and we look forward to continuing the great tradition started here in Belfast six years ago."

In addition to offering more than 200 undergraduate and graduate courses each semester, the center has grown to become the largest conference facility in midcoast Maine and is in use nearly every day of the year.

"Bank of America has been a wonderful partner for the state of Maine," said Governor John Baldacci. "The University of Maine System and the entire state of Maine will benefit from this very generous gift and I would like to personally extend my gratitude towards Bank of America for it."

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 54 million consumer and small business relationships with more than 5,700 retail banking offices, more than 16,700 ATMs and award-winning online banking with more than 19 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 79 percent of the Global Fortune 500. Bank of America Corporation stock (NYSE:BAC) is listed on the New York Stock Exchange.

                            www.bankofamerica.com

Source: Bank of America

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