UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
20549
FORM 10-K
(Mark One)
| [ ü ] | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2010 |
or
| [ ] | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission file number:
1-6523
Exact name of registrant as specified in its charter:
Bank of America
Corporation
State or other jurisdiction of
incorporation or organization:
Delaware
IRS Employer Identification No.:
56-0906609
Address of principal executive offices:
Bank of America Corporate Center
100 North Tryon Street
Charlotte, North Carolina 28255
Registrant's telephone number, including area code:
(704) 386-5681
SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:
| Title of each class | Name of each exchange on which registered | |||
Common Stock, par value $0.01 per share | New York Stock Exchange | |||
| London Stock Exchange | ||||
| Tokyo Stock Exchange | ||||
Depositary Shares, each Representing a
1/1,000 th interest in a share of 6.204% Non-Cumulative Preferred Stock, Series D | New York Stock Exchange | |||
Depositary Shares, each Representing a 1/1,000 th interest in a share of Floating Rate Non-Cumulative Preferred Stock, Series E | New York Stock Exchange | |||
Depositary Shares, each Representing a 1/1,000 th Interest in a Share of 8.20% Non-Cumulative Preferred Stock, Series H | New York Stock Exchange | |||
Depositary Shares, each Representing a 1/1,000 th interest in a share of 6.625% Non-Cumulative Preferred Stock, Series I | New York Stock Exchange | |||
Depositary Shares, each Representing a 1/1,000 th interest in a share of 7.25% Non-Cumulative Preferred Stock, Series J | New York Stock Exchange | |||
7.25% Non-Cumulative Perpetual Convertible Preferred Stock, Series L | New York Stock Exchange | |||
Depositary Shares, each representing a 1/1,200 th interest in a share of Bank of America Corporation Floating Rate Non-Cumulative Preferred Stock, Series 1 | New York Stock Exchange | |||
Depositary Shares, each representing a 1/1,200 th interest in a share of Bank of America Corporation Floating Rate Non-Cumulative Preferred Stock, Series 2 | New York Stock Exchange | |||
Depositary Shares, each representing a 1/1,200 th interest in a share of Bank of America Corporation 6.375% Non-Cumulative Preferred Stock, Series 3 | New York Stock Exchange | |||
Depositary Shares, each representing a 1/1,200 th interest in a share of Bank of America Corporation Floating Rate Non-Cumulative Preferred Stock, Series 4 | New York Stock Exchange | |||
Depositary Shares, each representing a 1/1,200 th interest in a share of Bank of America Corporation Floating Rate Non-Cumulative Preferred Stock, Series 5 | New York Stock Exchange | |||
Depositary Shares, each representing a 1/40 th interest in a share of Bank of America Corporation 6.70% Non-cumulative Perpetual Preferred Stock, Series 6 | New York Stock Exchange | |||
Depositary Shares, each representing a 1/40 th interest in a share of Bank of America Corporation 6.25% Non-cumulative Perpetual Preferred Stock, Series 7 | New York Stock Exchange | |||
Depositary Shares, each representing a 1/1,200 th interest in a share of Bank of America Corporation 8.625% Non-Cumulative Preferred Stock, Series 8 | New York Stock Exchange | |||
6.75% Trust Preferred Securities of Countrywide Capital IV (and the guarantees related thereto) | New York Stock Exchange | |||
7.00% Capital Securities of Countrywide Capital V (and the guarantees related thereto) | New York Stock Exchange | |||
Capital Securities of BAC Capital Trust I (and the guarantee related thereto) | New York Stock Exchange | |||
Capital Securities of BAC Capital Trust II (and the guarantee related thereto) | New York Stock Exchange | |||
Capital Securities of BAC Capital Trust III (and the guarantee related thereto) | New York Stock Exchange | |||
5 7 / 8 % Capital Securities of BAC Capital Trust IV (and the guarantee related thereto) | New York Stock Exchange | |||
6% Capital Securities of BAC Capital Trust V (and the guarantee related thereto) | New York Stock Exchange | |||
6% Capital Securities of BAC Capital Trust VIII (and the guarantee related thereto) | New York Stock Exchange | |||
6 1 / 4 % Capital Securities of BAC Capital Trust X (and the guarantee related thereto) | New York Stock Exchange | |||
6 7 / 8 % Capital Securities of BAC Capital Trust XII (and the guarantee related thereto) | New York Stock Exchange | |||
| Title of each class | Name of each exchange on which registered | |||
Floating Rate Preferred Hybrid Income Term Securities of BAC Capital Trust XIII (and the guarantee related thereto) | New York Stock Exchange | |||
5.63% Fixed to Floating Rate Preferred Hybrid Income Term Securities of BAC Capital Trust XIV (and the guarantee related thereto) | New York Stock Exchange | |||
MBNA Capital A 8.278% Capital Securities, Series A (and the guarantee related thereto) | New York Stock Exchange | |||
MBNA Capital B Floating Rate Capital Securities, Series B (and the guarantee related thereto) | New York Stock Exchange | |||
MBNA Capital D 8.125% Trust Preferred Securities, Series D (and the guarantee related thereto) | New York Stock Exchange | |||
MBNA Capital E 6.10% Trust Originated Preferred Securities, Series E (and the guarantee related thereto) | New York Stock Exchange | |||
Preferred Securities of Fleet Capital Trust VIII (and the guarantee related thereto) | New York Stock Exchange | |||
Preferred Securities of Fleet Capital Trust IX (and the guarantee related thereto) | New York Stock Exchange | |||
1.50% Basket CYCLES tm , due July 29, 2011, Linked to an "80/20" Basket of Four Indices and an Exchange Traded Fund | NYSE Amex | |||
1.25% Basket CYCLES tm , due September 27, 2011, Linked to a Basket of Four Indices | NYSE Amex | |||
1.50% Index CYCLES tm , due December 28, 2011, Linked to a Basket of Health Care Stocks | NYSE Amex | |||
6 1 / 2 % Subordinated InterNotes sm , due 2032 | New York Stock Exchange | |||
5 1 / 2 % Subordinated InterNotes sm , due 2033 | New York Stock Exchange | |||
5 7 / 8 % Subordinated InterNotes sm , due 2033 | New York Stock Exchange | |||
6% Subordinated InterNotes sm , due 2034 | New York Stock Exchange | |||
Minimum Return Index EAGLES ® , due March 25, 2011, Linked to the Dow Jones Industrial Average sm | NYSE Amex | |||
1.75% Index CYCLES tm , due April 28, 2011, Linked to the S&P 500 ® Index | NYSE Amex | |||
Return Linked Notes, due June 27, 2011, Linked to an "80/20" Basket of Four Indices and an Exchange Traded Fund | NYSE Amex | |||
Return Linked Notes, due August 25, 2011, Linked to the Dow Jones EURO STOXX 50 ® Index | NYSE Amex | |||
Minimum Return Index EAGLES ® , due October 3, 2011, Linked to the S&P 500 ® Index | NYSE Amex | |||
Minimum Return Index EAGLES ® , due October 28, 2011, Linked to the AMEX Biotechnology Index | NYSE Amex | |||
Return Linked Notes, due October 27, 2011, Linked to a Basket of Three Indices | NYSE Amex | |||
Minimum Return Index EAGLES ® , due November 23, 2011, Linked to a Basket of Five Indices | NYSE Amex | |||
Minimum Return Index EAGLES ® , due December 27, 2011, Linked to the Dow Jones Industrial Average sm | NYSE Amex | |||
0.25% Senior Notes Optionally Exchangeable Into a Basket of Three Common Stocks, due February 2012 | NYSE Amex | |||
Return Linked Notes, due December 29, 2011 Linked to a Basket of Three Indices | NYSE Amex | |||
Market-Linked Step Up Notes Linked to the S&P 500 ® Index, due December 23, 2011 | NYSE Arca, Inc. | |||
Market-Linked Step Up Notes Linked to the S&P 500 ® Index, due November 26, 2012 | NYSE Arca, Inc. | |||
Market Index Target-Term Securities ® Linked to the Dow Jones Industrial Average sm , due December 2, 2014 | NYSE Arca, Inc. | |||
Market-Linked Step Up Notes Linked to the S&P 500 ® Index, due November 28, 2011 | NYSE Arca, Inc. | |||
Market-Linked Step Up Notes Linked to the S&P 500 ® Index, due October 28, 2011 | NYSE Arca, Inc. | |||
Market-Linked Step Up Notes Linked to the Russell 2000 ® Index, due October 28, 2011 | NYSE Arca, Inc. | |||
Notes Linked to the S&P 500 ® Index, due October 4, 2011 | NYSE Arca, Inc. | |||
Market Index Target-Term Securities ® , Linked to the S&P 500 ® Index, due September 27, 2013 | NYSE Arca, Inc. | |||
Leveraged Index Return Notes ® , Linked to the S&P 500 ® Index, due July 27, 2012 | NYSE Arca, Inc. | |||
Market Index Target-Term Securities ® , Linked to the S&P 500 ® Index, due July 26, 2013 | NYSE Arca, Inc. | |||
Leveraged Index Return Notes ® , Linked to the S&P 500 ® Index, due June 29, 2012 | NYSE Arca, Inc. | |||
Leveraged Index Return Notes ® , Linked to the S&P 500 ® Index, due June 1, 2012 | NYSE Arca, Inc. | |||
Market Index Target-Term Securities ® , Linked to the Dow Jones Industrial Average sm , due May 31, 2013 | NYSE Arca, Inc. | |||
Market Index Target-Term Securities ® , Linked to the S&P 500 ® Index, due April 25, 2014 | NYSE Arca, Inc. | |||
Market Index Target-Term Securities ® , Linked to the S&P 500 ® Index, due March 28, 2014 | NYSE Arca, Inc. | |||
Market Index Target-Term Securities ® , Linked to the S&P 500 ® Index, due February 28, 2014 | NYSE Arca, Inc. | |||
Market-Linked Step Up Notes Linked to the S&P 500 ® Index, due January 27, 2012 | NYSE Arca, Inc. | |||
Accelerated Return Notes ® , Linked to the S&P 500 ® Index, due March 25, 2011 | ||||
Market Index Target-Term Securities ® Linked to the Dow Jones Industrial Average sm , due January 30, 2015 | NYSE Arca, Inc. | |||
Strategic Accelerated Redemption Securities ® Linked to the S&P 500 ® Index, due January 30, 2012 | NYSE Arca, Inc. | |||
Market Index Target-Term Securities ® Linked to the S&P 500 ® Index, due February 27, 2015 | NYSE Arca, Inc. | |||
Capped Leveraged Return Notes ® Linked to the S&P 500 ® Index, due February 24, 2012 | NYSE Arca, Inc. | |||
Market-Linked Step Up Notes Linked to the S&P 500 ® Index, due February 25, 2013 | NYSE Arca, Inc. | |||
Market Index Target-Term Securities ® Linked to the Dow Jones Industrial Average sm , due March 27, 2015 | NYSE Arca, Inc. | |||
Capped Leveraged Index Return Notes ® Linked to the S&P 500 ® Index, due March 30, 2012 | NYSE Arca, Inc. | |||
Strategic Accelerated Redemption Securities ® Linked to the S&P 500 ® Index, due March 30, 2012 | NYSE Arca, Inc. | |||
Market Index Target-Term Securities ® Linked to the Dow Jones Industrial Average sm , due April 24, 2015 | NYSE Arca, Inc. | |||
Capped Leveraged Index Return Notes ® Linked to the S&P 500 ® Index, due April 27, 2012 | NYSE Arca, Inc. | |||
Strategic Accelerated Redemption Securities ® Linked to the S&P 500 ® Index, due April 27, 2012 | NYSE Arca, Inc. | |||
Accelerated Return Notes ® Linked to the S&P 500 ® Index due July 29, 2011 | NYSE Arca, Inc. | |||
Capped Leveraged Index Return Notes ® Linked to the S&P 500 ® Index, due May 25, 2012 | NYSE Arca, Inc. | |||
Market Index Target-Term Securities ® Linked to the Dow Jones Industrial Average sm , due May 29, 2015 | NYSE Arca, Inc. | |||
Market Index Target-Term Securities ® Linked to the Dow Jones Industrial Average sm , due June 26, 2015 | NYSE Arca, Inc. | |||
Capped Leveraged Index Return Notes ® Linked to the S&P 500 ® Index, due June 29, 2012 | NYSE Arca, Inc. | |||
Accelerated Return Notes ® Linked to the S&P 500 ® Index due September 30, 2011 | NYSE Arca, Inc. | |||
Capped Leveraged Index Return Notes ® Linked to the S&P 500 ® Index, due July 27, 2012 | NYSE Arca, Inc. | |||
Market Index Target-Term Securities ® Linked to the S&P 500 ® Index, due July 31, 2015. | NYSE Arca, Inc. | |||
Capped Leveraged Index Return Notes ® Linked to the S&P 500 ® Index, due August 31, 2012 | NYSE Arca, Inc. | |||
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ü No
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes No ü
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ü No
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ü No
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer ü | Accelerated filer | Non-accelerated filer | Smaller reporting company | |||
| (do not check if a smaller reporting company) |
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes No ü
The aggregate market value of the registrant's common stock ("Common Stock") held on June 30, 2010 by non-affiliates was approximately $144,131,140,753 (based on the June 30, 2010 closing price of Common Stock of $14.37 per share as reported on the New York Stock Exchange). As of February 15, 2011, there were 10,121,154,770 shares of Common Stock outstanding.
Documents Incorporated by reference: Portions of the definitive proxy statement relating to the registrant's annual meeting of stockholders to be held on May 11, 2011 are incorporated by reference in this Form 10-K in response to items 10, 11, 12, 13 and 14 of Part III.
Table of Contents
Bank of America Corporation and Subsidiaries
| Part I | Page | |||||
Item 1. | Business | 1 | ||||
Item 1A. | Risk Factors | 8 | ||||
Item 1B. | Unresolved Staff Comments | 19 | ||||
Item 2. | Properties | 19 | ||||
Item 3. | Legal Proceedings | 20 | ||||
Item 4. | Removed and Reserved | 20 | ||||
Executive Officers of The Registrant | 20 | |||||
Part II | ||||||
Item 5. | Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities | 21 | ||||
Item 6. | Selected Financial Data | 21 | ||||
Item 7. | Management's Discussion and Analysis of Financial Condition and Results of Operations | 22 | ||||
Item 7A. | ||||||