Board of Directors Vote to Temporarily Suspend Preferred Stock Dividend Payments

Share Name	Share Symbol	Market	Type
Bank of America Corp. Market Linked Step UP Notes Linked TO The S&P 500 Index	AMEX:MPD	AMEX	Ordinary Share

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Bank of America Corp. Market Linked Step UP Notes Linked TO The S&P 500 Index

AMEX:MPD

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Board of Directors Vote to Temporarily Suspend Preferred Stock Dividend Payments

04/11/2003 3:46am

PR Newswire (US)

Bank of America Corp. Market Linked Step UP Notes Linked TO The S&P 500 Index (AMEX:MPD)
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Board of Directors Vote to Temporarily Suspend Preferred Stock Dividend Payments SPOKANE, Wash., Nov. 3 /PRNewswire-FirstCall/ -- Metropolitan Mortgage & Securities Co., Inc.'s board of directors determined today to temporarily suspend the payments of monthly dividends on all series of the preferred stock issued by the company. Dividends on the preferred stock of each series will continue to accrue at the rates set forth in the statement of rights with respect to each series. The dividend suspension is part of the company's ongoing effort to conserve liquidity. The company currently has cash of approximately $12 million and estimates its cash needs over the next three months for operations and maturing obligations to be approximately $27 million. The company is pursuing certain transactions that it expects will satisfy its liquidity needs for the next three months. However, there can be no assurance the company will consummate the transactions. In addition, because the company is currently unable to sell securities publicly, which sales historically have been significant sources of liquidity, the company is exploring other options to improve its liquidity position. No assurances can be given that these efforts will be successful. The company has engaged financial advisors to assist it in evaluating its strategic options. DATASOURCE: Metropolitan Mortgage & Securities Co., Inc. CONTACT: Mary Keller of Source Metropolitan Mortgage & Securities Co., Inc., +1-509-35-2811 Web site: http://www.metmtg.com/

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MPD Bank of America Corp. Market Linked Step UP Notes Linked TO The S&P 500 Index