Bank of America Acquires Framework, Inc.

Bank of America Acquires Framework, Inc.

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Bank of America Acquires Framework, Inc.

Bank of America has acquired Framework, Inc., a privately held technology company, in a move to advance their joint strategy of providing innovative solutions to simplify the mortgage transaction for consumers. Framework, based in Tarrytown, N.Y., will retain its name and will operate as an independent subsidiary of Bank of America, N.A.

"By joining forces through this acquisition, we believe we merge the best mortgage and technology minds to create bold solutions for both homebuyers and financial institutions,� said Kevin Shannon, president, Bank of America Consumer Real Estate.

�Bank of America and Framework have enjoyed a strong and successful partnership,� said Dan McClure, CEO of Framework. �By leveraging that success and building on our proven track record, other Framework clients will benefit from the implementation success and experience no other provider can offer.

�Framework�s solid operating history, the strength of our people and our leading role in technology make this a win-win for our clients, our companies and our shareholders. Being backed by the incredible resources of Bank of America will allow our technology to reach its greatest potential. "

Framework�s board of directors unanimously approved the deal.

Bank of America views this as a strategic acquisition to help reinvent the way mortgage business is done. Working with Framework, Bank of America recently launched its LoanSolutions� technology, one of the most widely used and successful solutions for mortgage offerings through banking channels. Nearly 10,000 Bank of America personal bankers and client managers use the system to provide mortgage products to customers in banking centers nationwide.

Framework will continue to deliver this kind of innovative e-business solution to top financial institutions.

�Framework is innovative, creative and on the leading edge of consumer real estate technology,� said Shannon. �We will support Framework in its continued growth and acquisition of new customers. We expect this relationship to enhance the level of service Framework provides to other financial institutions.

�Framework is a strong, profitable and growing company. Our decision to acquire the company is a reflection of Framework�s strength and high value, as well as its tremendous prospects for the future.�

Terms of the acquisition were not disclosed. The company will remain in Tarrytown and all employees will be retained.

Framework, Inc. provides top financial institutions with a flexible, efficient multi-product platform to create, fulfill and distribute the right financial products and services to any consumer. Framework�s configurable enterprise software, LendWare, is a comprehensive credit fulfillment platform. LendWare automates the decisioning and delivery of innovative and tailored financial solutions across all distribution channels.

One of the world's leading financial services companies, Bank of America is committed to making banking work for customers and clients like it never has before. Through innovative technologies and the ingenuity of its people, Bank of America provides individuals, small businesses and commercial, corporate and institutional clients across the United States and around the world new and better ways to manage their financial lives.

Bank of America stock (ticker: BAC) is listed on the New York, Pacific and London stock exchanges. The company's Web site is www.bankofamerica.com. News, speeches and other corporate information may be found at www.bankofamerica.com/newsroom.

Source: 02/08/2003 MMag 302_027
Company: Framework, Inc.
Contact: Meredith Boyd , meredith@williammills.com , Phone: 678-781-7219 , Fax: 678-781-7239

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