Bank of America’s Jones to Step Down as Director in May

Bank of America Corp., the second-largest U.S. lender by assets, said D. Paul Jones will step down after three years on the firm’s board of directors.

Jones, 69, won’t stand for re-election at the May 9 annual meeting, the Charlotte, North Carolina-based bank said today in a regulatory filing.

The former chairman and chief executive officer of Birmingham, Alabama-based Compass Bancshares Inc. was among four new directors appointed at Bank of America in June 2009 as then-CEO Kenneth D. Lewis revamped the firm’s board amid pressure from regulators. Jones, a lawyer, began his career at a Birmingham law firm more than 40 years ago.

“Mr. Jones has brought industry expertise and seasoned judgment to his service for Bank of America shareholders during a challenging period of transformation for the company,” said Larry DiRita, a spokesman for the lender.