Jan. 28--Bank of America chairman and chief executive Ken Lewis has the backing of the Charlotte bank's board, according to a statement issued this evening by lead director Temple Sloan Jr.

"The board today during the regular meeting expressed support for Ken Lewis and the management team, noting their expertise in managing through challenging environments and in assimilating mergers," Sloan said in a statement issued through a bank spokesman.

Following the meeting, the bank also announced the addition of three new directors from Merrill Lynch & Co. and provided new details on a previously announced plan to track and report the Charlotte bank's lending efforts.

The meeting carried greater significance than usual because Lewis faces intense shareholder ire after a steep drop in the bank's stock price and ongoing worries about his Merrill Lynch purchase. Some analysts had suspected Lewis' job could be on the line or that he could lose his chairman's title.

Bank of America shares advanced more than 13 percent today to $7.39 on a strong day for financial stocks.

Separately, the Financial Times reported this afternoon that Bank of America plans to defer bonuses for employees in its capital markets and investment banking units. Silvestri said the bank traditionally doesn't comment on compensation plans, especially before sharing details with employees.

The three new Merrill executives joining the board are: Former IRS Commissioner Charles Rossotti, former Miller Brewing Company executive Virgis Colbert, and former ambassador to China Joseph Prueher will join Bank of America's board, bringing the membership to 19.

"Their experience managing large, complex organizations and working throughout multiple countries will serve Bank of America well as we successfully integrate Merrill Lynch's global operations," Lewis said in the statement about the directors.

In addition, the bank said its new Lending & Investing Initiative would track 10 business areas at the bank as part of an effort to revive the U.S. economy. The plan, announced earlier this month by Lewis, was presented to the board at today's meeting. Lewis will receive regular reports on economic trends within 10 segments, ranging from consumer lending to mortgage loan modifications. The bank will then provide quarterly updates to the public.

"These are extraordinarily difficult economic times," Lewis said in a statement.