Come on, Bank of America (BAC) at $12 a share, really?

Bank of America (NYSE:BAC) shares were $16.25 on Friday, closing today at $12.85?  Really? Half of U.S. families do business with BofA, really. Yet investors have lost faith and dropped shares 20% today, really??!

Let BofA shares fall, I've been waiting to find another entry point, they will never fail, really. That $700 billion Bailout deal, it includes federal equity buys into Bank of America Corp. (NYSE: BAC), JPMorgan Chase & Co. (NYSE: JPM), and others but BofA is on the list.

Why I would buy BofA tomorrow?

Countrywide and Merrill.

Once the acquisition is completed, Bank of America will gain Merrill Lynch's over 16,000 financial advisers, thus becoming the largest brokerage in the world with more than 20,000 advisers and $2.5 trillion in client assets. Bank of America

Further, Merrill Lynch enhances Bank of America's current strengths and creates new ones, particularly outside the U.S. In addition, Merrill Lynch adds strengths in global debt underwriting, global equities and global merger and acquisition advice.

Bank of America will be the number one underwriter of global high yield debt, the third largest underwriter of global equity and the ninth largest adviser on global mergers and acquisitions based on pro forma first half of 2008 results, once the merger is completed.

Bank of America, through its acquisition of Countrywide, has more than $250 billion in residential mortgages, and while it has stopped offering some of the most toxic types of mortgages, chargeoffs in the portfolio are increasing.  Yes, Countrywide is a concern, but long-term, it will make BofA better and stronger.

Recent Analyst take on BAC shares:

Take the last UBS target price of $15, that's $3 above where shares are at today.

Fear is driving selling, things were great last week and terrible today, that sounds about right, it's flip flop investing these days.

Today, U.S. bank stocks on Monday suffered their biggest one-day decline in the current financial crisis, on expectations a deepening global economic slump will reduce employment, crimp access to credit and spur more writedowns.

What else is new?

Same negative Nancy news thrown at us every other day.  Up, down, up, down.  After the dust settles in a year from now, even a month from now, BofA will still be in business and the stock price can't go much lower than $10 a share.

What will tomorrow's news tell us?  Will you buy and sell based on fear again tomorrow?

BofA is here to stay, now here's Seth and Amy: