Jones won't seek re-election to BofA board

D. Paul Jones Jr., who served on Bank of America's board of directors for two years, will not seek re-election, the bank announced Monday.

Jones, who served on the audit committee and the corporate governance committee, notified the bank of his intentions Thursday, the bank said in a securities filing.

Jones was elected to the board in June 2009. Previously, he was president, CEO and chairman of Compass Bancshares, Inc., based in Birmingham, Ala. He also served as a director of the Federal Reserve Bank of Atlanta and is presently a lawyer at Balch & Bingham, LLP.

In 2010, Jones earned $240,000 in cash and stock as a Bank of America director. New directors will be chosen at the bank's annual meeting May 9.