Read this article for an explanation of the cause (and the fix) for this problem occurring under almost identifical circumstances

Clean the MAF sensor... The MAF sensor used in your vintage of vehicle is prone to accumulation of contaminates on the sensor that causes it to undermeasure the amount of incoming air under acceleration conditions you mentioned.

The Federal requirements for OBDII systems standardizes the naming of the error codes.. Bank 1 would be the left cylinder bank and Bank 2 would be the right bank on V8 engines equipped with dual left and right catalytic converters.

Single catalytic vehicle systems will always use the left bank or bank 1 error codes..

For more on OBDII engine management systems check this out..