Bank of America Board Approves New Stock Buyback
"Since 1997, we have been able to return $35 billion of capital to our shareholders," said Ken Lewis, chairman and chief executive officer. "We continue to generate capital at a higher rate than we can invest back into the business. Repurchasing our shares allows us to efficiently return excess capital to our shareholders."
The previous program was authorized for an 18-to-24 month timeframe. The new program will be implemented over a similar timeframe. The purchases will be made from time to time either in the open market or through private transactions, including accelerated and put option buyback programs. On September 30, 2001, Bank of America had 1.63 billion common shares outstanding.
One of the world's leading financial services companies, Bank of America is committed to making banking work for customers like it never has before. Through innovative technologies and the ingenuity of its people, Bank of America provides individuals, small businesses and commercial, corporate and institutional clients across the United States and around the world new and better ways to manage their financial lives.
Bank of America stock (ticker: BAC) is listed on the New York, Pacific and London stock exchanges. The company's Web site is www.bankofamerica.com. News, speeches and other corporate information may be found at www.bankofamerica.com/newsroom.
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