Bank Of America Corporation Increases Dividend 11 Percent
CHARLOTTE, N.C., Oct. 27 /PRNewswire/ -- The Bank of America Corporation (NYSE: BAC) board of directors today voted to increase the company's quarterly dividend on common stock by 5 cents to $.50 per share. With this increase, dividends paid in 1999 will be 16 percent above dividends paid in 1998 and will have almost doubled in the last five years.
"This 11 percent increase in the quarterly dividend rate reflects management's confidence in the smooth merger transition now underway, our many initiatives to further develop customer relationships and the success of our associates in expanding our business even as we improve productivity," said Hugh L. McColl Jr., chairman and chief executive officer. "The increase is part of our aggressive capital management program aimed at ensuring we use our owner's capital effectively and efficiently," he added.
The dividend is payable December 23, 1999 to shareholders of record on December 3, 1999. The quarterly dividend was last raised a year ago.
The board also declared a $1.75 regular cash dividend on the 7 percent Cumulative Redeemable Preferred Stock, Series B. The dividend is payable January 28, 2000 to shareholders of record on January 14, 2000.
Bank of America, with $621 billion in assets, is the largest bank in the United States. The company serves more than 30 million households and 2 million businesses across the country, offering customers the largest and most convenient delivery network from offices and ATMs to telephone and internet access. It also provides comprehensive international corporate financial services for clients doing business around the world. The company creates financial relationships featuring a wide array of financial services, from traditional banking products to investments and capital raising within the securities markets. Bank of America stock (ticker: BAC) is listed on the New York, Pacific and London stock exchanges and certain shares are listed on the Tokyo Stock Exchange. Further investor information can be found at www.bankofamerica.com/investor .
SOURCE Bank of America Corporation