Bank of America Focuses on Strategy and Shareholder Return At Annual Shareholders Meeting
Declares Regular Quarterly Dividend
CHARLOTTE, N.C., Apr 30, 2003 /PRNewswire via COMTEX/ -- At the Bank of America (NYSE: BAC) annual shareholders meeting today, Kenneth D. Lewis, chairman and chief executive officer, told attendees that the company is demonstrating the benefits of its customer-focused strategy and is achieving high shareholder returns.
In his address, Lewis said, "The result of our work is more satisfied customers and clients, all of whom are likely to purchase more products and services from our company and to recommend us. Every customer interaction - we have more than 150 per second - is an opportunity to attract, retain or deepen a customer relationship."
Over the last three years, Bank of America's clear strategic vision has posted an average annual total return of 15% - number one in its peer group. James H. Hance, Jr., vice chairman and chief financial officer, told shareholders during his slide presentation, "the company's strong cash flow and earnings power has enabled a significant return of capital to shareholders - $13 billion last year alone and $38 billion since our merger in 1998 - through dividend payments and share repurchases."
Lewis concluded his remarks with a reaffirmation of his vision for the company:
"We are more convinced than ever that clients of all our businesses want a financial services partner that offers unmatched convenience and expertise, high service quality, innovation and a variety of products and services delivered as a single relationship. We continue to make steady, consistent progress in pursuit of this vision, and to post the financial results our shareholders expect and deserve."
Shareholders rejected a shareholder proposal to change the location of the annual meeting. They approved the ratification of independent public accountants. All candidates for director were elected to the company's board of directors.
Separately, the board declared a regular quarterly dividend on common stock of $.64 per share, payable on June 27, 2003 to shareholders of record on June 6, 2003.
The board also declared a $1.75 regular cash dividend on the 7 percent Cumulative Redeemable Preferred Stock, Series B. The dividend is payable July 25, 2003, to shareholders of record on July 11, 2003.
One of the world's leading financial services companies, Bank of America is committed to making banking work for customers and clients 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.
Shares of Bank of America (ticker: BAC), the second largest banking company in the United States by market capitalization, are 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.
SOURCE Bank of America Corporation
Eloise Hale of Bank of America, +1-704-387-0013, or firstname.lastname@example.org