CHARLOTTE, N.C.--(BUSINESS WIRE)--Aug. 6, 2014--
Bank of America announced today that its Board of Directors approved an
increase in the quarterly common stock dividend to $0.05 per share from
$0.01 per share. The dividend is payable September 26 to shareholders of
record as of September 5.
This marks the first increase in Bank of America’s quarterly common
stock dividend in seven years and reflects the significant progress the
company has made to strengthen the balance sheet and build capital and
On May 27, the company updated and resubmitted its requested capital
actions and certain schedules as part of the 2014 Comprehensive Capital
Analysis and Review (CCAR) process. The requested actions cover the
period from the third quarter of 2014 through the first quarter of 2015.
The capital actions included an increase in the common stock dividend,
but no common stock repurchases. The Federal Reserve Board has informed
the company that it did not object to the proposed capital actions.
Certain statements in this news release
represent the current expectations, plans or forecasts of Bank of
America based on available information and are forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements can be identified by the
fact that they do not relate strictly to historical or current facts.
These statements often use words like “expects,” “anticipates,”
“believes,” “estimates,” “targets,” “intends,” “plans,” “predict,”
“goal” and other similar expressions or future or conditional verbs such
as “will,” “may,” “might,” “should,” “would” and “could.”
Forward-looking statements speak only as of the date they are made, and
Bank of America undertakes no obligation to update any forward-looking
statement to reflect the impact of circumstances or events that arise
after the date the forward-looking statement was made.
These statements are not guarantees of future results or performance and
involve certain risks, uncertainties and assumptions that are difficult
to predict and are often beyond Bank of America's control. Actual
outcomes and results may differ materially from those expressed in, or
implied by, any forward-looking statements. You should not place undue
reliance on any forward-looking statement and should consider all of the
uncertainties and risks discussed under Item 1A. “Risk Factors” of Bank
of America's Annual Report on Form 10-K for the year ended December 31,
2013 and in any of Bank of America's other subsequent Securities and
Exchange Commission filings.
Bank of America
Bank of America is one of the world's leading
financial institutions, serving individual consumers, small businesses,
middle-market businesses and large corporations with a full range of
banking, investing, asset management and other financial and risk
management products and services. The company provides unmatched
convenience in the United States, serving approximately 49 million
consumer and small business relationships with approximately 5,000
retail banking offices and approximately 16,000 ATMs and award-winning
online banking with 30 million active users and more than 15 million
mobile users. Bank of America is among the world's leading wealth
management companies and is a global leader in corporate and investment
banking and trading across a broad range of asset classes, serving
corporations, governments, institutions and individuals around the
world. Bank of America offers industry-leading support to approximately
3 million small business owners through a suite of innovative,
easy-to-use online products and services. The company serves clients
through operations in more than 40 countries. Bank of America
Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
Visit the Bank of America newsroom for more Bank
of America news.
Source: Bank of America
Investors May Contact:
Lee McEntire, Bank of America, 1.980.388.6780
Blum, Bank of America (Fixed Income), 1.212.449.3112
Jerry Dubrowski, Bank of America, 1.980.388.2840