Bank of America Increases Planned Common Stock Repurchase Program
December 05 2017 - 8:06AM
Business Wire
Bank of America Corporation today announced plans to repurchase
an additional $5 billion in common stock by June 30, 2018.
The company previously announced plans on June 28 to repurchase
$12 billion in common stock from July 1, 2017 through June 30,
2018, plus repurchases to offset shares awarded under equity-based
compensation plans during the same period, estimated to be
approximately $0.9 billion.
The Board of Directors approved the additional repurchases. The
additional capital distribution offsets the increase in regulatory
capital resulting from the previously announced issuance of common
stock, upon Berkshire Hathaway’s exercise of outstanding warrants,
and sale of the non-U.S. consumer credit card business earlier this
year. The Federal Reserve Board has informed the company that it
has approved the additional repurchases.
Bank of America’s repurchase program, which covers both common
stock and warrants, will be subject to various factors, including
the company's capital position, liquidity, financial performance
and alternative uses of capital, stock trading price, and general
market conditions, and may be suspended at any time. The common
stock or warrant repurchases may be effected through open market
purchases or privately negotiated transactions, including Rule
10b5-1 plans. The company's authorized repurchases are net of
shares awarded under its equity-based compensation plans.
Forward-looking statementsCertain statements in this news
release represent the current expectations, plans or forecasts of
Bank of America Corporation (“Bank of America”) based on available
information and are forward-looking statements. 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.
Forward-looking statements represent Bank of America’s current
expectations, plans or forecasts of its future results, revenues,
expenses, efficiency ratio, capital measures, and future business
and economic conditions more generally, and other future matters.
These statements are not guarantees of its future results or
performance and involve certain known and unknown 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, 2016 and in any of Bank of America's other subsequent
Securities and Exchange Commission filings.
Bank of AmericaBank of America is one of the world's leading
financial institutions, serving individual consumers, small and
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
47 million consumer and small business relationships with
approximately 4,500 retail financial centers, approximately 16,000
ATMs, and award-winning digital banking with approximately 34
million active users, including approximately 24 million mobile
users. Bank of America is a global leader in wealth management,
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 all
50 states, the District of Columbia, the U.S. Virgin Islands,
Puerto Rico and more than 35 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
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www.bankofamerica.com
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version on businesswire.com: http://www.businesswire.com/news/home/20171205005818/en/
Investors May Contact:Lee McEntire, Bank of America,
1.980.388.6780Jonathan Blum, Bank of America (Fixed Income),
1.212.449.3112Reporters May Contact:Jerry Dubrowski, Bank of
America, 1.646.855.1195jerome.f.dubrowski@bankofamerica.com
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