CHARLOTTE, N.C., Oct. 20, 2021 /PRNewswire/ -- Bank of America
today announced the Board of Directors declared a regular quarterly
cash dividend on Bank of America common stock of $0.21 per share, payable on December 31, 2021 to shareholders of record as of
December 3, 2021. The Board also
renewed the company's previously announced $25 billion common stock repurchase program.
In April, Bank of America announced plans to repurchase up to
$25 billion in common stock over
time. Through the end of the third quarter of 2021, approximately
$14 billion in stock had been
repurchased under that program. Today's authorization replaces the
previous program and will provide additional flexibility going
forward, in line with the company's commitment to return to
shareholders excess capital that is not needed to support economic
growth, deliver for customers and communities, invest in the future
and sustain strength and stability through the cycle. As with the
April authorization, the Board also authorized repurchases to
offset shares awarded under the company's equity-based compensation
plans.
Bank of America's ability to make capital distributions depends,
in part, on its ability to maintain regulatory capital levels above
the 9.5% CET1 requirement: the sum of the Federal Reserve Board's
regulatory minimum of 4.5% and applicable regulatory buffers;
including the Stress Capital Buffer (SCB) of 2.5%; and the Global
Systemically Important Bank Holding Company surcharge of 2.5%. As
of September 30, 2021, Bank of
America's CET1 ratio was 11.1%.
The timing and amount of common stock repurchases made pursuant
to the Bank of America common stock repurchase program are subject
to various factors, including the company's capital position,
liquidity, financial performance and alternative uses of capital,
stock trading price, regulatory requirements and general market
conditions. Also, it may be suspended at any time. The common stock
repurchases may be effected through open market purchases or
privately negotiated transactions, including repurchase plans that
satisfy the conditions of Rule 10b5-1 of the Securities Exchange
Act of 1934, as amended.
The Board also declared a regular quarterly cash dividend of
$1.75 per share on the 7% Cumulative
Redeemable Preferred Stock, Series B. The dividend is payable on
January 25, 2022 to shareholders of
record as of January 14, 2022.
Forward-Looking Statements
Certain statements contained in this news release may constitute
"forward-looking" statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements represent the current expectations, plans or forecasts
of Bank of America based on available information. 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, 2020 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 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 66 million consumer and small business clients with
approximately 4,200 retail financial centers, approximately 17,000
ATMs, and award-winning digital banking with approximately 41
million active users, including approximately 32 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 households through a suite of innovative, easy-to-use
online products and services. The company serves clients
through operations across the United
States, its territories and approximately 35 countries. Bank
of America Corporation stock (NYSE: BAC) is listed on the New York
Stock Exchange.
For more Bank of America news, including dividend announcements
and other important information, visit the Bank of America newsroom
and register for email news alerts.
www.bankofamerica.com
Investors May Contact:
Lee
McEntire, Bank of America
Phone: 1.980.388.6780
lee.mcentire@bofa.com
Jonathan Blum, Bank of America
(Fixed Income)
Phone: 1.212.449.3112
jonathan.blum@bofa.com
Reporters May Contact:
Jerry Dubrowski, Bank of America
Phone: 1.646.855.1195 (office) or 1.508.843.5626 (mobile)
jerome.f.dubrowski@bofa.com
Christopher P. Feeney, Bank of
America
Phone: 1.980.386.6794
christopher.feeney@bofa.com
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SOURCE Bank of America Corporation