Bank of America authorizes TARP dividend payment
CHARLOTTE, N.C. — Bank of America Corp. said Friday its board authorized a $713 million dividend payment on preferred stock issued to the Treasury Department as part of the government’s bank rescue program last year.
The government launched the $700 billion Troubled Asset Relief Program last fall at the peak of the credit crisis, providing hundreds of banks with capital to shore up their balance sheets, and in an attempt to thaw frozen credit markets.
Charlotte, N.C.-based Bank of America received $25 billion as part of the initial round of investments last fall. It then received an additional $20 billion in January shortly after it acquired Merrill Lynch & Co. in a heavily scrutinized deal.
In return for providing the money, the government received preferred stock in the banks and receives quarterly dividends.
The bank will pay the $713 million in dividends on Nov. 16.
Bank of America has already paid the government $1.83 billion in TARP dividends through the end of September.
Separately, the bank authorized dividend payments on 14 other classes of preferred stock. It also approved dividends on two classes on preferred stock issued by Merrill Lynch.
On Wednesday, the bank announced CEO Ken Lewis is planning to retire at the end of the year. Lewis has faced criticism for the handling of the purchase of New York-based investment bank Merrill Lynch. No replacement has yet been named for Lewis.
Shares of Bank of America fell 38 cents, or 2.4 percent, to $15.82 in morning trading Friday as the broader market gave ground.
Related News
McDonald's raises quarterly dividend by 10 percent to 55 centsSeptember 24th, 2009 McDonald's raises quarterly dividend by 10 pctOAK BROOK, Ill. — McDonald's Corp.
Renasant board of directors declares 17-cent quarterly dividendAugust 28th, 2009 Renasant declares board declares dividendTUPELO, Miss. — Financial services holding company Renasant Corp.
Direct marketer Harte-Hanks sets quarterly dividend of 7.5 cents, payable Sept. 21August 26th, 2009 Harte-Hanks sets 7.5-cent quarterly dividendSAN ANTONIO — Direct marketing and advertising company Harte-Hanks Inc. said Tuesday its board approved payment of a regular quarterly dividend of 7.5 cents per share.
Community Partners Bancorp announces 3 percent stock dividend payable Oct. 23August 25th, 2009 Community Partners Bancorp approves stock dividendMIDDLETOWN, N.J. — Community Partners Bancorp, the parent company of Two River Community Bank, said Tuesday its board has approved a 3 percent stock dividend.
Northrim BanCorp declares regular quarterly dividend of 10 cents per share, payable Sept. 18August 25th, 2009 Northrim BanCorp sets dividend of 10 centsANCHORAGE, Alaska — Northrim BanCorp Inc. on Monday said its board declared a quarterly dividend of 10 cents per share.
Books-A-Million declares dividend of 5 cents to be paid on Sept. 17August 21st, 2009 Books-A-Million declares 5 cent dividendBIRMINGHAM, Ala. — Retailer Books-A-Million Inc.
SunTrust Banks to pay 1 cent dividend Sept. 15August 17th, 2009 SunTrust to pay 1 cent dividendATLANTA — SunTrust Banks Inc.'s board has declared a regular quarterly cash dividend of 1 cent per share, payable Sept. 15 to shareholders of record Sept.
PacWest declares regular quarterly dividend of 1 cent, payable Sept. 4August 13th, 2009 PacWest sets 1-cent quarterly dividendSAN DIEGO — PacWest Bancorp said on Wednesday its board of directors declared a regular quarterly dividend of 1 cent. The parent of Pacific Western Bank said the dividend is payable Sept.
Nike board declares regular quarterly dividend of 25 cents, payable Oct. 1August 11th, 2009 Nike sets 25-cent quarterly dividendBEAVERTON, Ore. —Nike Inc.
Amtrust board declares regular quarterly dividend of 6 cents, payable Oct. 15August 11th, 2009 Amtrust sets 6-cent quarterly dividendNEW YORK —Amtrust Financial Services Inc. said Monday its board of directors declared a regular quarterly dividend of 6 cents.
Healthcare Realty Trust declared dividend of 38.5 cents, payable Sept. 4August 11th, 2009 Healthcare Realty declares dividend of 38.5 centsNASHVILLE, Tenn. —Healthcare Realty Trust Inc.
3M board declares regular quarterly dividend of 51 cents, payable Sept. 21August 11th, 2009 3M sets 51-cent quarterly dividendST. PAUL, Minn. —3M Co. said Monday its board of directors declared a regular quarterly dividend of 51 cents.
GMAC declares dividends on preferred stock issued to both Treasury and a subsidiaryJuly 14th, 2009 GMAC declares dividends on preferred stockDETROIT — GMAC Financial Services says it declared quarterly dividend payments on preferred stock issued to the federal government and to its own subsidiary, Preferred Blocker Inc. The dividends were declared on Monday and are payable on Aug.
Bank of America authorizes $713 million payment to government under TARPJuly 2nd, 2009 Bank of America sets $713 million TARP paymentCHARLOTTE, N.C. — Bank of America Corp.
BB&T to offer $1.5 billion in stock, slash dividend to help repay government investmentMay 11th, 2009 BB&T to offer stock, cut dividend to repay gov'tWINSTON-SALEM, N.C. — BB&T says it will sell $1.5 billion in common shares to help repay the government's investment in its preferred stock and warrants through the U.S.
Loading ...