Bank Of America Authorizes New $4 Bln Share Buyback - Quick Facts

(RTTNews) - Bank of America Corp. (BAC) announced its intention to increase its quarterly common stock dividend to $0.05 per share, beginning in the second quarter of 2014.

Also, the Board of Directors authorized a new $4.0 billion common stock repurchase program and this authorization, which covers both common stock and warrants, replaces the prior year's common stock repurchase program that expires on March 31, 2014, the company said.

The Federal Reserve Board has informed the company that it completed its 2014 Comprehensive Capital Analysis and Review and that it did not object to the company's capital plan, including the proposed dividend increase and repurchase program, covering the period from the second quarter of 2014 through the first quarter of 2015.