BofA to pay $713M in dividends to feds
The Business Review (Albany)
The board of Bank of America Corp. has authorized the payment of $713 million in dividends to the U.S. government under the Troubled Asset Relief Program.
The bank will make the payment in August.
BofA received $45 billion in federal funds from the program, which is designed to thaw the credit markets. Some $20 billion of that amount came as part of BofA’s purchase of troubled brokerage Merrill Lynch & Co. Inc. on Jan. 1.
Charlotte, N.C.-based BofA (NYSE:BAC) paid its first installment of $402 million in dividends to the federal government in February. In April, it paid an installment of $713 million. The next payment will also total $713 million.
Bank of America is the fifth largest bank in the Albany, N.Y., area, with $1.3 billion in deposits.
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