Bank of America Corp (NYSE: BAC) announced on Friday that its Board of Directors had authorized a quarterly dividend of $18.125 per share on its 7.25% Non-Cumulative Perpetual Convertible Preferred Stock, Series L.
The bank said that the dividend is payable on November 1, 2010 to shareholders of record as of October 1, 2010.
Bank of America Corporation is a bank holding company, and a financial holding company. The Company is a financial institution, serving individual consumers, small and middle market businesses, large corporations and governments with a range of banking, investing, asset management and other financial and risk management products and services. Through its banking subsidiaries (the Banks) and various nonbanking subsidiaries throughout the United States and in selected international markets, it provides a range of banking and nonbanking financial services and products through six business segments: Deposits, Global Card Services, Home Loans & Insurance, Global Banking, Global Markets, Global Wealth & Investment Management (GWIM), with the remaining operations recorded in All Other. On January 1, 2009, the Company completed the acquisition of Merrill Lynch.
Shares of Bank of America Corp (NYSE: BAC) traded down 1.11% during mid-day trading on Friday, ending the week at $13.40. Bank of America’s 52 week range is $12.18 to $19.86. The company has a market cap of $134.45 billion.
