Bank of America Board Declares Dividends, Authorizes Buyback

CHARLOTTE, N.C., July 23 /PRNewswire/ -- The Bank of America Corporation
Board of Directors today declared a regular quarterly dividend on common stock
of $0.64 per share, payable on September 26, 2008 to shareholders of record on
September 5, 2008.
(Logo: http://www.newscom.com/cgi-bin/prnh/20050720/CLW086LOGO-b )
Separately, the board declared a regular quarterly cash dividend of $1.75
on the 7 percent Cumulative Redeemable Preferred Stock, Series B. The dividend
is payable October 24, 2008 to shareholders of record on October 8, 2008.
The board also approved the repurchase of up to 75 million shares of
common stock, authorizing management to spend up to $3.75 billion during the
next 12 to 18 months. The program replaces the expiring January 2007
repurchase authorization of 200 million shares.
Bank of America
Bank of America is one of the world's largest 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 more than 59
million consumer and small business relationships with more than 6,100 retail
banking offices, more than 18,500 ATMs and award-winning online banking with
more than 25 million active users. Bank of America offers industry leading
support to more than 4 million small business owners through a suite of
innovative, easy-to-use online products and services. The company serves
clients in more than 150 countries and has relationships with 99 percent of
the U.S. Fortune 500 companies and 83 percent of the Fortune Global 500. Bank
of America Corporation stock (NYSE: BAC) is a component of the Dow Jones
Industrial Average and is listed on the New York Stock Exchange.
www.bankofamerica.com
SOURCE Bank of America

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