Bank of America Corp (BAC)

[clearsudden]

Bank of America (BAC) to Buyback Additional $5 Billion in Common Stock

https://www.streetinsider.com/Corporate+News/Bank+of+America+%28BAC%29+to+Buyback+Additional+%245+Billion+in+Common+Stock/13568834.html

Bank of America Corporation (NYSE: BAC) today announced plans to repurchase an additional $5 billion in common stock by June 30, 2018.

The company previously announced plans on June 28 to repurchase $12 billion in common stock from July 1, 2017 through June 30, 2018, plus repurchases to offset shares awarded under equity-based compensation plans during the same period, estimated to be approximately $0.9 billion.

The Board of Directors approved the additional repurchases. The additional capital distribution offsets the increase in regulatory capital resulting from the previously announced issuance of common stock, upon Berkshire Hathaway’s exercise of outstanding warrants, and sale of the non-U.S. consumer credit card business earlier this year. The Federal Reserve Board has informed the company that it has approved the additional repurchases.

Bank of America’s repurchase program, which covers both common stock and warrants, will be subject to various factors, including the company's capital position, liquidity, financial performance and alternative uses of capital, stock trading price, and general market conditions, and may be suspended at any time. The common stock or warrant repurchases may be effected through open market purchases or privately negotiated transactions, including Rule 10b5-1 plans. The company's authorized repurchases are net of shares awarded under its equity-based compensation