Bank Of America Announces $4 Bln Stock Buyback

(RTTNews) - Bank of America Corp (BAC) on Wednesday said its board has authorized a $4 billion common stock repurchase program.

This comes as the Federal Reserve Board completed its 2015 Comprehensive Capital Analysis and Review and did not object to the company's capital plan for the period from the second quarter of 2015 through the second quarter of 2016.

The company's capital plan includes the $4 billion stock repurchase program and maintaining the common stock dividend at the current rate of $0.05 per share per quarter.

The Fed also asked Bank of America to submit an additional capital plan by September 30, 2015 addressing certain weaknesses identified in the company's capital planning process. If Bank of America does not make material progress in addressing these key weaknesses, the Fed may restrict the company's capital distributions.