Bank of America (BAC) to Pay $713 Million in TARP Preferred Dividends
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Bank of America Corporation (NYSE: BAC) said the Board has authorized approximately $713 million in dividend payments to the U.S. government under the Troubled Asset Relief Program (TARP).
Dividends related to the government's investment in the company under TARP include the following:
The cash dividend of $312.50 per share, or a total of approximately $188 million, on the Fixed Rate Cumulative Perpetual Preferred Stock, Series N, is payable on August 17, 2009 to the U.S. Department of the Treasury, the shareholder of record, as of July 31, 2009. This quarterly dividend payment relates to the government's $15 billion investment in Bank of America made under the Capital Purchase Program of TARP.
The cash dividend of $312.50 per share, or a total of approximately $125 million, on the Fixed Rate Cumulative Perpetual Preferred Stock, Series Q, is payable on August 17, 2009 to the shareholder of record, the Treasury Department, as of July 31, 2009. This quarterly dividend payment relates to the government's $10 billion investment in Merrill Lynch & Co., Inc. made under the Capital Purchase Program of TARP.
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Dividend
Eugene Pickering on Jul 2, 2009 04:55 PMWhy not have some consideration, aside from the 1 cent per share, for the poor shareholder who depends on these dividends for their retirement.