Bank of America (BAC) Increases Common Stock Repurchase Program by $2.5 Billion

Bank of America Corporation (NYSE: BAC) today announced an increase to its common stock repurchase program by an additional $2.5 billion in common stock to be repurchased by June 30, 2019.

The company previously announced plans on June 28, 2018 to repurchase $20.0 billion in common stock from July 1, 2018 through June 30, 2019, plus repurchases to offset shares awarded under equity-based compensation plans during the same period, estimated to be approximately $0.6 billion.

The company’s Board of Directors approved the additional repurchases, which in aggregate offset an increase in regulatory capital resulting from the sale of certain non-core assets in 2018. The Federal Reserve Board has approved the additional repurchases.

Bank of America’s common stock repurchase program 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 repurchases may be effected through open market purchases or privately negotiated transactions, including Rule 10b5-1 plans.

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