Feb 23, 2010 Bank of America shareholders approve increasing share count to cover TARP repayment
(AP) Shareholders of Bank of America Corp. have approved the bank's plan to sell more common stock to cover the cost of repaying government bailout funds.
Tuesday's shareholder vote raises the number of authorized shares of the bank's common stock by 1.3 billion to 11.3 billion.
Bank of America in December repaid $45 billion in loans it received during the credit crisis under the government's Troubled Asset Relief Program. The Charlotte, N.C.-based bank said it funded the repayment through a combination of cash on hand and the sale of $19.29 billion of securities that would convert into common stock. That stock increase was subject to shareholder approval.
Bank of America's shares fell 13 cents to $16.08 in midday trading.
Source: AP News
(AP) Shareholders of Bank of America Corp. have approved the bank's plan to sell more common stock to cover the cost of repaying government bailout funds.
Tuesday's shareholder vote raises the number of authorized shares of the bank's common stock by 1.3 billion to 11.3 billion.
Bank of America in December repaid $45 billion in loans it received during the credit crisis under the government's Troubled Asset Relief Program. The Charlotte, N.C.-based bank said it funded the repayment through a combination of cash on hand and the sale of $19.29 billion of securities that would convert into common stock. That stock increase was subject to shareholder approval.
Bank of America's shares fell 13 cents to $16.08 in midday trading.
Source: AP News
