Bank of America Corporations Board of Directors 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 15 May 2009 to the Treasury Department, the shareholder of record as of 30 April 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 15 May 2009 to the shareholder of record, the Treasury Department, as of 30 April 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.
The cash dividend of $500 per share, or a total of approximately $400 million, on the Fixed Rate Cumulative Perpetual Preferred Stock, Series R, is payable on 15 May 2009 to the shareholder of record, the Treasury Department, as of 30 April 2009. This quarterly dividend payment relates to the government’s $20 billion investment in Bank of America on 16 January 2009 under TARP.
Separately, the Board of Directors also authorized the following dividends on preferred stock:
A quarterly cash dividend of $0.38775 per depositary share on the 6.204% Non-Cumulative Preferred Stock, Series D, is payable on 15 June 2009 to shareholders of record as of 29 May 2009.
A quarterly cash dividend of $0.24722 per depositary share on the Floating Rate Non-Cumulative Preferred Stock, Series E, is payable on 15 May 2009 to shareholders of record as of 30 April 2009.
A quarterly cash dividend of $0.5125 per depositary share on the 8.20% Non-Cumulative Preferred Stock, Series H, is payable on 1 May 2009 to shareholders of record as of 15 April 2009.
A quarterly cash dividend of $0.4140625 per depositary share on the 6.625% Non-Cumulative Preferred Stock, Series I, is payable on 1 July 2009 to shareholders of record as of 15 June 2009.
A quarterly cash dividend of $0.453125 per depositary share on the 7.25% Non-Cumulative Preferred Stock, Series J, is payable on 1 May 2009 to shareholders of record as of 15 April 2009.
A semi-annual cash dividend of $40.625 per depositary share on the Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series M, is payable 15 May 2009 to shareholders of record as of 30 April 2009.
A quarterly cash dividend of 0.18542 per depositary share on the Floating Rate Non-Cumulative Preferred Stock, Series 1, is payable on 28 May 2009, to shareholders of record as of 15 May 2009.
A quarterly cash dividend of 0.18542 per depositary share on the Floating Rate Non-Cumulative Preferred Stock, Series 2, is payable on 28 May 2009, to shareholders of record as of 15 May 2009.
A quarterly cash dividend of 0.3984375 per depositary share on the 6.375% Non-Cumulative Preferred Stock, Series 3, is payable on 28 May 2009, to shareholders of record as of 15 May 2009.
A quarterly cash dividend of 0.24722 per depositary share on the Floating Rate Non-Cumulative Preferred Stock, Series 4, is payable on 28 May 2009, to shareholders of record as of 15 May 2009.
A quarterly cash dividend of 0.24722 per depositary share on the Floating Rate Non-Cumulative Preferred Stock, Series 5, is payable on 21 May 2009, to shareholders of record as of 1 May 2009.
A quarterly cash dividend of 0.41875 per depositary share on the 6.70% Non-Cumulative Perpetual Preferred Stock, Series 6, is payable on 30 June 2009, to shareholders of record as of 15 June 2009.
A quarterly cash dividend of 0.390625 per depositary share on the 6.25% Non-Cumulative Perpetual Preferred Stock, Series 7, is payable on 30 June 2009, to shareholders of record as of 15 June 2009.
A quarterly cash dividend of 0.5390625 per depositary share on the 8.625% Non-Cumulative Preferred Stock, Series 8, is payable on 28 May 2009, to shareholders of record as of 15 May 2009.
The Merrill Lynch Board of Directors declared the following dividends:
A quarterly cash dividend of $2,250 per share on the Merrill Lynch 9% Non-Voting Mandatory Convertible Non-Cumulative Preferred Stock, Series 2, is payable on 28 May 2009, to shareholders of record as of 15 May 2009.
A quarterly cash dividend of $2,250 per share on the Merrill Lynch 9% Non-Voting Mandatory Convertible Non-Cumulative Preferred Stock, Series 3, is payable on 28 May 2009, to shareholders of record as of 15 May 2009.
L.D.