Bank Of America Will Pay TARP Preferred Dividends On $713 Million

Bank of America Corporation said the Board of Directors has authorized approximately $713 million in dividend payments to the U.S. government under the Troubled Asset Relief Program (TARP). As previously announced, Bank of America paid its first dividends totaling $402

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Bank of America Corporation said the Board of Directors has authorized approximately $713 million in dividend payments to the U.S. government under the Troubled Asset Relief Program (TARP).

As previously announced, Bank of America paid its first dividends totaling $402 million to the U.S. Department of the Treasury in February, reflecting the company’s ongoing commitment to pay back taxpayers as quickly as possible.

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 May 15, 2009 to the Treasury Department, the shareholder of record as of April 30, 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 May 15, 2009 to the shareholder of record, the Treasury Department, as of April 30, 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 May 15, 2009 to the shareholder of record, the Treasury Department, as of April 30, 2009. This quarterly dividend payment relates to the government’s $20 billion investment in Bank of America on January 16, 2009 under TARP.

D.C.

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