Welcome to our dedicated page for Bank of America news (Ticker: BAC), a resource for investors and traders seeking the latest updates and insights on Bank of America stock.
Bank of America Corporation (BAC) generates a steady flow of news as one of the world’s leading financial institutions. Company releases regularly highlight its role in consumer and commercial banking, wealth management, and corporate and investment banking, as well as updates on its capital structure and shareholder distributions. This news page aggregates those announcements so readers can follow developments that may be relevant to Bank of America stock and to the broader financial sector.
Investors will find earnings-related news, such as Form 8-K filings and press releases announcing quarterly and annual financial results, along with details on investor conference calls and accompanying presentation materials. These items provide insight into Bank of America’s performance, capital levels, and management’s commentary on its businesses. The company also issues news about preferred stock dividends, common stock repurchase authorizations, and other actions that affect its various securities listed on the New York Stock Exchange.
Beyond financial reporting, Bank of America’s news includes information on new products and technology initiatives, such as AI-driven treasury tools accessed through its CashPro platform, and consumer offerings tied to major events. Releases also describe community and philanthropic commitments, including grants and zero-interest capital to support disaster recovery, youth programming, arts institutions, and local economic development.
By reviewing the BAC news feed on this page, readers can track how the company communicates about its banking, investing, asset management, and risk management activities, as well as its engagement with communities in the United States and in other markets where it operates. Frequent updates make this a useful resource for monitoring Bank of America’s disclosures over time.
Alaska Air Group (NYSE: ALK) and Bank of America (NYSE: BAC) have extended their co-branded credit card agreement through 2030. This partnership aims to enhance customer loyalty and expand guest benefits, with new offerings expected in late 2022. The existing credit card provides attractive rewards, including companion fares, free checked bags, and multiple earning opportunities. The relationship is expected to drive growth for both companies, especially in key West Coast areas, by fostering customer engagement and satisfaction.
On March 23, 2022, Bank of America announced new secured credit options to support small businesses, including the Business Advantage Unlimited Cash Rewards Secured credit card and a Secured Business Advantage Credit Line. The credit card features a client-determined credit line from $1,000 to $10,000, offering 1.5% cash back with no cap. The upcoming credit line will allow access from $1,000 to $50,000 for a $150 annual fee. Also introduced is the Start a Business Center, providing resources for business formation and management.
Bank of America has awarded a $1 million grant to Virginia Union University (VUU) to launch the MORE program, aimed at enhancing financial literacy among students and community members. This initiative focuses on three components: community outreach with a mobile financial education van, a financial markets lab equipped with advanced technology, and workforce development support for students seeking internships. The grant is part of Bank of America’s $1.25 billion commitment to advance racial equality and economic opportunities.
Bank of America has declared regular cash dividends on its preferred stock series for the second quarter of 2022. The dividends include:
- 7.25% Non-Cumulative Convertible Preferred Stock, Series L: $18.125, payable on May 2.
- Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series Z: $32.500, payable on April 25.
- 5.875% Non-Cumulative Preferred Stock, Series HH: $0.3671875, payable on April 25.
- 4.375% Non-Cumulative Preferred Stock, Series NN: $0.2734375, payable on May 3.
- 4.125% Non-Cumulative Preferred Stock, Series PP: $0.2578125, payable on May 2.
- 4.375% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series RR: $11.1805556, payable on April 27.
Bank of America has launched ACH Positive Pay on its CashPro App, enhancing mobile management of treasury operations for business clients. This feature allows clients to approve or reject incoming ACH transactions in real-time, improving control and reducing risk. The launch coincides with Nacha's increase in Same Day ACH limits to $1 million per transaction. In the previous year, payments approved through CashPro doubled to $384 billion, indicating growing client trust in the app for cash management.
Bank of America reports a significant 16% increase in total payments made by clients, totaling $294 billion in February 2022, compared to February 2021. This follows a 5% growth in February 2021 over pre-pandemic levels.
Key trends include a 21% rise in credit and debit card spending, and a remarkable 95% surge in travel spending year-over-year. Clients' deposit balances exceeded $1.4 trillion, up 15% from the same period last year.
Bank of America has achieved a significant milestone by becoming the first financial institution certified by J.D. Power for financial health support. This certification underscores their commitment to helping clients improve their financial wellness through tailored advice and robust tools. J.D. Power's assessment evaluated 96 best practices of banks, focusing on customer satisfaction. Bank of America's approach includes a holistic framework addressing five key financial health pillars, aiming to enhance customer experiences and satisfaction.
Bank of America announced an expansion of the Bank of America Institute for Women's Entrepreneurship at Cornell, increasing enrollment to 100,000 seats for women entrepreneurs, particularly women of color. Launched in 2018, the program has already enrolled 50,000 participants globally. The initiative aligns with the bank's commitment to advance racial equality and economic opportunity. Women entrepreneurs in the U.S. own an estimated 13 million businesses generating $1.9 trillion in annual revenues, highlighting their vital role in the economy.
Bank of America has announced a $2 million partnership with ArtLifting, showcasing artwork by artists with disabilities or those facing housing insecurity. The program aims to feature this art in nearly 900 financial centers nationwide throughout 2022. Artists will earn 55% of the sale profits from prints available through ArtLifting's website, contributing to their livelihoods while promoting social change. This initiative reflects Bank of America's commitment to community support and the arts, enhancing cultural understanding and economic opportunity.
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