Bank of America Corporation - BAC STOCK NEWS

Bank of America (NYSE: BAC) has announced the redemption of CAD500,000,000 principal amount of its 3.407% Fixed/Floating Rate Senior Notes, due September 2025. The redemption is scheduled for September 20, 2024, at a price equal to 100% of the principal amount plus accrued and unpaid interest. Interest on the Notes will cease to accrue on the redemption date.

Bank of America, a leading global financial institution, serves approximately 69 million consumer and small business clients in the United States. The bank operates approximately 3,800 retail financial centers and 15,000 ATMs, with about 58 million verified digital users. It offers a wide range of financial services, including banking, investing, asset management, and risk management products.

Bank of America (NYSE: BAC) has announced the full redemption of its Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series X, and related Depositary Shares. The redemption will occur on September 5, 2024, at a price of $1,000 per depositary share. Separately, a dividend of $31.25 per depositary share will be paid to holders of record as of August 15, 2024. The redemption affects shares with CUSIP numbers 060505EJ9 (Preferred Stock) and 060505EH3 (Depositary Shares). This move by one of the world's leading financial institutions, which serves about 69 million consumer and small business clients with approximately 3,800 retail financial centers and 15,000 ATMs, may impact its capital structure and investor holdings.

Bank of America (NYSE: BAC) has appointed Drew Slocum as president of Bank of America Wisconsin. Slocum, who joined the bank in 2006, will lead the Wisconsin market and connect clients, teammates, and communities to the bank's eight lines of businesses. His responsibilities include growing market share in one of the company's newest expansion markets and deploying resources to advance economic mobility.

Slocum has over two decades of experience in financial services and currently serves as Global Commercial Banking market executive. He is active in the community, serving on various committees and boards, including the Federal Reserve Bank of Chicago's Wisconsin Economic Roundtable and the WMC Foundation.

Bank of America serves approximately 69 million consumer and small business clients with about 3,800 retail financial centers and 15,000 ATMs in the United States. The company is a global leader in wealth management, corporate and investment banking, and trading across various asset classes.

Bank of America (NYSE: BAC) has received over 120 accolades for its digital leadership and innovation in 2024. The bank's digital capabilities are used by 58 million clients, who digitally connected with their finances a record 23.4 billion times last year, an 11% increase year-over-year. Notable awards include:

- Euromoney: North America's Best Digital Bank, Western Europe's Best Digital Bank
- Global Finance: Most Innovative Bank in North America, World's Best Bank for Transaction Banking
- Celent: Customer-Centered Innovation Award for unified mobile app experience
- The Asian Banker: Best International Cash Management and Transaction Bank in Asia Pacific

These recognitions highlight BofA's commitment to delivering world-class digital experiences and innovative solutions for its clients across various banking services, including cash management, payments, trade finance, and wealth management.

Merrill Wealth Management and IMG Academy have announced a three-year partnership to provide financial education to student-athletes and their families. The program, set to begin in the 2024/2025 academic year, aims to help students navigate the complex financial landscape of sports. It will offer educational sessions, campus assemblies, self-study materials, and one-on-one meetings with Merrill advisors.

The curriculum will incorporate Bank of America's Better Money Habits resource, covering topics such as savings, spending, credit, and investing. This initiative aligns with Merrill's dedicated Sports & Entertainment group, introduced three years ago to address the unique financial challenges in the sports industry.

IMG Academy, known for its holistic approach to student-athlete development, sees this partnership as a valuable addition to its educational offerings, both at its Bradenton, Florida campus and through its online program, IMG Academy+.

Bank of America's CashPro App has achieved a significant milestone, surpassing $500 billion in corporate payment approvals by mid-2024, a nearly 40% increase from the previous year. The app is on track to reach $1 trillion in approvals by year-end. CashPro, BofA's digital banking platform, serves 550,000 users at 40,000 companies globally. The app's adoption has accelerated, with over 100 business days exceeding $3 billion in daily payment approvals. The largest single-day approval reached $11 billion in December 2023. The CashPro App has been ranked No. 1 in Coalition Greenwich's Digital Transformation Benchmarking Study for 2023 and 2024, highlighting its innovative design and client-focused approach.

Bank of America announced an 8% increase in its quarterly cash dividend to $0.26 per share, payable on September 27, 2024, to shareholders of record on September 6, 2024. The company's Board also authorized a $25 billion stock repurchase program, effective August 1, 2024, replacing the existing program with a remaining $6.7 billion repurchase capacity as of June 30, 2024. The new repurchase program aims to return excess capital to shareholders while maintaining regulatory capital levels and supporting business growth. Additionally, a regular quarterly cash dividend of $1.75 per share was declared for the 7% Cumulative Redeemable Preferred Stock, Series B, payable on October 25, 2024, to shareholders of record as of October 11, 2024.

Bank of America is celebrating 20 years of its Student Leaders® program, a signature philanthropic initiative that provides paid summer internships to high school juniors and seniors. Since 2004, the program has:

• Placed 4,500 students in internships across nearly 100 communities
• Partnered with over 500 local nonprofits
• Invested $42 million in youth workforce development

The program aims to prepare a diverse pipeline of young adults for success in the modern workforce by offering early work experience, leadership skills, and financial education. Many former participants have gone on to become leaders in various fields, including business, nonprofit sector, and even politics. The program culminates in a leadership summit in Washington, D.C., fostering networking and learning opportunities for participants.

Bank of America (NYSE: BAC) has announced its Board of Directors' authorization of regular cash dividends on outstanding shares or depositary shares of various series of preferred stock for the third quarter of 2024. The announcement details dividend rates, record dates, and payment dates for 16 different series of preferred stock. These include floating rate, fixed-to-floating rate, and fixed-rate non-cumulative preferred stocks.

Dividend payments are generally made on a quarterly basis, except for Series X, AA, DD, and FF, which are paid semi-annually. The dividend amounts range from $0.2656250 to $1,533.54544 per share or depositary share, depending on the series. Record dates span from July 31 to September 1, with payment dates ranging from August 15 to September 25, 2024.