(Bloomberg) -- Bank of America Corp. said its board authorized another $25 billion stock repurchase program.
The second-largest US lender, which announced plans last month to boost its dividend after passing the Federal Reserve’s annual stress test, said the new program will take effect Aug. 1 — replacing the previous program of that size. The earlier one had $6.7 billion of remaining capacity at midyear.
“Today’s authorization will continue to provide additional capital return flexibility going forward, in line with the company’s commitment to return to shareholders excess capital,” the Charlotte, North Carolina-based company said Wednesday in a statement.
The timing of purchases will be “subject to various factors, including the company’s capital position, liquidity, financial performance and alternative uses of capital, stock trading price, regulatory requirements and general market conditions and may be suspended at any time,” it said.
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