Federal Reserve Denies Bank of America Dividend Raise
Federal Reserve Denies Bank of America Dividend
Raise
The Federal Reserve has rejected a plan by Bank of America to increase its dividend, according to a filing with the Securities and Exchange Commission, and the bank will resubmit a proposal in the second half of the year.
The central bank rejected the proposed dividend increase following its Comprehensive Capital analysis and Review, also known as a stress test, that was completed last Friday. The nation's largest bank in terms of assets, Bank of America was one of 16 banks reviewed by the agency and one of only a few that did not receive approval to increase their dividends.
Bank officials said they are working closely with the Fed to resubmit a plan later in the year that would give shareholders a modest increase in its common dividend for the second half of 2011. “Over the last 12 months, the Corporation has made meaningful progress in building its capital and liquidity positions. At year-end 2010, risk-weighted assets were reduced by $108 billion compared to year-end 2009 through the sale of non-core positions, reductions in legacy positions and balance sheet management,” the bank explained in the filing.
The Federal Reserve has rejected a plan by Bank of America to increase its dividend, according to a filing with the Securities and Exchange Commission, and the bank will resubmit a proposal in the second half of the year.
The central bank rejected the proposed dividend increase following its Comprehensive Capital analysis and Review, also known as a stress test, that was completed last Friday. The nation's largest bank in terms of assets, Bank of America was one of 16 banks reviewed by the agency and one of only a few that did not receive approval to increase their dividends.
Bank officials said they are working closely with the Fed to resubmit a plan later in the year that would give shareholders a modest increase in its common dividend for the second half of 2011. “Over the last 12 months, the Corporation has made meaningful progress in building its capital and liquidity positions. At year-end 2010, risk-weighted assets were reduced by $108 billion compared to year-end 2009 through the sale of non-core positions, reductions in legacy positions and balance sheet management,” the bank explained in the filing.
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