CHARLOTTE, N.C. - Bank of America Corp. said its board of directors voted to increase the company's quarterly dividend on common stock by 6 cents, or 12%, to 56 cents per share.
"This 12% increase in the quarterly dividend rate mirrors our goal to increase earnings per share by 12-15% annually and is an indication of our confidence in the ongoing growth of our business," said Hugh L. McColl Jr., chairman and chief executive officer.
Bank of America last raised its quarterly dividend a year ago.
The Philadelphia-based bank's parent company, Republic First Bancshares, had been roiled by a yearslong proxy battle involving activist investors groups and its former CEO.
The Wyoming-based digital asset bank filed paperwork to challenge last month's district court ruling, which affirmed the Federal Reserve's view about its discretion over master account applications.
The former head of the Consumer Financial Protection Bureau resigned Friday after the troubled rollout of the Free Application for Federal Student Aid led some House Republicans to call for his resignation.
The San Antonio-based bank said that loan growth, fueled in part by its expansion in key Texas markets, may compensate for pressure on deposits. It slashed the number of rate cuts it expects this year from five to two.
Mississippi's Renasant names its next CEO; environmental fintech Aspiration Partners spins out its consumer brand; the OCC adds five weeks to comment period for Capital One-Discover merger; and more in the weekly banking news roundup.
The Wisconsin banking company forecasted loan growth of 4% to 6% for the full year, driven by an expansion into new commercial and consumer credit lines as well as enduring economic strength in the Midwest.
