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.

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