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.

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