Bank-America Corp. announced plans late Monday for a 2-for-1 stock split.
The split, subject to shareholder approval, would take effect June 16 and cover shareholders as of June 2.
The company, which had 355.3 million common shares outstanding at yearend, also intends to ask its board to double, to 1.4 million, the number of authorized common shares.
David Coulter, chairman and chief executive officer, said in a prepared statement that the split would give BankAmerica's stock a broader market and make it more attractive for individual investors. The stock was trading at $116.625 at midday Tuesday.
Shareholders are to vote on the split, the third for BankAmerica Corp., at the annual meeting May 22. The previous splits-both 2-for-1-occurred Aug. 17, 1976, when shares were trading at around $54 per share, and March 31, 1972, when they were around $76 per share.