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Bank Of America To Buy Back Additional $5 Bln In Common Stock

Bank of America Corp. (BAC) said it plans to repurchase an additional $5 billion in common stock by June 30, 2018.

Bank of America previously announced plans on June 28 to repurchase $12 billion in common stock from July 1, 2017 through June 30, 2018, plus repurchases to offset shares awarded under equity-based compensation plans during the same period, estimated to be about $0.9 billion.

The company's board of directors has approved the additional repurchases. The additional capital distribution offsets the increase in regulatory capital resulting from the previously announced issuance of common stock, upon Berkshire Hathaway's exercise of outstanding warrants, and sale of the non-U.S. consumer credit card business earlier this year.

The Federal Reserve Board has informed Bank of America that it has approved the additional repurchases. Bank of America said that it's authorized repurchases are net of shares awarded under its equity-based compensation plans.

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