Bank of America (NYSE: BAC) says its board has authorized a $713 million dividend payment on preferred stock issued to the Treasury Department as part of the government's bank rescue program last year, according to Associated Press.
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The government had launched the $700 billion Troubled Asset Relief Program last fall at the peak of the credit crisis, providing banks with capital to shore up their balance sheets in an attempt to thaw frozen credit markets.
Bank of America received $45 billion in two stages. In return, the government gets preferred stock in the banks and gets quarterly dividends.
The bank will pay the $713 million in dividends on Nov. 16.
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