Welcome to our dedicated page for Bank of America news (Ticker: BAC), a resource for investors and traders seeking the latest updates and insights on Bank of America stock.
Bank of America Corporation reports developments across consumer banking, wealth management, corporate and investment banking, global markets and capital actions. The company serves individual consumers, small and middle-market businesses, large corporations, governments and institutions with banking, investing, asset management, lending, trading and risk-management products and services.
Recurring BAC news includes operating and financial results, regular dividends on common and preferred stock, Merrill Wealth Management platform and advisor updates, co-branded credit card partnerships, and community or cultural initiatives such as the Bank of America Art Conservation Project. Coverage also reflects the company's digital banking, small-business services and international banking presence.
Bank of America reported significant digital engagement in 2020, with 39 million digital clients and 31 million active mobile users. The bank saw a 14% increase in clients scheduling appointments digitally, alongside a surge in automated deposits to 84%. Key digital tools like Erica and Zelle gained popularity, with Erica's user base growing 67% to over 17 million. The Life Plan feature attracted over 2.3 million users, while 81% of small business clients became digitally active. Overall, digital sales accounted for 42% of consumer sales, highlighting the bank's focus on enhancing digital capabilities.
On June 2, Bank of America announced a $1 billion four-year commitment to advance racial equality and economic opportunity, allocating $150 million to invest in 40 funds supporting minority-led businesses across 21 U.S. markets. This initiative aims to bridge the capital gap for underrepresented entrepreneurs and create job opportunities. The investments will predominantly target funds managed by diverse teams. Additionally, $50 million is dedicated to supporting minority depository institutions, further enhancing financial accessibility for disadvantaged communities.
Bank of America Corporation will redeem two series of senior notes totaling €3.25 billion on February 7, 2021. This includes €2 billion of Floating Rate Senior Notes and €1.25 billion of 0.736% Fixed/Floating Rate Senior Notes, both due February 7, 2022. The redemption price will be €1,000 per €1,000 Calculation Amount, plus accrued interest, paid on February 8, 2021. Following the redemption, the company will request the Financial Conduct Authority to cancel the notes' listing and the London Stock Exchange to revoke their trading admission.
Bank of America reported its fourth-quarter 2020 financial results, showcasing its robust position as a leading financial institution. The company serves around 66 million clients through extensive banking networks, including 4,300 retail financial centers and approximately 17,000 ATMs. Noteworthy is the 39 million active digital banking users, with 31 million mobile users, highlighting the company's digital momentum. The investor conference call will provide deeper insights into earnings, revenue, and strategies moving forward.
Bank of America declared a quarterly cash dividend of $0.18 per share, payable on March 26, 2021. The Board also authorized a stock repurchase program totaling $2.9 billion through March 31, 2021, alongside $0.3 billion for equity compensation shares, reflecting robust financial health with a common equity tier 1 (CET1) ratio of 11.9% as of December 31, 2020. This initiative, aligning with Federal Reserve guidelines, aims to enhance shareholder value while being subject to market conditions.
Bank of America Corporation has announced the authorization of regular cash dividends for its preferred stocks. The dividends include $0.25556 for Series E, $1,000.00 for Series F and G, $31.25 for Series X, among others. Key payment dates span from February 16 to March 15, 2023, with corresponding record dates between February 1 and 29, 2023. The announcement reinforces the bank's commitment to providing income for shareholders while maintaining strong financial health.
Bank of America allocated over $13 million in 2020 to support Native American communities impacted by the coronavirus. This funding included $10 million to Native American Bank, facilitating small business loans and affordable housing projects, alongside $3.1 million in philanthropic grants to nonprofits addressing health, hunger, and job-related needs.
The bank's investments aim to tackle the economic challenges faced by Native American populations, exacerbated by the pandemic, particularly in states with significant Native American populations.
Bank of America will release its fourth-quarter 2020 financial results on January 19, 2021, at approximately 6:45 a.m. ET. An investor presentation will follow at 8:30 a.m. ET. Interested parties can access the news release and supplemental filing through the Bank of America newsroom and the Investor Relations website. A listen-only connection for the investor presentation is available via phone, and a live audio webcast will also be provided on the company’s website.
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Bank of America announced the redemption of all outstanding shares of its 6.200% Non-Cumulative Preferred Stock, Series CC on January 29, 2021. A total of 44,000,000 Series CC Depositary Shares will be redeemed at a price of $25 per share. This redemption includes a declared dividend of $0.3875 for the current quarterly period, payable on the same date. All necessary approvals for the redemption have been secured, and the process will follow the established procedures through The Depository Trust Company.