Bank of America Corporation announced July 2, the Board of Directors has authorized approximately $713 million in demand payments to the U.S. government under the Troubled Asset Relief Program (TARP).
Dividends related to the government's investment in the company under TARP include the following:
The cash dividend of $312.50 per share, or a total of approximately $188 million, on the Fixed Rate Cumulative Perpetual Preferred Stock, Series N, is payable on August 17, 2009 to the U.S. Department of the Treasury, the shareholder of record, as of July 31, 2009. This quarterly dividend payment relates to the government's $15 billion investment in Bark of America made under the Capital Purchase Program of TARP.
The cash dividend of $312.50 per share, or a total of approximately $125 million, on the Fixed Rate Cumulative Perpetual Preferred Stock, Series Q, is payable on August 17, 2009 to the shareholder of record, the Treasury Department, as of July 31, 2009. This quarterly dividend payment relates to the government's $10 billion investment in Merrill Lynch & Co, Inc. made under the Capital Purchase Program of TARP.
The cash dividend of $500 per share, or total of approximately $400 million, on the Fixed Rate Cumulative perpetual Preferred Stock, Series R, is payable on August 17, 2009 to the shareholder of record, the Treasury Department, as of July 31, 2009. This quarterly dividend payment relates to the governments $20 billion investment in Bank of America on January 16, 2009 under TARP.
For those who thought the banks would not pay back the money they borrowed they definitely are. Living up to your financial contract is everyone's responsibility. Whether you borrower money to buy house or use your credit cards you need to make your payments. Where there is a will there is a way. The banks are leading by example. Are you?
Dividends related to the government's investment in the company under TARP include the following:
The cash dividend of $312.50 per share, or a total of approximately $188 million, on the Fixed Rate Cumulative Perpetual Preferred Stock, Series N, is payable on August 17, 2009 to the U.S. Department of the Treasury, the shareholder of record, as of July 31, 2009. This quarterly dividend payment relates to the government's $15 billion investment in Bark of America made under the Capital Purchase Program of TARP.
The cash dividend of $312.50 per share, or a total of approximately $125 million, on the Fixed Rate Cumulative Perpetual Preferred Stock, Series Q, is payable on August 17, 2009 to the shareholder of record, the Treasury Department, as of July 31, 2009. This quarterly dividend payment relates to the government's $10 billion investment in Merrill Lynch & Co, Inc. made under the Capital Purchase Program of TARP.
The cash dividend of $500 per share, or total of approximately $400 million, on the Fixed Rate Cumulative perpetual Preferred Stock, Series R, is payable on August 17, 2009 to the shareholder of record, the Treasury Department, as of July 31, 2009. This quarterly dividend payment relates to the governments $20 billion investment in Bank of America on January 16, 2009 under TARP.
For those who thought the banks would not pay back the money they borrowed they definitely are. Living up to your financial contract is everyone's responsibility. Whether you borrower money to buy house or use your credit cards you need to make your payments. Where there is a will there is a way. The banks are leading by example. Are you?
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