CHARLOTTE, N.C., July 2 /PRNewswire/ -- Bank of America Corporation today said the Board of Directors has authorized approximately $713 million in dividend payments to the U.S. government under the Troubled Asset Relief Program (TARP).

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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 Bank 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 a 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 government's $20 billion investment in Bank of America on January 16, 2009 under TARP.

Separately, the board of directors also authorized the following dividends on Bank of America preferred stock:

A quarterly cash dividend of $0.38775 per depositary share on the 6.204 percent Non-Cumulative Preferred Stock, Series D, is payable on September 14, 2009 to shareholders of record as of August 31, 2009.

A quarterly cash dividend of $0.255560 per depositary share on the Floating Rate Non-Cumulative Preferred Stock, Series E, is payable on August 17, 2009 to shareholders of record as of July 31, 2009.

A quarterly cash dividend of $0.5125 per depositary share on the 8.20 percent Non-Cumulative Preferred Stock, Series H, is payable on August 3, 2009 to shareholders of record as of July 15, 2009.

A quarterly cash dividend of $0.4140625 per depositary share on the 6.625 percent Non-Cumulative Preferred Stock, Series I, is payable on October 1, 2009 to shareholders of record as of September 15, 2009.

A quarterly cash dividend of $0.453125 per depositary share on the 7.25 percent Non-Cumulative Preferred Stock, Series J, is payable on August 3, 2009 to shareholders of record as of July 15, 2009.

A semi-annual cash dividend of $40.00 per depositary share on the Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series K, is payable July 30, 2009 to shareholders of record as of July 15, 2009.

A quarterly cash dividend of $0.1916170 per depositary share on the Floating Rate Non-Cumulative Preferred Stock, Series 1, is payable on August 28, 2009 to shareholders of record as of August 15, 2009.

A quarterly cash dividend of $0.1916170 per depositary share on the Floating Rate Non-Cumulative Preferred Stock, Series 2, is payable on August 28, 2009 to shareholders of record as of August 15, 2009.

A quarterly cash dividend of $0.3984375 per depositary share on the 6.375 percent Non-Cumulative Preferred Stock, Series 3, is payable on August 28, 2009 to shareholders of record as of August 15, 2009.

A quarterly cash dividend of $0.255560 per depositary share on the Floating Rate Non-Cumulative Preferred Stock, Series 4, is payable on August 28, 2009 to shareholders of record as of August 15, 2009.

A quarterly cash dividend of $0.255560 per depositary share on the Floating Rate Non-Cumulative Preferred Stock, Series 5, is payable on August 21, 2009 to shareholders of record as of August 1, 2009.

A quarterly cash dividend of $0.418750 per depositary share on the 6.70 percent Non-Cumulative Perpetual Preferred Stock, Series 6, is payable on September 30, 2009 to shareholders of record as of September 15, 2009.

A quarterly cash dividend of $0.390625 per depositary share on the 6.25 percent Non-Cumulative Perpetual Preferred Stock, Series 7, is payable on September 30, 2009 to shareholders of record as of September 15, 2009.

A quarterly cash dividend of $0.5390625 per depositary share on the 8.625 percent Non-Cumulative Preferred Stock, Series 8, is payable on August 28, 2009 to shareholders of record as of August 15, 2009.

The Merrill Lynch board of directors declared the following dividends on Merrill Lynch preferred stock:

A quarterly cash dividend of $2,250 per share on the Merrill Lynch 9 percent Non-Voting Mandatory Convertible Non-Cumulative Preferred Stock, Series 2, is payable on August 28, 2009 to shareholders of record as of August 15, 2009.

A quarterly cash dividend of $2,250 per share on the Merrill Lynch 9 percent Non-Voting Mandatory Convertible Non-Cumulative Preferred Stock, Series 3, is payable on August 28, 2009 to shareholders of record as of August 15, 2009.

Bank of America

Bank of America is one of the world's largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 55 million consumer and small business relationships with more than 6,100 retail banking offices, more than 18,500 ATMs and award-winning online banking with nearly 30 million active users. Bank of America is among the world's leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to more than 4 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients in more than 150 countries. Bank of America Corporation stock (NYSE: BAC) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange.

www.bankofamerica.com

SOURCE Bank of America