BANKAMERICA BOARD INCREASES PREFERRED STOCK REPURCHASE AUTHORIZATION TO $750 MILLION FROM $500 MILLION.SAN FRANCISCO--(BUSINESS WIRE)--October 3, 1995--BankAmerica Corporation (NYSE NYSE See: New York Stock Exchange : BAC BAC abbr. blood alcohol concentration ) today announced that its Board of Directors has authorized the repurchase or redemption of up to an additional $250 million of the corporation's outstanding preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. . BankAmerica announced a common and preferred stock repurchase program on February 6, 1995. Yesterday's action increased the total number of shares of preferred stock that may be repurchased or redeemed between February 6, 1995 and the end of 1996 to $750 million. From the inception of the program through September 30, 1995, the corporation has repurchased or redeemed approximately $202 million of its preferred stock. The terms of the common stock repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. program previously announced remain unchanged. The corporation is authorized to buy back approximately $1.9 billion of its common stock by the end of 1997. Through September 30, 1995, purchases pursuant to the February 1995 authorization totaled 13 million shares of common stock at an average per-share price of $51.58. In other action, the Board yesterday named David A. Coulter, President of BankAmerica Corporation and Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. NT&SA, to the boards of directors of the corporation and the bank. CONTACT: Peter Magnani, 415/953-2418 or 415/407-9214 |
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