Bank of America BAC Paying back TARP

Today, 4/3/09, Bank of America ( BAC ) announced that they will pay back some of the TARP. Financial stocks are surging from this news.

Bank of America to Pay $713 Million in TARP Preferred Dividends - April 3, 2009

CHARLOTTE, N.C., April 3 /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).

(Logo: http://www.newscom.com/cgi-bin/prnh/20050720/CLW086LOGO-b)

As previously announced, Bank of America paid its first dividends totaling $402 million to the U.S. Department of the Treasury in February, reflecting the company's ongoing commitment to pay back taxpayers as quickly as possible.

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 May 15, 2009 to the Treasury Department, the shareholder of record as of April 30, 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.

Full Article Here

For the latest updates on the stock market, visit, http://daytradingstockblog.blogspot.com/ or Subscribe for Free