IN BRIEF : BofA Issues 1st Dividend in 2 Years
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BankAmerica Corp., continuing its turnaround, today announced its first quarterly dividend in more than two years.
The common stock dividend of 15 cents per share was ordered by the company’s board of directors, meeting here rather than at the San Francisco headquarters of the holding company for Bank of America.
Dividends were also declared for preferred stock.
Last month, the company reported a year-end profit of $726 million, or $3.79 a share, in contrast with a $955-million loss the previous year. The bank had been hurt by losses on Third World loans, and the 1987 loss included a $1.1-billion second-quarter addition to its loan-loss reserve.
The common stock dividend is payable March 10 to stockholders of record Feb. 23.
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