July 22, 2014 | Updated 12:02pm

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Thursday, July 10, 2014, 11:23am

WSJ: BofA Resubmits Request For Dividend Increase

Bank of America Corp. has asked regulators to approve a higher quarterly dividend of 5 cents per share after it withdrew a previously planned increase in April, the Wall Street Journal reported on Wednesday, citing people familiar with the matter.

The bank withdrew its previously planned increase to 5 cents from 1 cent per share, after it found errors that reduced a key capital level by $4 billion.

The second-largest U.S. bank said it had resubmitted its new capital plan in May but did not provide details.

In the latest proposal, the bank is seeking approval for a smaller share buyback than proposed in April, the Journal reported, without providing a figure.

The bank had sought to buy back $4 billion of shares.

The Federal Reserve has until about Aug. 10 to rule on the bank's request, the paper said.

The previously planned dividend increase would have been the first for the bank since the financial crisis, and raising it has been a focus of top executives.

BofA shares were down 1.4 percent at $15.38 in premarket trading on Thursday. Up to Wednesday's close, they had fallen about 1.5 percent in the last month.


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