Bank of America plans 9% dividend increase

Bank of America Corp. BAC said Wednesday that it plans to increase its dividend to 24 cents a share, from 22 cents a share, beginning in the third quarter. That’s subject to board approval, the bank said. Bank of America also reiterated that it continues a “dialogue” with the Federal Reserve to understand differences between the Fed’s results and the bank’s own Dodd-Frank Act stress-test results. Shares of Bank of America rose 0.3% in the extended session Wednesday after ending the regular trading day 0.4%. Major U.S. banks went through stress tests last week and several raised dividends and share buyback programs in…