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Bank of America board approves $5B share repurchase program

Bank of America announced that the company's board authorized the repurchase of up to $5B of common stock, and the Federal Reserve board has informed the company that it completed its 2013 Comprehensive Capital Analysis and Review and that it did not object to the company's capital plan, including proposed capital actions. The company's 2013 capital plan did not include a request to increase the quarterly common stock dividend rate of 1c per share.