This is a pretty strong vote in favor of B of A's balance sheet...
Bank of America Chairman Holliday Buys $378,150 Of Stock >BAC
Nov 10, 2010 09
By David Benoit
Of DOW JONES NEWSWIRES
NEW YORK (Dow Jones)--Bank of America Corp.'s (BAC) Chairman, Charles Holliday, recently more than doubled his holdings in the bank, spending $378,150 in the process.
The chairman bought 30,000 shares in two separate moves, raising his personal stake to 54,650, according to a filing Wednesday. Half the shares were purchased at $12.62 a share and the other half at $12.59.
Separately, Bank of America board member Robert Scully, a former deal-making banker at Morgan Stanley (MS), purchased 39,500 shares, at $12.45 each, a $491,715 value which went into a trust. Scully now holds 77,655 shares, though the new purchase is considered an indirect holding, according to the filing.
Bank of America shares, which were up a fraction in premarket trading to $12.35, have lost 19% this year. But the shares are up 7.2% in November as financial stocks have rallied following a series of news events in the U.S. including the midterm elections and the Federal Reserve's decision to increase its direct actions to help the economy.
Holliday has only been chairman of the banking giant since April of this year after joining the company's board amid the government-forced shakeup in 2009. Holliday, who had once led chemical giant E.I. DuPont de Nemours & Co. (DD) as chief executive, took over the chairman role of Bank of America after helping select as chief executive Brian Moynihan. Kenneth Lewis held both roles until holders voted to split them in 2009.
-By David Benoit, Dow Jones Newswires; 212-416-2458; [email protected]
(END) Dow Jones Newswires
November 10, 2010 09:10 ET (14:10 GMT)