NEW YORK (Reuters) - Bank of America Corp (BAC.N: Quote, Profile, Research), the largest U.S. retail bank, said on Wednesday its board authorized spending up to $3.75 billion over the next 12 to 18 months to buy back as many as 75 million shares.
The authorization comes even as many lenders halt share repurchases to conserve capital. Bank of America itself bought back no stock in the second quarter, when rising credit losses led to a 41 percent decline in profit to $3.41 billion.
afternoon trading, they were up 66 cents at $33.01 on the New York Stock Exchange.

Bank of America - is keeping its dividend of $0.64, putting to rest (for now) fears that the bank would cut it. BAC also announced a 75 million share repurchase program which is permitted to spend $3.75 billion over 12 to 18 months. The program replaces an expiring auhtorization program from 2007 for 200 million share.
BAC insists it has plenty of capital, and now it's putting more money where it's mouth is. BAC's dividend has an 8.6% annual yield, and, as Tom Hutchison at Motley Fool noted in June, it's now paying more in dividends than it earns:
In Consumer Train Wreck

SAN FRANCISCO, Jul 24, 2008 (Thomson Financial via COMTEX) - BAC | Quote | Chart | News | PowerRating -- Bank of America Corp. on Wednesday approved a 75 million-share repurchase program, authorizing management to spend up to $3.75 billion over the next 12 to 18 months.
The program replaces the expiring January 2007 buyback authorization of 200 million shares.
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