Thursday, July 27, 2000 | 10:58 a.m.
CHARLOTTE, N.C. -- Bank of America Corp., the nation's largest bank and the No. 1 bank in Nevada, said Wednesday it will buy back up to 100 million of its shares, worth about $4.8 billion at the current market price.
The buyback, which will take place over the next 18 to 24 months, represents about 6 percent of Bank of America's stock outstanding. Companies use buybacks to increase earnings per share by reducing shares outstanding.
Bank of America, Charlotte, N.C., had $51.6 billion in sales last year.
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