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Wednesday, May 22, 2013 | 12:53 p.m.

Posted: 10:21 p.m. Thursday, March 14, 2013

BoA stock jumps after news of feds accepting capital plan

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Bank of America  photo
Bank of America

CHARLOTTE, N.C. —

Bank of America stock skyrocketed after the market closed Thursday night.

Investors are responding to the news that the Federal Reserve accepted its capital plan.

The bad news is there will be no dividend increase for shareholders this year, but experts said that should come next year.

"The good news is that it does pave the way for subsequent shareholder advances from the bank to its shareholders in the way of a future increase in dividends," said banking expert Tony Plath.

Plath said the bank needs to increase its profit before it can increase dividends to shareholders.

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