January 28, 2010 (FinancialWire) — Bank of America’s (NYSE: BAC) board of directors has declared a regular quarterly cash dividend on Bank of America common stock of $0.01 per share, payable on March 26, 2010 to shareholders of record as of March 5, 2010.

The board also declared a regular quarterly cash dividend of $1.75 per share on the firm’s seven percent Cumulative Redeemable preferred stock, series B. The dividend is payable on April 23, 2010 to shareholders of record as of April 9, 2010.

In addition, the board declared an initial quarterly cash dividend on its Common Equivalent Junior preferred stock, Series S. To the extent that shares of the Series S preferred stock are outstanding on March 5, 2010, the initial quarterly cash dividend will be payable on March 26, 2010 to shareholders of record as of March 5, 2010.

The cash dividend on each of these shares will be payable in an amount equal to $0.01 multiplied by the number of shares of common stock into which a share of the Series S preferred stock is convertible on March 5, 2010. The current conversion rate is 1,000 shares of common stock for each share of Series S preferred stock.

Charlotte, North Carolina-based Bank of America operates 6,000 retail banking offices and more than 18,000 AT

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