February 24, 2010 (FinancialWire) — Bank of America (NYSE: BAC) said that its shareholders approved a proposal to increase the number of authorized common shares to 11.3 billion from 10 billion during a special meeting on February 23.

The company said that around 80 percent of the company’s shares voted on the proposal, with more than 76 percent voting in favor of the proposal.

The approval means the common equivalent securities issued in December as part of the repayment of the U.S. government’s investment in the company through the Troubled Asset Relief Program automatically will convert into 1.286 billion shares of common stock at 9: 30 a.m. ET on February 24, and holders of the common equivalent securities will become holders of common stock on a one-for-one basis.

At the same time, related contingent warrants will expire without having become exercisable, and the common equivalent securities will cease to exist. Trading of the common equivalent securities on the New York Stock Exchange will be suspended before the market opens on February 24.

North Carolina-based Bank of America serves around 59 million consumer and small business relationships with 6,000 retail banking offices, ATMs and online banking.

The company is also engaged in corporate and investment banking and trading across a range of asset classes, serving corporations, governments, institutions and individuals around the world. The company serves clients in more than 150 countries.

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