Reply #79: Bank of America CEO acquires $10.2 million stock [View All]

[54anickel]

http://today.reuters.com/news/articleinvesting.aspx?view=CN&storyID=2006-08-24T161938Z_01_N24126685_RTRIDST_0_FINANCIAL-BANKOFAMERICA-LEWIS.XML&rpc=66&type=qcna

NEW YORK, Aug 24 (Reuters) - Bank of America Corp. (BAC.N: Quote, Profile, Research) Chief Executive Kenneth Lewis this week acquired about $10.2 million of the No. 2 U.S. bank's stock after exercising stock options, a Thursday regulatory filing shows.

According to a U.S. Securities and Exchange Commission filing, Lewis, 59, on Wednesday exercised 816,000 options at $30.68 each, or about $25 million.

He then sold 621,525 of the resulting shares for about $32.6 million, at prices ranging from $52.35 to $52.65 per share, and used the net proceeds to pay taxes and related costs.

The remaining 194,475 shares are worth about $10.2 million, based on Bank of America's Wednesday closing price of $52.49.

Lewis, 59, now beneficially owns about 2.25 million Bank of America shares worth about $118 million, excluding options that may be exercised within 60 days, a bank spokesman said.

more...