In his latest move to show support of his bank, Bank of America Corp. Chief Executive Ken Lewis spent almost a million dollars this week to buy additional shares of his struggling bank, which is Connecticut’s largest out-of-state bank.
Lewis also told employees in a memo that the bank’s board, “unanimously endorsed our business model, strategic direction and the team,” at its regular meeting on Jan. 28.
The moves are Lewis’ latest effort to convince employees, investors and the board that he and his management team can lead it out of its current crisis.
Lewis purchased 200,000 shares for $958,340 on Wednesday, according to a filing with the Securities and Exchange Commission on Thursday. It’s the second time in recent weeks that Lewis has pumped his own money into the Charlotte, N.C.-based bank. Two weeks ago, he bought 200,000 shares for $1.2 million.
At 11 a.m., Bank of America shares traded at $5.56, up 72 cents, or 15 percent. (AP)
