BofA authorizes $3.75B stock repurchase

The board at Bank of America Corp. has authorized the company to spend up to $3.75 billion to repurchase its stock.

The Charlotte-based bank (NYSE:BAC) says it will buy up to 75 million shares over the next 12 to 18 months.

The newly authorized repurchase program replaces an expiring buyback plan announced in January 2007.

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BofA stock has traded between $18.44 and $52.96 over the last year. It closed at $33.44 per share Wednesday afternoon, up from Tuesday’s close of $32.35 per share.