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  • Bank of America Corp. (NYSE:BAC) Amends Results for FIA Card Services

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    Tuesday Feb 22, 2011 at 10:49 am EST
    Bank of America Corp. (NYSE:BAC) Amends Results for FIA Card Services
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    Bank of America Corp. (NYSE:BAC) has amended previously filed call reports for 2009 and 2010 for its FIA Card Services, N.A. (FIA) subsidiary. FIA is the legal entity that includes Bank of America's credit card operations.

    The restatement, which resulted from changes to processes covering legal entities implemented in 2010, covers eight quarterly periods of 2009 and 2010, and is in call reports filed with the Office of the Comptroller of the Currency and the FDIC this month.

    The restatement involves a non-cash, non-tax deductible charge related to a $20.3 billion goodwill impairment at FIA, which has now been recorded for that legal entity for the first half of 2009. The goodwill writedown was caused by deteriorating credit quality and the adverse impact from The CARD Act on Bank of America's credit card operations in 2009. Included in the amended call reports was the reversal of a $10.4 billion writedown of goodwill taken at FIA during 2010.

    Shares of Bank of America Corp. (NYSE:BAC) are trading at $14.45 at support level of $14.38. Major support points for Bank of America Corp. (NYSE:BAC) below current price are at $13.76, $13.37, $12.5, $11.95 and at $11.6. Resistance levels above current price are at $14.93 and $15.57.

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