American Express to revive buybacks after Fed OK
Friday, March 18, 2011; 12:57 PM
NEW YORK -- American Express Co. says it plans to revive share repurchases following approval by the Federal Reserve of its capital plan.
New York-based Amex did not reveal specifics for how many shares it plans to buy back, and said in a regulatory filing Friday it does not expect to restart its program until after its earnings release-related trading blackout ends March 31.
While some banks used the Fed approval to raise dividends, American Express does not say if it will do so. Amex maintained its 18-cent quarterly dividend throughout the economic downturn.
The credit card issuer became a bank holding company in November 2008 at the height of the financial crisis, and thus was subject to Fed review.
Amex shares rose 83 cents, or 2 percent, to $44.25 in midday trading.