Dodge & Cox increases its stake in Wachovia
Wachovia Corp.'s largest shareholder has increased its investment in the Charlotte bank, according to securities filings.
San Francisco-based mutual fund firm Dodge & Cox owned 188.9 million shares at the end of June, equal to 8.75 percent of the bank's total shares, according to a filing Thursday. That was up from 124.9 million shares and a 6.3 percent stake as of March 31.
Although Dodge & Cox now owns more shares, the value of the firm's Wachovia holdings has fallen to $2.9billion from $3.4billion as the bank's share price has slipped. Wachovia shares fell 1.5 percent Friday to close at $15.57.
Wachovia and Dodge & Cox declined comment.
Account holders help BofA help Olympians
Bank of America customers have opened tens of thousands of Olympic-themed accounts supporting the U.S. team, a bank spokesman says.
The bank donates a portion of money to the U.S. team's training program when customers open an account or make transactions with one of the bank's Olympic-themed checks, credit cards or debit cards. The bank does not yet know how much money has been donated, bank spokesman Joe Goode said.
The bank's accounts, which were launched in April, will continue beyond the Olympics. Users of the cards can earn points toward travel, hotels and Olympic memorabilia, such as a softball glove signed by U.S. Olympic athlete Jennie Finch.
Bank of America has been an official sponsor of the U.S. Olympic team since 1992 and is considered a partner company – the highest level of domestic sponsorship. Other partners include General Motors, Anheuser-Busch and AT&T.