Most board members in June received restricted stock worth approximately $36,000, meaning that even the lowest-paid board member will now make nearly $280,000 a year.

A bank spokesman pointed out that most of its board members haven’t received a raise since 2006 and that their responsibilities have increased greatly since then. Bank of Americaboard members earn more than the median pay for other companies in the S&P 500, but their base pay was less than that of directors at some other big banks.

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