NEW YORK ( TheStreet)-- Bank of America ( BAC) passed the Federal Reserve "stress test," results of which were announced after the market closed Tuesday, though the bank is not expected to raise its dividend or buy back shares since management had said it would not seek permission to do so.

Bank of America spokesmen did not respond to an email message on Tuesday seeking comment on the stress test and the bank's capital plans.

The Federal Reserve "stress test," or Comprehensive Capital Analysis and Review, is an annual test of the balance sheets of banks with more than $50 billion in assets. The test, mandated by 2010 Dodd Frank financial reform legislation, is meant to predict the ability of the largest U.S. banks to withstand an economic and market meltdown worse than that experienced after Lehman Brothers filed for bankruptcy in 2008.

Bank of America shares rallied late in the trading day after JPMorgan Chase ( JPM) surprised the markets with an early announcement that it would raise its quarterly dividend to 30 cents from 25 cents.

That announcement caused a big rally in bank stocks and the broader market in late trading Tuesday. However, the results released by the Fed offered a more ambiguous picture, with banks including Citigroup ( C) SunTrust ( STI) Ally Financial ( C) showing they will need to raise additional capital--diluting shareholders--in order to meet regulatory requirements.

-- Written by Dan Freed in New York. Follow this writer on Twitter.

Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.

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