General Motors declares preferred stock dividend

DETROIT (AP) — General Motors will pay a quarterly dividend of about 64.7 cents a share on its Series B convertible preferred stock, the company said Wednesday.

GM's board approved the dividend for part of last year's fourth quarter and this year's first quarter. It is payable March 1 to holders of the stock as of Feb. 15.

The quarterly dividend payment totals about $64.7 billion, GM said in a statement.

GM sold 100 million Series B junior convertible shares as part of a November initial public stock offering. The shares sold for $50 each and netted the company roughly $5 billion. The convertible shares become shares of common stock on Dec. 1, 2013, unless they're …