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John Peterson, File, Associated Press
FILE - In this May 2, 2016, file photo, Berkshire Hathaway Chairman and CEO Warren Buffett is interviewed in Omaha, Neb. Buffett's Berkshire Hathaway is buying 700 million shares in Bank of America, making Buffett the largest shareholder in two of the nation's largest banks.

NEW YORK — Warren Buffett's Berkshire Hathaway is buying 700 million shares in Bank of America, making Buffett the largest shareholder in two of the nation's largest banks.

Berkshire said Friday that it will convert warrants purchased in Bank of America back in 2011, when the bank was struggling following the financial crisis, into common shares in the bank. The 700 million-share stake in the bank will make Berkshire the largest shareholder in Bank of America, exceeding mutual fund giant Vanguard.

Buffett is also the largest shareholder in Wells Fargo.

Buffett said in his annual shareholder letter that he would convert his warrants in Bank of America to common stock if the bank were ever to raise its annual dividend above 44 cents a share, which the bank did this week.