Bank of America Announces Full Redemption of Depositary Shares Representing Interests in Its Fixed-to-Floating Rate Non-Cumul...
September 25 2019 - 4:15PM
Business Wire
Bank of America Corporation announced today that it will redeem
all outstanding shares of its Fixed-to-Floating Rate Non-Cumulative
Preferred Stock, Series V (the Series V Preferred Stock), and the
corresponding depositary shares representing fractional interests
in the Series V Preferred Stock (the Series V Depositary Shares)
(CUSIP No. 060505EG5), on October 28, 2019.
All 206,125 Series V Depositary Shares, each representing a
1/25th interest in one share of the Series V Preferred Stock, will
be redeemed on October 28, 2019 simultaneously with the redemption
of the Series V Preferred Stock at a redemption price of $1,000 per
depositary share, plus accrued and unpaid dividends for the current
dividend period to but excluding the redemption date in an amount
equal to $6.29393 per depositary share, for a total amount payable
upon redemption of $1,006.29393 per depositary share. Dividends on
the redeemed depositary shares will cease to accrue on the
redemption date.
The Series V Depositary Shares are held through The Depository
Trust Company (DTC) and will be redeemed in accordance with the
procedures of DTC. Payment to DTC for the Series V Depositary
Shares will be made by Computershare Inc. and Computershare Trust
Company, N.A., collectively, as redemption agent, in accordance
with the Deposit Agreement governing the Series V Depositary
Shares. The address for the redemption agent is as follows:
Computershare Trust Company, N.A. Attn: Corporate Actions 150
Royall St. Canton, MA 02021
Bank of America has received all necessary approvals for this
redemption.
Bank of America Bank of America is one of the world’s leading
financial institutions, serving individual consumers, small and
middle-market businesses and large corporations with a full range
of banking, investing, asset management and other financial and
risk management products and services. The company provides
unmatched convenience in the United States, serving approximately
66 million consumer and small business clients with approximately
4,300 retail financial centers, including approximately 2,200
lending centers, 2,400 financial centers with a Consumer Investment
Financial Solutions Advisor, and 1,700 business centers;
approximately 16,600 ATMs, and award-winning digital banking with
more than 37 million active users, including over 28 million mobile
users. Bank of America is a global leader in wealth management,
corporate and investment banking and trading across a broad range
of asset classes, serving corporations, governments, institutions
and individuals around the world. Bank of America offers
industry-leading support to approximately 3 million small business
owners through a suite of innovative, easy-to-use online products
and services. The company serves clients through operations across
the United States, its territories and more than 35 countries. Bank
of America Corporation stock (NYSE: BAC) is listed on the New York
Stock Exchange.
Forward-looking statements Certain information contained in this
news release may constitute “forward-looking statements” within the
meaning of the Private Securities Litigation Reform Act of 1995.
These statements are not guarantees of future results or
performance and involve certain risks, uncertainties and
assumptions difficult to predict or beyond our control. You should
not place undue reliance on any forward-looking statement and
should consider the uncertainties and risks discussed in our 2018
Annual Report on Form 10-K and subsequent Securities and Exchange
Commission filings. Forward-looking statements speak only as of the
date they are made, and we undertake no obligation to update any
forward-looking statement to reflect the impact of circumstances or
events that arise after the date the forward-looking statement was
made.
For more Bank of America news, including dividend announcements
and other important information, visit the Bank of America
newsroom. Click here to register for news email alerts.
www.bankofamerica.com
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version on businesswire.com: https://www.businesswire.com/news/home/20190925005166/en/
Investors May Contact: Lee McEntire, Bank of America,
1.980.388.6780 lee.mcentire@bofa.com
Jonathan G. Blum, Bank of America (Fixed Income), 1.212.449.3112
Jonathan.blum@bofa.com
Reporters May Contact: Lawrence Grayson, Bank of America,
1.704.995.5825 lawrence.grayson@bofa.com
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