Bank of America Announces Full Redemption of Depositary Shares Representing Interests in Its 6.500% Non-Cumulative Preferred ...
December 18 2019 - 4:15PM
Business Wire
Bank of America Corporation announced today that it will redeem
all outstanding shares of its 6.500% Non-Cumulative Preferred
Stock, Series Y (the “Series Y Preferred Stock”) and the
corresponding depositary shares representing fractional interests
in the Series Y Preferred Stock (the “Series Y Depositary Shares”)
on January 27, 2020.
All 44,000,000 Series Y Depositary Shares (NYSE: BAC PrY) (CUSIP
No. 060505310), each representing a 1/1,000th interest in one share
of the Series Y Preferred Stock, will be redeemed on the dividend
payment date on January 27, 2020 simultaneously with the redemption
of the Series Y Preferred Stock at a redemption price of $25 per
depositary share. Declared dividends of $0.40625 per depositary
share on the outstanding Series Y Depositary Shares for the full
current quarterly dividend period will be paid separately on
January 27, 2020 to holders of record on January 1, 2020, in the
customary manner. Accordingly, the redemption price of $25 per
depositary share does not include any accrued and unpaid dividends,
and dividends on the redeemed depositary shares will cease to
accrue on the redemption date.
The Series Y 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 Y 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 Y 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 2,400
lending centers, 2,600 financial centers with a Consumer Investment
Financial Solutions Advisor and 1,900 business centers;
approximately 16,600 ATMs; and award-winning digital banking with
nearly 38 million active users, including approximately 29 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
approximately 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
and register for news email alerts.
www.bankofamerica.com
View source
version on businesswire.com: https://www.businesswire.com/news/home/20191218005736/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
Bank of America (NYSE:BAC)
Historical Stock Chart
From Aug 2024 to Sep 2024
Bank of America (NYSE:BAC)
Historical Stock Chart
From Sep 2023 to Sep 2024