CHARLOTTE, N.C., Feb. 5, 2025
/PRNewswire/ -- Bank of America Corporation announced today that it
will redeem all outstanding shares of its Fixed-to-Floating Rate
Non-Cumulative Preferred Stock, Series AA (CUSIP No. 060505EP5),
liquidation preference $25,000 per
share (the "Preferred Stock"), and the corresponding depositary
shares each representing a 1/25th interest in a share of
the Preferred Stock (CUSIP No. 060505EN0) (the "Depositary
Shares").
The Depositary Shares will be redeemed simultaneously with the
Preferred Stock on the upcoming dividend payment date on
March 17, 2025 (the "Redemption
Date"), at a redemption price of $1,000 per depositary share. Declared dividends
of $30.50 per depositary share in
respect of the outstanding Depositary Shares for the full current
semi-annual dividend period from, and including, September 17, 2024 to, but excluding,
March 17, 2025 will be paid
separately on March 17, 2025, to
holders of record on March 1, 2025,
in the customary manner. Accordingly, the redemption price of
$1,000 per depositary share does not
include any accrued and unpaid dividends. Dividends on the redeemed
Depositary Shares will cease to accrue on the Redemption Date.
The Depositary Shares are held through The Depository Trust
Company ("DTC") and will be redeemed in accordance with the
applicable procedures of DTC.
Payment to DTC for the Depositary Shares will be made by
Computershare Inc. and Computershare Trust Company, N.A.,
collectively, as redemption agent. The address for the redemption
agent is as follows:
Computershare Trust Company, N.A.
Attn: Corporate Actions
150 Royall St.
Canton, MA 02021
This press release does not constitute a notice of redemption
under the certificate of designation governing the Preferred Stock
or the deposit agreement governing the Depositary Shares.
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 69 million consumer and small business clients with
3,700 retail financial centers, approximately 15,000 ATMs
(automated teller machines) and award-winning digital banking with
approximately 58 million verified digital 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 4 million small business households 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 is listed on
the New York Stock Exchange (NYSE: BAC).
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 under Item 1A. "Risk Factors" in
our Annual Report on Form 10-K for the year ended December 31, 2023, and in any of our 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.
Investors May Contact:
Lee McEntire, Bank of America
Phone: 1.980.388.6780
lee.mcentire@bofa.com
Jonathan G. Blum, Bank of America
(Fixed Income)
Phone: 1.212.449.3112
jonathan.blum@bofa.com
Reporters May Contact:
Jocelyn Seidenfeld, Bank of
America
Phone: 1.646.743.3356
jocelyn.seidenfeld@bofa.com
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SOURCE Bank of America Corporation