Wells Fargo & Company Announces Partial Redemption of Its Series T Preferred Stock and Related Depositary Shares
February 12 2020 - 8:00AM
Business Wire
Wells Fargo & Company (NYSE: WFC) today announced that on
March 16, 2020, it will redeem 26,720 shares (the “Redeemed
Preferred Shares”) of its Non-Cumulative Perpetual Class A
Preferred Stock, Series T (the “Series T Preferred Stock”). The
redemption of the Redeemed Preferred Shares will trigger the
redemption of 26,720,000 shares of the related depositary shares
(the “Redeemed Depositary Shares”), each representing a 1/1,000th
interest in a share of Series T Preferred Stock (the “Series T
Depositary Shares”). The Redeemed Depositary Shares will be
selected in accordance with the standard procedures of The
Depository Trust Company.
The redemption price will be equal to $25,000.00 per Redeemed
Preferred Share and $25.00 per Redeemed Depositary Share. After
giving effect to the partial redemption, 5,280 shares of the Series
T Preferred Stock and 5,280,000 shares of the Series T Depositary
Shares will remain outstanding.
Because the redemption date is also a dividend payment date for
the Series T Preferred Stock and Series T Depositary Shares, the
redemption price does not include declared and unpaid dividends.
Regular quarterly dividends in the amount of $375.00 per share of
Series T Preferred Stock, or $0.375 per share of Series T
Depositary Shares, will be paid separately in the customary manner
on March 16, 2020 to holders of record at the close of business on
February 28, 2020.
All regulatory requirements relating to the redemption of the
Redeemed Preferred Shares and Redeemed Depositary Shares have been
satisfied by Wells Fargo & Company. The redemption agent is
Equiniti Trust Company, 1110 Centre Pointe Curve, Suite 101,
Mendota Heights, Minnesota 55120. Payment of the redemption price
for the Redeemed Depositary Shares will be sent to holders by the
redemption agent on the redemption date.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified,
community-based financial services company with $1.9 trillion in
assets. Wells Fargo’s vision is to satisfy our customers’ financial
needs and help them succeed financially. Founded in 1852 and
headquartered in San Francisco, Wells Fargo provides banking,
investment and mortgage products and services, as well as consumer
and commercial finance, through 7,400 locations, more than 13,000
ATMs, the internet (wellsfargo.com) and mobile banking, and has
offices in 32 countries and territories to support customers who
conduct business in the global economy. With approximately 260,000
team members, Wells Fargo serves one in three households in the
United States. Wells Fargo & Company was ranked No. 29 on
Fortune’s 2019 rankings of America’s largest corporations.
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version on businesswire.com: https://www.businesswire.com/news/home/20200212005198/en/
Media Ancel Martinez, 415-222-3858
Ancel.Martinez@wellsfargo.com Investor Relations John
Campbell, 415-396-0523 John.M.Campbell@wellsfargo.com
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