Wells Fargo & Company Announces Full Redemption of its Series Q Preferred Stock and Related Depositary Shares
August 10 2023 - 8:00AM
Business Wire
Wells Fargo & Company (NYSE: WFC) today announced that on
Sept. 15, 2023, it will redeem all 69,000 shares (the “Redeemed
Series Q Preferred Shares”) of its 5.85% Fixed-to-Floating Rate
Non-Cumulative Perpetual Class A Preferred Stock, Series Q (the
“Series Q Preferred Stock”). The redemption of the Redeemed Series
Q Preferred Shares will trigger the redemption of the 69,000,000
shares of the related depositary shares (the “Redeemed Series Q
Depositary Shares”), each representing a 1/1,000 interest in a
share of Series Q Preferred Stock (the “Series Q Depositary
Shares”) (NYSE: WFC.PRQ). The redemption price will be equal to
$25,000.00 per Redeemed Series Q Preferred Share and $25.00 per
Redeemed Series Q Depositary Share. After giving effect to the
redemption, no shares of the Series Q Preferred Stock or the Series
Q Depositary Shares will remain outstanding.
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Facade of a Wells Fargo bank branch in
Manhattan (Photo: Wells Fargo)
Because the redemption date is also a dividend payment date for
the Series Q Preferred Stock and the Series Q Depositary Shares,
the redemption prices noted herein do not include declared and
unpaid dividends. Regular quarterly dividends will be paid
separately in the customary manner on Sept. 15, 2023, to holders of
record at the close of business on Aug. 31, 2023.
All regulatory requirements relating to the redemption of the
Redeemed Series Q Preferred Shares and Redeemed Series Q Depositary
Shares have been satisfied by Wells Fargo & Company. The
redemption agent is Equiniti Trust Company, LLC, 1110 Centre Pointe
Curve, Suite 101, Mendota Heights, Minnesota 55120. Payment of the
redemption price for the Redeemed Series Q 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 leading financial
services company that has approximately $1.9 trillion in assets,
proudly serves one in three U.S. households and more than 10% of
small businesses in the U.S., and is a leading middle market
banking provider in the U.S. We provide a diversified set of
banking, investment and mortgage products and services, as well as
consumer and commercial finance, through our four reportable
operating segments: Consumer Banking and Lending, Commercial
Banking, Corporate and Investment Banking, and Wealth &
Investment Management. Wells Fargo ranked No. 47 on Fortune’s 2023
rankings of America’s largest corporations. In the communities we
serve, the company focuses its social impact on building a
sustainable, inclusive future for all by supporting housing
affordability, small business growth, financial health, and a
low-carbon economy. News, insights, and perspectives from Wells
Fargo are also available at Wells Fargo Stories.
Additional information may be found at www.wellsfargo.com |
Twitter: @WellsFargo
News Release Category: WF-CF
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version on businesswire.com: https://www.businesswire.com/news/home/20230810084126/en/
Media Beth Richek, 704-374-2545
beth.richek@wellsfargo.com
Investor Relations Tanya Quinn, 415-396-7495
tanya.quinn@wellsfargo.com
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