Bank of America Announces Partial Redemption of Depositary Shares Representing Interests in Its Fixed-to-Floating Rate Non-Cu...
02 Juillet 2019 - 10:30PM
Business Wire
Bank of America Corporation announced today that it will redeem
51,755 shares out of a total of 60,000 shares outstanding 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
August 2, 2019.
Of the total 1,500,000 Series V Depositary Shares outstanding,
1,293,875 Series V Depositary Shares, each representing a 1/25th
interest in one share of the Series V Preferred Stock, will be
redeemed on August 2, 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 $7.40760 per depositary share, for a total amount payable
upon redemption of $1,007.40760 per depositary share. Such Series V
Depositary Shares to be redeemed will be selected by lottery in
accordance with the procedures of The Depository Trust Company
(DTC). Dividends on the redeemed depositary shares will cease to
accrue on the redemption date.
The Series V Depositary Shares not selected for redemption will
remain outstanding after the redemption date and will continue to
accrue dividends as set forth in the certificate of designations
governing the Series V Preferred Stock and the deposit agreement
governing the Series V Depositary Shares, with regular dividends on
such shares for the quarterly dividend period from and including
June 17, 2019 to but excluding September 17, 2019, if declared, to
be paid on September 17, 2019 to holders of record on September 1,
2019, in the customary manner.
The Series V Depositary Shares are held through 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
4,400 retail financial centers, including approximately 1,800
lending centers, 2,200 financial centers with a Consumer Investment
Financial Solutions Advisor, and 1,500 business centers;
approximately 16,400 ATMs, and award-winning digital banking with
more than 37 million active users, including over 27 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/20190702005627/en/
Investors May Contact: Lee McEntire, Bank of America,
1.980.388.6780 Jonathan G. Blum, Bank of America (Fixed Income),
1.212.449.3112
Reporters May Contact: Lawrence Grayson, Bank of America,
1.704.995.5825 lawrence.grayson@bankofamerica.com
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