Bank of America Corporation has announced its intention to redeem all outstanding shares of its Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series JJ and the corresponding depositary shares each representing a 1/25th interest in a share of the Series JJ Preferred Stock. The bank also stated that it will redeem all outstanding shares of its Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series U and the corresponding Depositary Shares, each representing a 1/25th interest in a share of Series U Preferred Stock.
The redemption of the Series JJ Depositary Shares will occur simultaneously with the Series JJ Preferred Stock on June 20, 2024. The redemption price is set at $1,000 per depositary share. Declared dividends for the full current semi-annual dividend period from December 20, 2023 to June 20, 2024 will be paid separately on June 20, 2024.
The Series U Depositary Shares will be redeemed on June 17, 2024 concurrently with the Series U Preferred Stock. The redemption price is also $1,000 per depositary share plus accrued but unpaid dividends for the dividend period in which the redemption date occurs.
Both series of depositary shares are held through The Depository Trust Company (DTC) and will be redeemed following DTC's applicable procedures. Computershare Inc. and Computershare Trust Company, N.A., collectively acting as redemption agent, will make payment to DTC for both series of depositary shares.
Bank of America is one of the world’s leading financial institutions offering a wide range of banking, investing, asset management and other financial and risk management products and services. It serves individual consumers, small and middle-market businesses as well as large corporations around the globe.