Bank of America Corporation announced today that it will redeem all outstanding shares of its Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series Z (CUSIP No. 060505EM2), 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. 060505EL4) (the “Depositary Shares”).
The Depositary Shares will be redeemed simultaneously with the Preferred Stock on the upcoming dividend payment date on October 23, 2024 (the “Redemption Date”), at a redemption price of $1,000 per depositary share. Declared dividends of $32.50 per depositary share in respect of the outstanding Depositary Shares for the full current semi-annual dividend period from, and including, April 23, 2024 to, but excluding, October 23, 2024 will be paid separately on October 23, 2024 to holders of record on October 1, 2024 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 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 approximately 3,800 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 four 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 thirty-five countries. Bank of America Corporation stock is listed on the New York Stock Exchange (NYSE: BAC).
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 "Risk Factors" in our Annual Report on Form K for December thirty-one two thousand twenty-three year-end filings subsequent Securities Exchange Commission filings Forward-looking statements speak only as made we undertake no obligation update reflect impact circumstances events arise after made.
Investors May Contact:
Lee McEntire
Phone: 1-980-388-6780
lee.mcentire@bofa.com
Jonathan G. Blum (Fixed Income)
Phone: 1-212-449-3112
jonathan.blum@bofa.com
Reporters May Contact:
Jocelyn Seidenfeld
Phone: 1-646-743-3356
jocelyn.seidenfeld@bofa.com
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