CHARLOTTE, N.C., May 16, 2024
/PRNewswire/ -- Bank of America Corporation announced today that it
will redeem all outstanding shares of its Fixed-to-Floating Rate
Non-Cumulative Preferred Stock, Series JJ (CUSIP No. 060505FN9),
liquidation preference $25,000 per
share (the "Series JJ Preferred Stock"), and the corresponding
depositary shares each representing a 1/25th interest in
a share of the Series JJ Preferred Stock (CUSIP No. 060505FP4) (the
"Series JJ Depositary Shares"). Bank of America also
announced today that it will redeem all outstanding shares of its
Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series U
(CUSIP No. 060505EE0), liquidation preference $25,000 per share (the "Series U Preferred
Stock"), and the corresponding Depositary Shares, each representing
a 1/25th interest in a share of Series U Preferred Stock
(CUSIP No. 060505ED2) (the "Series U Depositary Shares").
The Series JJ Depositary Shares will be redeemed simultaneously
with the Series JJ Preferred Stock on the upcoming dividend payment
date on June 20, 2024 (the "Series JJ
Redemption Date"), at a redemption price of $1,000 per depositary share. Declared dividends
of $25.625 per depositary share in
respect of the outstanding Series JJ Depositary Shares for the full
current semi-annual dividend period from, and including,
December 20, 2023 to, but excluding,
June 20, 2024 will be paid separately
on June 20, 2024, to holders of
record on June 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
Series JJ Depositary Shares will cease to accrue on the Series JJ
Redemption Date.
The Series U Depositary Shares will be redeemed on June 17, 2024 (the "Series U Redemption Date"),
simultaneously with the Series U Preferred Stock, at a redemption
price of $1,000 per depositary share,
plus dividends that have accrued but have not been paid in respect
of such depositary shares for the dividend period in which the
Series U Redemption Date occurs to, but excluding, the Series U
Redemption Date (the "Series U Redemption Price"). Regular
dividends in respect of the Series U Depositary Shares for the full
current quarterly dividend period beginning on March 1, 2024 to, but excluding, June 3, 2024 have been declared and will be paid
separately on June 3, 2024, to
holders of record on May 15, 2024, in
the customary manner. As noted above, accrued but unpaid
dividends in respect of the Series U Depositary Shares from, and
including, June 3, 2024 to, but
excluding, the Series U Redemption Date, will be included in the
Series U Redemption Price. Dividends in respect of the redeemed
Series U Depositary Shares will cease to accrue on the Series U
Redemption Date.
The Series JJ Depositary Shares and Series U 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 Series JJ Depositary Shares and the
Series U 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 Series JJ
Preferred Stock or the deposit agreement governing the Series JJ
Depositary Shares or under the certificate of designation governing
the Series U Preferred Stock or the deposit agreement governing the
Series UU Depositary Shares.
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 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 57 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 4 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 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 under Item 1A. "Risk Factors" in
our Annual Report on Form 10-K for the year ended December 31, 2023, and in any of our 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
and register for news email alerts.
www.bankofamerica.com
Investors May Contact:
Lee McEntire, Bank of America
Phone: 1.980.388.6780
lee.mcentire@bofa.com
Jonathan G. Blum, Bank of America
(Fixed Income)
Phone: 1.212.449.3112
jonathan.blum@bofa.com
Reporters May Contact:
Bill Halldin, Bank of America
Phone: 1.916.724.0093
william.halldin@bofa.com
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SOURCE Bank of America Corporation