Bank of America Makes Move to Fully Redeem Preferred Shares

Bank of America Corporation Announces Redemption of Series Z Preferred Stock

Bank of America Corporation has made a significant announcement regarding its Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series Z, which is being redeemed. This move includes all outstanding shares with a liquidation preference of $25,000 each. Accompanying this decision, the company also confirmed the simultaneous redemption of the corresponding depositary shares, which represent a 1/25th interest in a share of the Preferred Stock.

Redemption Details and Payment Structure

These depositary shares will be redeemed on the upcoming dividend payment date, defined as the Redemption Date, for a price of $1,000 each. The company is set to pay declared dividends of $32.50 per depositary share for the entire current semi-annual dividend period, which runs from April 23 to October 23 of the same year. Dividends will be issued to holders on record by October 1, ensuring a seamless transaction.

Management of Depositary Shares

The management of these depositary shares will take place through The Depository Trust Company (DTC). Redemptions will follow DTC's established procedures, facilitating the timely processing of payments. The role of redemption agent has been assigned to Computershare Inc. and Computershare Trust Company, N.A., who will oversee the entire redemption process.

Contact Information for Redemption Agent

For any inquiries regarding the redemption process, parties are advised to reach out to Computershare Trust Company, N.A. at their office located at:

Computershare Trust Company, N.A.
Attn: Corporate Actions
150 Royall St.
Canton, MA 02021

Bank of America's Financial Services Leadership

Bank of America is recognized as one of the world's premier financial institutions. It serves a diverse clientele ranging from individual customers to large corporations, offering an extensive suite of banking, investing, and risk management products. With a robust presence in the United States, the bank caters to approximately 69 million consumers and small businesses through around 3,800 retail financial centers and 15,000 ATMs. Additionally, its acclaimed digital banking services, supported by roughly 58 million verified users, exemplify the bank's commitment to convenience and access.

Innovation and Client Support

As a global leader in wealth management and corporate investment banking, Bank of America dedicates itself to providing exceptional support to small business households. The bank integrates innovative technologies that simplify financial transactions, maintaining a strong emphasis on user-friendly online services. Its wide-reaching operations span not only the U.S. territories but also extend across over 35 countries worldwide.

Stock Exchange Listing

Bank of America Corporation’s stock is traded on the New York Stock Exchange under the ticker symbol BAC. This provides investors with an opportunity to engage with one of the most valuable companies in the financial sector.

Frequently Asked Questions

What is the Series Z Preferred Stock?

The Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series Z, is a financial instrument issued by Bank of America with specific dividend rates.

When will the redemption take place?

The redemption of all outstanding shares is scheduled to coincide with the upcoming dividend payment date.

What is the redemption price for the depositary shares?

The redemption price for each depositary share is set at $1,000, excluding any accrued dividends.

Who will process the redemption payments?

Computershare Inc. and Computershare Trust Company, N.A. will act as the redemption agents managing payment procedures.

What does Bank of America's preferred stock redemption mean for investors?

This redemption indicates Bank of America's strategic management of its financial products, reflecting stability and commitment to shareholder value.

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