Bank of America Corporation announced today that it will redeem all outstanding shares of its 6.000% Non-Cumulative Preferred Stock, Series EE (the “Series EE Preferred Stock”), and the corresponding depositary shares representing fractional interests in the outstanding shares of the Series EE Preferred Stock (the “Series EE Depositary Shares”), on April 25, 2021.
All 36,000,000 Series EE Depositary Shares (NYSE: BAC PrA) (CUSIP No. 060505260), each representing a 1/1,000th interest in one share of the Series EE Preferred Stock, will be redeemed on the upcoming dividend payment date for the Series EE Preferred Stock on April 25, 2021 (the “Redemption Date”), simultaneously with the redemption of the Series EE Preferred Stock, at a redemption price of $25 per depositary share. However, since the Redemption Date is not a business day, the redemption price will be paid on the next succeeding business day, April 26, 2021. Declared dividends of $0.375 per depositary share on the outstanding Series EE Depositary Shares for the full current quarterly dividend period from, and including, January 25, 2021 to, but excluding, April 25, 2021 will be paid separately on April 26, 2021, to holders of record on April 1, 2021, in the customary manner. Accordingly, the redemption price of $25 per depositary share does not include any accrued and unpaid dividends, and dividends on the redeemed depositary shares will cease to accrue on the Redemption Date.
The Series EE Depositary Shares are held through The Depository Trust Company (DTC) and will be redeemed in accordance with the procedures of DTC. Payment to DTC for the Series EE 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 EE 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 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 4,300 retail financial centers, including approximately 2,700 lending centers, 2,600 financial centers with a Consumer Investment Financial Solutions Advisor and approximately 2,400 business centers; approximately 17,000 ATMs; and award-winning digital banking with approximately 39 million active users, including approximately 31 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 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 approximately 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
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, 2020 and in any of our other 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.
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Lee McEntire, Bank of America
Jonathan Blum, Bank of America (Fixed Income)
Jerry Dubrowski, Bank of America
Phone: 1.646.855.1195 (office) or 1.508.843.5626 (mobile)
Christopher P. Feeney, Bank of America (Fixed Income)