May 16, 2024 at 4:15 PM Eastern
Bank of America Announces Full Redemption of its Series JJ Preferred Stock and Series U Preferred Stock and Related Depositary Shares
CHARLOTTE, North Carolina – 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 (C U S I P number zero six zero five zero five F N nine), liquidation preference twenty five thousand dollars per share (the “Series JJ Preferred Stock”), and the corresponding depositary shares each representing a one twenty fifth interest in a share of the Series JJ Preferred Stock (C U S I P number zero six zero five zero five F P four) (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 (C U S I P number zero six zero five zero five E E zero), liquidation preference twenty five thousand dollars per share (the “Series U Preferred Stock”), and the corresponding Depositary Shares, each representing a one twenty fifth interest in a share of Series U Preferred Stock (C U S I P number zero six zero five zero five E D two) (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 twentieth twenty twenty four (the “Series JJ Redemption Date”), at a redemption price of one thousand dollars per depositary share. Declared dividends of twenty five dollars and six hundred twenty five thousandths per depositary share in respect of the outstanding Series JJ Depositary Shares for the full current semi-annual dividend period from, and including, December twentieth twenty twenty three to, but excluding, June twentieth twenty twenty four will be paid separately on June twentieth twenty twenty four, to holders of record on June first twenty twenty four, in the customary manner. Accordingly, the redemption price of one thousand dollars 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 seventeenth twenty twenty four (the “Series U Redemption Date”), simultaneously with the Series U Preferred Stock, at a redemption price of one thousand dollars 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 first twenty twenty four to, but excluding, June third twenty twenty four have been declared and will be paid separately on June third twenty twenty four, to holders of record on May fifteenth twenty twenty four, in the customary manner. As noted above, accrued but unpaid dividends in respect of the Series U Depositary Shares from, and including, June third twenty twenty four 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 (“D T C”) and will be redeemed in accordance with the applicable procedures of D T C.
Payment to D T C 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 Street
Canton, Massachusetts 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 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 A T Ms (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 (N Y S E B A C) 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 nineteen ninety five. 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 one A. “Risk Factors” in our Annual Report on Form ten K for the year ended December thirty first twenty twenty three, 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.
Lee McEntire, Bank of America
Phone 1 9 8 0 3 8 8 6 7 8 0
lee.mcentire@bofa.com
Jonathan G. Blum, Bank of America (Fixed Income)
Phone 1 2 1 2 4 4 9 3 1 1 2
jonathan.blum@bofa.com
Jocelyn Seidenfeld, Bank of America
Phone 1 6 4 6 7 4 3 3 3 5 6
jocelyn.seidenfeld@bofa.com
May 16, 2024 at 4:15 PM Eastern
Bank of America Announces Full Redemption of its Series JJ Preferred Stock and Series U Preferred Stock and Related Depositary Shares
CHARLOTTE, North Carolina – 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 (C U S I P number zero six zero five zero five F N nine), liquidation preference twenty five thousand dollars per share (the “Series JJ Preferred Stock”), and the corresponding depositary shares each representing a one twenty fifth interest in a share of the Series JJ Preferred Stock (C U S I P number zero six zero five zero five F P four) (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 (C U S I P number zero six zero five zero five E E zero), liquidation preference twenty five thousand dollars per share (the “Series U Preferred Stock”), and the corresponding Depositary Shares, each representing a one twenty fifth interest in a share of Series U Preferred Stock (C U S I P number zero six zero five zero five E D two) (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 twentieth twenty twenty four (the “Series JJ Redemption Date”), at a redemption price of one thousand dollars per depositary share. Declared dividends of twenty five dollars and six hundred twenty five thousandths per depositary share in respect of the outstanding Series JJ Depositary Shares for the full current semi-annual dividend period from, and including, December twentieth twenty twenty three to, but excluding, June twentieth twenty twenty four will be paid separately on June twentieth twenty twenty four, to holders of record on June first twenty twenty four, in the customary manner. Accordingly, the redemption price of one thousand dollars 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 seventeenth twenty twenty four (the “Series U Redemption Date”), simultaneously with the Series U Preferred Stock, at a redemption price of one thousand dollars 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 first twenty twenty four to, but excluding, June third twenty twenty four have been declared and will be paid separately on June third twenty twenty four, to holders of record on May fifteenth twenty twenty four, in the customary manner. As noted above, accrued but unpaid dividends in respect of the Series U Depositary Shares from, and including, June third twenty twenty four 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 (“D T C”) and will be redeemed in accordance with the applicable procedures of D T C.
Payment to D T C 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 Street
Canton, Massachusetts 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 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 A T Ms (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 (N Y S E B A C) 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 nineteen ninety five. 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 one A. “Risk Factors” in our Annual Report on Form ten K for the year ended December thirty first twenty twenty three, 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.
Lee McEntire, Bank of America
Phone 1 9 8 0 3 8 8 6 7 8 0
lee.mcentire@bofa.com
Jonathan G. Blum, Bank of America (Fixed Income)
Phone 1 2 1 2 4 4 9 3 1 1 2
jonathan.blum@bofa.com
Jocelyn Seidenfeld, Bank of America
Phone 1 6 4 6 7 4 3 3 3 5 6
jocelyn.seidenfeld@bofa.com
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