Bank of America Corp
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Financials : Banks | Large Cap ValueCompany profile

Bank of America Corporation is a bank holding company and a financial holding company. The Company is a financial institution, serving individual consumers and others with a range of banking, investing, asset management and other financial and risk management products and services. The Company, through its banking and various non-bank subsidiaries, throughout the United States and in international markets, provides a range of banking and non-bank financial services and products through four business segments: Consumer Banking, which comprises Deposits and Consumer Lending; Global Wealth & Investment Management, which consists of two primary businesses: Merrill Lynch Global Wealth Management and U.S. Trust, Bank of America Private Wealth Management; Global Banking, which provides a range of lending-related products and services; Global Markets, which offers sales and trading services, and All Other, which consists of equity investments, residual expense allocations and other.

Closing Price
$34.44
Day's Change
-0.24 (-0.69%)
Bid
--
Ask
--
B/A Size
--
Day's High
34.96
Day's Low
34.35
Volume
(Average)
Volume:
48,548,741

10-day average volume:
44,840,928
48,548,741

Bank of America Announces Full Redemption of Depositary Shares Representing Interests in Its Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series V

4:15 pm ET September 25, 2019 (BusinessWire) Print

Bank of America Corporation announced today that it will redeem all outstanding shares of its Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series V (the Series V Preferred Stock), and the corresponding depositary shares representing fractional interests in the Series V Preferred Stock (the Series V Depositary Shares) (CUSIP No. 060505EG5), on October 28, 2019.

All 206,125 Series V Depositary Shares, each representing a 1/25th interest in one share of the Series V Preferred Stock, will be redeemed on October 28, 2019 simultaneously with the redemption of the Series V Preferred Stock at a redemption price of $1,000 per depositary share, plus accrued and unpaid dividends for the current dividend period to but excluding the redemption date in an amount equal to $6.29393 per depositary share, for a total amount payable upon redemption of $1,006.29393 per depositary share. Dividends on the redeemed depositary shares will cease to accrue on the redemption date.

The Series V 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 V 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 V 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 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 2,200 lending centers, 2,400 financial centers with a Consumer Investment Financial Solutions Advisor, and 1,700 business centers; approximately 16,600 ATMs, and award-winning digital banking with more than 37 million active users, including over 28 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 owners 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 in our 2018 Annual Report on Form 10-K and 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. Click here to register for news email alerts.

www.bankofamerica.com

View source version on businesswire.com: https://www.businesswire.com/news/home/20190925005166/en/

SOURCE: Bank of America

Investors May Contact:
Lee McEntire, Bank of America, 1.980.388.6780
lee.mcentire@bofa.com


Jonathan G. Blum, Bank of America (Fixed Income), 1.212.449.3112
Jonathan.blum@bofa.com


Reporters May Contact:
Lawrence Grayson, Bank of America, 1.704.995.5825
lawrence.grayson@bofa.com

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