Bank of America Corp
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Financials : Banks | Large Cap Value
Company 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
$34.85
Day's Change
-0.06 (-0.17%)
Bid
--
Ask
--
B/A Size
--
Day's High
34.96
Day's Low
34.70
Volume
(Light)
Volume:
26,447,711

10-day average volume:
38,683,998
26,447,711

Bank of America Announces Full Redemption of Depositary Shares Representing Interests in Its 6.500% Non-Cumulative Preferred Stock, Series Y

4:15 pm ET December 18, 2019 (BusinessWire) Print

Bank of America Corporation announced today that it will redeem all outstanding shares of its 6.500% Non-Cumulative Preferred Stock, Series Y (the "Series Y Preferred Stock") and the corresponding depositary shares representing fractional interests in the Series Y Preferred Stock (the "Series Y Depositary Shares") on January 27, 2020.

All 44,000,000 Series Y Depositary Shares (NYSE: BAC PrY) (CUSIP No. 060505310), each representing a 1/1,000th interest in one share of the Series Y Preferred Stock, will be redeemed on the dividend payment date on January 27, 2020 simultaneously with the redemption of the Series Y Preferred Stock at a redemption price of $25 per depositary share. Declared dividends of $0.40625 per depositary share on the outstanding Series Y Depositary Shares for the full current quarterly dividend period will be paid separately on January 27, 2020 to holders of record on January 1, 2020, 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 Y 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 Y 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 Y 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 2,400 lending centers, 2,600 financial centers with a Consumer Investment Financial Solutions Advisor and 1,900 business centers; approximately 16,600 ATMs; and award-winning digital banking with nearly 38 million active users, including approximately 29 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 approximately 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 and register for news email alerts.

www.bankofamerica.com

View source version on businesswire.com: https://www.businesswire.com/news/home/20191218005736/en/

SOURCE: Bank of America Corporation

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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