Bank of America Announces Full Redemption of Its Series MM Preferred Stock and Related Depositary Shares

Core Viewpoint - Bank of America Corporation will redeem all outstanding shares of its Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series MM, along with the corresponding depositary shares on January 28, 2025, at a redemption price of $1,000 per depositary share, excluding any accrued dividends [3][1]. Group 1 - The redemption will occur on the upcoming dividend payment date, with declared dividends of$21.50 per depositary share for the period from July 28, 2024, to January 28, 2025, payable to holders of record on January 1, 2025 [1][3]. - The redemption price does not include any accrued and unpaid dividends, which will cease to accrue on the Redemption Date [1][3]. - Payment for the Depositary Shares will be managed by Computershare Inc. and Computershare Trust Company, N.A., acting as the redemption agent [4]. Group 2 - The Depositary Shares are held through The Depository Trust Company (DTC) and will be redeemed according to DTC's applicable procedures [8]. - Bank of America serves approximately 69 million consumer and small business clients through a network of about 3,700 retail financial centers and approximately 15,000 ATMs, alongside a robust digital banking platform with around 58 million verified digital users [8]. - The company is a global leader in wealth management, corporate and investment banking, and trading across various asset classes, serving a diverse clientele including corporations, governments, and individuals [8].