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Bank of America Announces Full Redemption of Its Series DD Preferred Stock and Related Depositary Shares
Prnewswire· 2026-02-05 21:15
Core Viewpoint - Bank of America Corporation will redeem all outstanding shares of its Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series DD, along with the corresponding depositary shares on March 10, 2026, at a redemption price of $1,000 per depositary share [1][2]. Group 1: Redemption Details - The redemption of the Preferred Stock and Depositary Shares will occur on the upcoming dividend payment date, March 10, 2026 [2]. - Declared dividends of $31.50 per depositary share for the current semi-annual period will be paid separately on the same date to holders of record as of February 15, 2026 [2]. - The redemption price does not include any accrued and unpaid dividends, which will cease to accrue on the Redemption Date [2]. Group 2: Redemption Process - The Depositary Shares are held through The Depository Trust Company (DTC) and will be redeemed according to DTC's procedures [3]. - Payment for the Depositary Shares will be managed by Computershare Inc. and Computershare Trust Company, N.A., acting as the redemption agent [3]. Group 3: Company Overview - Bank of America is a leading financial institution providing a full range of banking, investing, asset management, and financial services to individual consumers, small and middle-market businesses, and large corporations [4]. - The company serves nearly 70 million clients in the U.S. through approximately 3,600 retail financial centers and about 15,000 ATMs, along with a robust digital banking platform [4]. - Bank of America is recognized as a global leader in wealth management, corporate and investment banking, and trading across various asset classes [4].