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Bank of America to fully redeem depositary shares.

BANKING AND CREDIT NEWS-July 2, 2018--Bank of America to fully redeem depositary shares

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Global Banking News - 02 July 2018

Bank of America Corporation (NYSE: BAC) has said that it is planning to redeem all outstanding shares of its series K fixed-to-floating rate non-cumulative preferred stock, and the corresponding depositary shares representing fractional interests in the series K preferred stock.

The series K depositary shares, each representing a 1/25th interest in one share of the series K preferred stock, will be redeemed simultaneously with the redemption of the series K preferred stock at a redemption price of USD1,000 per depositary share. All 494,382 series K depositary shares outstanding will be redeemed on July 30, 2018 for a total redemption price of USD494,382,000.

The company said the regular dividends on the outstanding series K depositary shares for the full current quarterly dividend period, when declared, will be paid separately on July 30, 2018, to holders of record as of July 15, 2018. Consequently, the applicable redemption price of USD1,000 per depositary share will not include any declared and unpaid dividends, and dividends on the redeemed depositary shares will cease to accrue on the applicable redemption date.

Held through DTC, the series K depositary shares will be redeemed in accordance with the procedures of DTC. Payment to DTC for the series K depositary shares will be made by Computershare Inc. and Computershare Trust Company, N.A., collectively as redemption agent.

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Publication:M2 Banking & Credit News (BCN)
Date:Jul 2, 2018
Words:275
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