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Bank of America (NYSE: BAC) announced the full redemption of its Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series JJ, and Series U, along with their corresponding depositary shares. The Series JJ Preferred Stock and corresponding depositary shares will be redeemed on June 20, 2024, at $1,000 per depositary share. Declared dividends of $25.625 per depositary share will be paid separately for the period ending June 20, 2024.
The Series U Preferred Stock and corresponding depositary shares will be redeemed on June 17, 2024, at $1,000 per depositary share, inclusive of accrued dividends up to the redemption date. Regular dividends for the Series U Depositary Shares will be paid separately on June 3, 2024. Payment for these redemptions will be handled by Computershare Inc. and Computershare Trust Company, N.A., following The Depository Trust Company procedures.
A new Bank of America Homebuyer Insights Report (HBIR) reveals that 70% of prospective homebuyers fear the financial repercussions of renting long-term, and 72% are concerned about rent increases impacting their finances. High interest rates and home prices have led to 57% of respondents being unsure about purchasing a home, up from 48% last year. Among first-time homebuyers, this uncertainty rises to 62%.
While 37% of respondents believe renting is currently the better option, 76% plan to buy a home within five years. The report highlights a generational divide, with 80% of baby boomer renters favoring renting over buying due to the freedom and reduced responsibilities it offers. Additionally, prospective buyers lack confidence in understanding mortgages and financial terms, with 41% unsure about financing, interest rates, and homebuying terminology.
Bank of America aims to support low- and moderate-income homebuyers through its $15 billion Community Homeownership Commitment, offering up to $17,500 in grants for down payments and closing costs.
Bank of America received an unsolicited 'mini-tender' offer from Tutanota to purchase up to 1 million shares at $40.00 per share, below market price if conditions aren't met. Shareholders are advised not to tender their shares due to various conditions, including financing uncertainties. Tutanota has a history of similar offers, and investors should exercise caution and review SEC guidance.
Bank of America announced the redemption of $1.5 billion of its 0.523% Fixed/Floating Rate Senior Notes due June 2024 on May 14, 2024. The redemption price is the principal amount plus accrued interest. Bank of America is a global financial institution providing banking, investing, and asset management services to millions of clients worldwide.
A majority of small and mid-sized business owners anticipate revenue growth this year, with 87% of Mid-Sized Business Owners and 65% of Small Business Owners expecting revenue increases over the next 12 months. Despite concerns over inflation and interest rates, business owners are optimistic and plan to expand their businesses. Bank of America's Business Owner Report reveals insights from over 1,400 small and mid-sized business owners, highlighting positive economic outlooks, plans for expansion, and digital tool adoption to optimize operations.
