Bank of America Announces Full Redemption of Its Series AA Preferred Stock and Related Depositary Shares
Bank of America (BAC) has announced the full redemption of its Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series AA, and corresponding depositary shares. The redemption will occur on March 17, 2025, at a redemption price of $1,000 per depositary share. Shareholders will receive a separate dividend payment of $30.50 per depositary share for the current semi-annual period.
The redemption affects depositary shares representing a 1/25th interest in the Preferred Stock, which are held through The Depository Trust Company (DTC). Computershare Inc. and Computershare Trust Company will act as redemption agents. The company maintains a strong market presence, serving approximately 69 million consumer and small business clients through 3,700 retail centers and 15,000 ATMs, with 58 million verified digital users.
Bank of America (BAC) ha annunciato il riscatto completo delle sue azioni privilegiate a tasso fisso-variabile non cumulativo, Serie AA, e delle relative azioni di deposito. Il riscatto si svolgerà il 17 marzo 2025, a un prezzo di riscatto di $1.000 per azione di deposito. Gli azionisti riceveranno un pagamento di dividendo separato di $30,50 per azione di deposito per il periodo semestrale attuale.
Il riscatto riguarda le azioni di deposito che rappresentano un interesse di 1/25 nelle azioni privilegiate, detenute tramite The Depository Trust Company (DTC). Computershare Inc. e Computershare Trust Company agiranno come agenti di riscatto. L'azienda mantiene una forte presenza sul mercato, servendo circa 69 milioni di clienti tra consumatori e piccole imprese attraverso 3.700 centri al dettaglio e 15.000 sportelli automatici, con 58 milioni di utenti digitali verificati.
Bank of America (BAC) ha anunciado el rescate completo de sus acciones preferentes no acumulativas de tasa fija a tasa flotante, Serie AA, y las correspondientes acciones de depósito. El rescate se realizará el 17 de marzo de 2025, a un precio de rescate de $1,000 por acción de depósito. Los accionistas recibirán un pago de dividendo separado de $30.50 por acción de depósito para el período semestral actual.
El rescate afecta a las acciones de depósito que representan un interés de 1/25 en las acciones preferentes, que se mantienen a través de The Depository Trust Company (DTC). Computershare Inc. y Computershare Trust Company actuarán como agentes de rescate. La empresa mantiene una fuerte presencia en el mercado, atendiendo a aproximadamente 69 millones de clientes entre consumidores y pequeñas empresas a través de 3,700 centros minoristas y 15,000 cajeros automáticos, con 58 millones de usuarios digitales verificados.
뱅크 오브 아메리카 (BAC)는 고정-변동 이자율 비누적 우선주 AA 시리즈 및 해당 예탁주식의 완전 상환을 발표했습니다. 상환은 2025년 3월 17일에 이루어지며, 예탁주식당 상환 가격은 $1,000입니다. 주주들은 현재 반기 기간에 대해 예탁주식당 $30.50의 별도 배당금을 받게 됩니다.
이번 상환은 The Depository Trust Company(DTC)를 통해 보유된 우선주식의 1/25의 지분을 나타내는 예탁주식에 영향을 미칩니다. Computershare Inc. 및 Computershare Trust Company는 상환 에이전트로 활동할 것입니다. 이 회사는 3,700개의 소매점과 15,000개의 ATM을 통해 약 6,900만 명의 소비자 및 소규모 비즈니스 고객에게 서비스를 제공하며, 5,800만 명의 검증된 디지털 사용자를 보유하고 있습니다.
Bank of America (BAC) a annoncé le rachat complet de ses actions privilégiées non cumulatives à taux fixe-variable, série AA, ainsi que des actions de dépôt correspondantes. Le rachat aura lieu le 17 mars 2025, à un prix de rachat de 1 000 $ par action de dépôt. Les actionnaires recevront un paiement de dividende séparé de 30,50 $ par action de dépôt pour la période semestrielle en cours.
Le rachat concerne les actions de dépôt représentant un intérêt de 1/25 des actions privilégiées, qui sont détenues par l'intermédiaire de The Depository Trust Company (DTC). Computershare Inc. et Computershare Trust Company agiront en tant qu'agents de rachat. L'entreprise maintient une forte présence sur le marché, servant environ 69 millions de clients particuliers et PME à travers 3 700 centres de vente au détail et 15 000 distributeurs automatiques, avec 58 millions d'utilisateurs numériques vérifiés.
Bank of America (BAC) hat die vollständige Rückzahlung seiner nicht kumulierten Vorzugsaktien mit festem und variablem Zinssatz der Serie AA sowie der entsprechenden Depotaktien angekündigt. Die Rückzahlung erfolgt am 17. März 2025 zu einem Rückzahlungsbetrag von 1.000 $ pro Depotaktie. Die Aktionäre erhalten für den aktuellen halbjährlichen Zeitraum eine separate Dividende von 30,50 $ pro Depotaktie.
Die Rückzahlung betrifft die Depotaktien, die einen Anteil von 1/25 an den Vorzugsaktien repräsentieren und über die Depository Trust Company (DTC) gehalten werden. Computershare Inc. und Computershare Trust Company werden als Rückzahlungsagenten fungieren. Das Unternehmen hat eine starke Marktpräsenz und bedient etwa 69 Millionen Verbraucher und kleine Geschäftskunden über 3.700 Einzelhandelszentren und 15.000 Geldautomaten, mit 58 Millionen verifizierten digitalen Nutzern.
- Strategic capital management through redemption of preferred stock
- Strong retail presence with 69 million consumer and small business clients
- Extensive digital banking reach with 58 million verified users
- Comprehensive network of 3,700 retail centers and 15,000 ATMs
- None.
Insights
This redemption of Series AA Preferred Stock represents a strategic capital management move by Bank of America that carries several important implications for investors. The timing is particularly noteworthy given the current interest rate environment, suggesting BAC may be positioning itself to potentially refinance at more favorable rates if market conditions permit.
The redemption affects the Fixed-to-Floating Rate Non-Cumulative Preferred Stock, with holders receiving
- Optimize its capital stack by reducing higher-cost preferred equity
- Enhance financial flexibility for future capital allocation decisions
- Improve its return on equity by reducing the number of outstanding preferred shares
From a broader perspective, this move aligns with the banking industry's trend of optimizing capital structures in response to evolving regulatory requirements and market conditions. For preferred shareholders, while this represents the end of a steady income stream, the redemption price ensures they receive full value for their investment.
The Depositary Shares will be redeemed simultaneously with the Preferred Stock on the upcoming dividend payment date on March 17, 2025 (the "Redemption Date"), at a redemption price of
The Depositary Shares are held through The Depository Trust Company ("DTC") and will be redeemed in accordance with the applicable procedures of DTC.
Payment to DTC for the Depositary Shares will be made by Computershare Inc. and Computershare Trust Company, N.A., collectively, as redemption agent. The address for the redemption agent is as follows:
Computershare Trust Company, N.A.
Attn: Corporate Actions
150 Royall St.
This press release does not constitute a notice of redemption under the certificate of designation governing the Preferred Stock or the deposit agreement governing the Depositary Shares.
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
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 under Item 1A. "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2023, and in any of our 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.
Investors May Contact:
Lee McEntire, Bank of America
Phone: 1.980.388.6780
lee.mcentire@bofa.com
Jonathan G. Blum, Bank of America (Fixed Income)
Phone: 1.212.449.3112
jonathan.blum@bofa.com
Reporters May Contact:
Jocelyn Seidenfeld, Bank of America
Phone: 1.646.743.3356
jocelyn.seidenfeld@bofa.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/bank-of-america-announces-full-redemption-of-its-series-aa-preferred-stock-and-related-depositary-shares-302369053.html
SOURCE Bank of America Corporation
FAQ
When will BAC redeem its Series AA Preferred Stock and Depositary Shares?
What is the redemption price for BAC's Series AA Depositary Shares?
How much is the final dividend payment for BAC Series AA Depositary Shares?
What is the record date for BAC's Series AA final dividend payment?
How many retail financial centers does BAC currently operate?
