Bank of America Announces Full Redemption of Its Series X Preferred Stock and Related Depositary Shares
Bank of America (NYSE: BAC) has announced the full redemption of its Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series X, and related Depositary Shares. The redemption will occur on September 5, 2024, at a price of $1,000 per depositary share. Separately, a dividend of $31.25 per depositary share will be paid to holders of record as of August 15, 2024. The redemption affects shares with CUSIP numbers 060505EJ9 (Preferred Stock) and 060505EH3 (Depositary Shares). This move by one of the world's leading financial institutions, which serves about 69 million consumer and small business clients with approximately 3,800 retail financial centers and 15,000 ATMs, may impact its capital structure and investor holdings.
Bank of America (NYSE: BAC) ha annunciato il rimborso completo delle sue Azioni Preferenziali Non-Cumulative a Tasso Fisso-Variable, Serie X, e relative Azioni di Deposito. Il rimborso avverrà il 5 settembre 2024, a un prezzo di 1.000 dollari per azione di deposito. Separatamente, un dividendo di 31,25 dollari per azione di deposito sarà pagato ai detentori registrati entro il 15 agosto 2024. Il rimborso riguarda azioni con numeri CUSIP 060505EJ9 (Azioni Preferenziali) e 060505EH3 (Azioni di Deposito). Questa mossa da parte di una delle principali istituzioni finanziarie del mondo, che serve circa 69 milioni di clienti tra consumatori e piccole imprese con circa 3.800 centri finanziari al dettaglio e 15.000 bancomat, potrebbe influenzare la sua struttura di capitale e le partecipazioni degli investitori.
Bank of America (NYSE: BAC) ha anunciado el reembolso completo de sus Acciones Preferentes No Acumulativas de Tasa Fija a Variable, Serie X, y de las Acciones de Depósito relacionadas. El reembolso se llevará a cabo el 5 de septiembre de 2024, a un precio de 1.000 dólares por acción de depósito. Por separado, se pagará un dividendo de 31,25 dólares por acción de depósito a los tenedores registrados a partir del 15 de agosto de 2024. El reembolso afecta a las acciones con números CUSIP 060505EJ9 (Acciones Preferentes) y 060505EH3 (Acciones de Depósito). Este movimiento por parte de una de las principales instituciones financieras del mundo, que atiende a aproximadamente 69 millones de clientes de consumo y pequeñas empresas con aproximadamente 3.800 centros financieros al por menor y 15.000 cajeros automáticos, puede impactar su estructura de capital y las tenencias de los inversores.
미국 뱅크(주식코드: BAC)는 전체 상환을 발표했습니다. 고정-변동 금리 비누적 우선주 시리즈 X 및 관련 예탁주식에 대한 것입니다. 상환은 2024년 9월 5일에 예탁주식당 1,000달러의 가격으로 이루어질 예정입니다. 별도로 예탁주식당 31.25달러의 배당금이 2024년 8월 15일 기준의 기록 보유자에게 지급됩니다. 이 상환은 CUSIP 번호 060505EJ9(우선주)와 060505EH3(예탁주식)의 주식에 영향을 미칩니다. 전 세계 주요 금융 기관 중 하나인 이 조치는 약 6,900만 명의 소비자 및 소규모 비즈니스 고객을 대상으로 하며 약 3,800개의 소매 금융 센터와 15,000개의 ATM을 운영하고 있어, 자본 구조 및 투자자 보유에 영향을 미칠 수 있습니다.
La Bank of America (NYSE: BAC) a annoncé le remboursement intégral de ses Actions Privilégiées Non-Cumulatives à Taux Fixe-Variable, Série X, ainsi que des Actions de Dépôt associées. Le remboursement aura lieu le 5 septembre 2024, au prix de 1.000 dollars par action de dépôt. Par ailleurs, un dividende de 31,25 dollars par action de dépôt sera versé aux détenteurs enregistrés au 15 août 2024. Le remboursement concerne des actions avec les numéros CUSIP 060505EJ9 (Actions Privilégiées) et 060505EH3 (Actions de Dépôt). Cette initiative de l'une des principales institutions financières mondiales, qui dessert environ 69 millions de clients particuliers et de petites entreprises avec environ 3.800 centres financiers de détail et 15.000 distributeurs automatiques, pourrait avoir un impact sur sa structure capitalistique et les participations des investisseurs.
Die Bank of America (NYSE: BAC) hat die vollständige Rückzahlung ihrer nicht kumulierten Festzins-zu-Variable-Zins-Vorzugsaktien der Serie X und der dazugehörigen Depotanteile bekannt gegeben. Die Rückzahlung erfolgt am 5. September 2024 zu einem Preis von 1.000 US-Dollar pro Depotanteil. Separat wird eine Dividende von 31,25 US-Dollar pro Depotanteil an die zum 15. August 2024 registrierten Anteilseigner ausgezahlt. Die Rückzahlung betrifft Aktien mit den CUSIP-Nummern 060505EJ9 (Vorzugsaktien) und 060505EH3 (Depotanteile). Diese Maßnahme einer der weltweit führenden Finanzinstitutionen, die etwa 69 Millionen Verbraucher- und Kleinunternehmenskunden mit rund 3.800 Einzelhandelsfinanzierungszentren und 15.000 Geldautomaten bedient, könnte Auswirkungen auf ihre Kapitalstruktur und die Beteiligungen der Anleger haben.
- Simplification of capital structure by redeeming preferred stock
- Potential reduction in dividend payments, which could benefit common shareholders
- Demonstration of financial flexibility to manage capital efficiently
- Potential decrease in capital buffer provided by preferred stock
- Possible negative impact on investors relying on preferred stock dividends
Insights
Bank of America's decision to redeem its Series X Preferred Stock and related Depositary Shares is a strategic financial move that could impact its capital structure. This redemption, set for September 5, 2024, at
The redemption price doesn't include the declared dividend of
Investors should note that while this action doesn't directly impact common stockholders, it could signal BofA's confidence in its financial position and future outlook. The redemption might slightly improve the bank's capital ratios, potentially enhancing its financial flexibility in a changing economic landscape.
This redemption announcement by Bank of America, while routine in nature, offers insights into the broader financial landscape. With approximately 69 million consumer and small business clients, BofA's moves can be indicative of larger market trends.
The timing of this redemption, amidst a period of economic uncertainty and changing interest rate environments, is noteworthy. It might suggest that BofA is anticipating shifts in market conditions or regulatory requirements. The bank's vast network, including 3,800 retail centers and 15,000 ATMs, underscores its significant market presence and the potential ripple effects of its financial decisions.
Investors should consider how this move fits into BofA's broader strategy, especially given its global leadership in wealth management and corporate banking. The redemption could be part of a larger capital management plan aimed at maintaining BofA's competitive edge in a rapidly evolving financial services landscape.
The Depositary Shares will be redeemed simultaneously with the Preferred Stock on the upcoming dividend payment date on September 5, 2024 (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
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SOURCE Bank of America Corporation
FAQ
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