Bank of America Declares Fourth Quarter 2022 Preferred Stock Dividends

Rhea-AI Summary

Bank of America has announced the declaration of cash dividends on several series of preferred stock. Notable dividends include $18.125 per share for the 7.25% Non-Cumulative Perpetual Convertible Preferred Stock, Series L, payable on October 31, 2022. Other dividends include $32.50 for Series Z, $0.3671875 for Series HH, and $0.2734375 for Series NN, with various payment dates in October and November 2022. This move reflects Bank of America's ongoing commitment to returning value to shareholders.

Positive

• Announcement of cash dividends for preferred stock valued at $18.125, $32.50, $0.3671875, and $0.2734375.
• Reflects continued confidence in returning value to shareholders.

Negative

• None.

CHARLOTTE, N.C., Sept. 15, 2022 /PRNewswire/ -- Bank of America Corporation today announced the Board of Directors has authorized regular cash dividends on the outstanding shares or depositary shares of the following series of preferred stock:

Series of Preferred Stock		Dividend per Share or Depositary Share1	Record Date	Payment Date
7.25% Non-Cumulative Perpetual Convertible Preferred Stock, Series L		$18.125	October 1	October 31
Fixed-to-Floating Rate Non- Cumulative Preferred Stock, Series Z		$32.500	October 1	October 24
5.875% Non-Cumulative Preferred Stock, Series HH		$0.3671875	October 1	October 24
4.375% Non-Cumulative Preferred Stock, Series NN		$0.2734375	October 15	November 3
4.125% Non-Cumulative Preferred Stock, Series PP		$0.2578125	October 15	November 2
4.375% Fixed-Rate Reset Non- Cumulative Preferred Stock, Series RR		$10.9375000	October 1	October 27
6.125% Fixed-Rate Reset Non- Cumulative Preferred Stock, Series TT		$15.3125000	October 1	October 27

1 Each series of preferred stock, other than Series L, is represented by depositary shares.   Dividend payments are made on a quarterly basis for each series of preferred stock, other than  Series Z, for which dividends are paid on a semi-annual basis.

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 the United States, serving approximately 67 million consumer and small business clients with approximately 4,000 retail financial centers, approximately 16,000 ATMs and award-winning digital banking with approximately 55 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and approximately 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.

For more Bank of America news, including dividend announcements and other important information, visit the Bank of America newsroom and register for email news alerts.

Investors May Contact:
Lee McEntire, Bank of America
Phone:  1.980.388.6780
lee.mcentire@bofa.com

Jonathan Blum, Bank of America (Fixed Income)
Phone:  1.212.449.3112
jonathan.blum@bofa.com

Reporters May Contact:
Bill Halldin, Bank of America
Phone: 1.916.724.0093
william.halldin@bofa.com

Christopher P. Feeney, Bank of America
Phone: 1.980.386.6794
christopher.feeney@bofa.com

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SOURCE Bank of America Corporation

FAQ

What is the dividend amount for Series L preferred stock of BAC?

The dividend amount for Series L preferred stock is $18.125 per share.

When is the payment date for BAC's Series Z preferred stock dividend?

The payment date for Series Z preferred stock is October 24, 2022.

What are the record dates for preferred stock dividends announced by BAC?

The record dates for the dividends are October 1 and October 15, 2022, depending on the preferred stock series.

How often does BAC pay dividends on its preferred stock?

Bank of America pays dividends on its preferred stock quarterly for most series, while Series Z pays semi-annually.

What is the significance of the dividend announcement for BAC shareholders?

The dividend announcement signifies Bank of America's commitment to providing returns to its shareholders, enhancing investor confidence.