Bank of America Declares Third Quarter 2022 Preferred Stock Dividends

Rhea-AI Summary

Bank of America Corporation's Board of Directors has authorized cash dividends on various series of preferred stock. The dividends include:

• 7.25% Non-Cumulative Preferred Stock, Series L: $18.125 per share, payable August 1, with a record date of July 1.
• 5.875% Non-Cumulative Preferred Stock, Series HH: $0.3671875 per share, payable July 25, with a record date of July 1.
• Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series MM: $21.50 per share, payable July 28, with a record date of July 1.

This dividend declaration reflects the company's commitment to return value to shareholders.

Positive

• Continued support for dividend payments indicates confidence in financial stability.
• Significant dividend amounts may attract income-focused investors.

Negative

• None.

CHARLOTTE, N.C., June 13, 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	July 1	August 1
5.875% Non-Cumulative Preferred Stock, Series HH	$0.3671875	July 1	July 25
Fixed-to-Floating Rate Non- Cumulative Preferred Stock, Series MM	$21.50	July 1	July 28
4.375% Non-Cumulative Preferred Stock, Series NN	$0.2734375	July 15	August 3
4.125% Non-Cumulative Preferred Stock, Series PP	$0.2578125	July 15	August 2
4.375% Fixed-Rate Reset Non- Cumulative Preferred Stock, Series RR	$10.9375000	July 1	July 27
6.125% Fixed-Rate Reset Non- Cumulative Preferred Stock, Series TT	$16.1631944	July 1	July 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 MM, 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 4,100 retail financial centers, approximately 16,000 ATMs, and award-winning digital banking with approximately 54 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 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:

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 BAC's Series L preferred stock?

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

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

The payment date for BAC's Series HH preferred stock dividend is July 25.

What is the record date for the preferred stock dividends?

The record date for the preferred stock dividends is July 1.

How often does BAC pay dividends on its preferred stock?

BAC pays dividends on its preferred stock quarterly, except for Series MM, which pays semi-annually.

Is the dividend from BAC sustainable?

The sustainability of BAC's dividend will depend on the company's ongoing financial performance.