Wells Fargo & Company Announces Redemption of its Series N Preferred Stock and Related Depositary Shares

Rhea-AI Summary

Wells Fargo (NYSE: WFC) announced the redemption of 14,000 shares of its Non-Cumulative Perpetual Class A Preferred Stock, Series N, effective June 15, 2021. The redemption price is set at $25,000 per Redeemed Preferred Share and $25 per Redeemed Depositary Share. Following the redemption, no Series N Preferred Stock or Depositary Shares will remain outstanding. This date coincides with a scheduled dividend payment for these shares. All regulatory requirements have been met, and the redemption agent is Equiniti Trust Company.

Positive

• Successful completion of regulatory requirements for redemption.
• Improvement in capital structure with the redemption of preferred shares.

Negative

• None.

Wells Fargo & Company (NYSE: WFC) today announced that on June 15, 2021, it will redeem the remaining 14,000 shares (the “Redeemed Preferred Shares”) of its Non-Cumulative Perpetual Class A Preferred Stock, Series N (the “Series N Preferred Stock”). The redemption of the Redeemed Preferred Shares will trigger the redemption of the remaining 14,000,000 shares of the related depositary shares (the “Redeemed Depositary Shares”), each representing a 1/1,000 interest in a share of Series N Preferred Stock (the “Series N Depositary Shares”) (NYSE: WFC.PRN).

The redemption price will be equal to $25,000.00 per Redeemed Preferred Share and $25.00 per Redeemed Depositary Share. After giving effect to the partial redemption, no shares of the Series N Preferred Stock or the Series N Depositary Shares will remain outstanding.

Because the redemption date is also a dividend payment date for the Series N Preferred Stock and Series N Depositary Shares, the redemption price does not include declared and unpaid dividends. Regular quarterly dividends will be paid separately in the customary manner on June 15, 2021, to holders of record at the close of business on May 28, 2021.

All regulatory requirements relating to the redemption of the Redeemed Preferred Shares and Redeemed Depositary Shares have been satisfied by Wells Fargo & Company. The redemption agent is Equiniti Trust Company, 1110 Centre Pointe Curve, Suite 101, Mendota Heights, Minnesota, 55120. Payment of the redemption price for the Redeemed Depositary Shares will be sent to holders by the redemption agent on the redemption date.

About Wells Fargo

Wells Fargo & Company is a leading financial services company that has approximately $1.9 trillion in assets and proudly serves one in three U.S. households and more than 10% of all middle market companies in the U.S. We provide a diversified set of banking, investment, and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management. Wells Fargo ranked No. 30 on Fortune’s 2020 rankings of America’s largest corporations. In the communities we serve, the company focuses its social impact on building a sustainable, inclusive future for all by supporting housing affordability, small business growth, financial health, and a low-carbon economy.

News Release Category: WF-CF

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FAQ

What is the redemption date for Wells Fargo's Series N Preferred Stock?

The redemption date for Wells Fargo's Series N Preferred Stock is June 15, 2021.

What is the redemption price for the Series N Preferred Shares?

The redemption price for the Series N Preferred Shares is $25,000 each.

How many shares of Series N Preferred Stock are being redeemed?

Wells Fargo is redeeming 14,000 shares of Series N Preferred Stock.

What happens to the dividends on redeemed shares?

The redemption price does not include declared and unpaid dividends, which will be paid separately.

Who is the redemption agent for Wells Fargo's preferred shares?

The redemption agent for Wells Fargo's preferred shares is Equiniti Trust Company.