Bank of America Series MM Preferred Stock Fully Redeemed
Bank of America has made an exciting announcement regarding its Series MM Preferred Stock and Depositary Shares. The company will be redeeming all outstanding shares of its Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series MM, along with the corresponding Depositary Shares. This redemption is set to take place on the upcoming dividend payment date of January 28, 2025. Holders of the Depositary Shares will receive a redemption price of $1,000 per depositary share.
Dividends of $21.50 per depositary share for the current semi-annual dividend period will be paid out separately on January 28, 2025, to holders of record as of January 1, 2025. The redemption price does not include any accrued and unpaid dividends, and once redeemed, dividends on the Depositary Shares will no longer accrue.
The Depositary Shares are held through The Depository Trust Company (DTC) and will be redeemed following the procedures of DTC. Payment for the Depositary Shares will be handled by Computershare Inc. and Computershare Trust Company, N.A., acting as the redemption agent.
For more information, you can reach out to the redemption agent at the following address:
Computershare Trust Company, N.A.
Attn: Corporate Actions
150 Royall St.
Canton, MA 02021
It is important to note that this press release does not serve as an official notice of redemption under the certificate of designation governing the Preferred Stock or the deposit agreement governing the Depositary Shares.
In a nutshell, Bank of America continues to be a prominent financial institution that caters to a wide range of clients, from individual consumers to large corporations. With a strong presence in the United States and across more than 35 countries, Bank of America offers a variety of financial products and services, including banking, investing, wealth management, and more. Their commitment to customer service and innovation is evident through their extensive network of retail financial centers, ATMs, and digital banking platforms.
As always, it’s advisable to stay informed about the latest developments in the finance and securities sector, and Bank of America’s recent announcement is an example of the dynamic nature of the industry. Keep an eye out for more updates as they unfold.
