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Bank of America, 6.625% Dep Shares Non-Cumulative Preferred Stock Series W
Ticker Symbol: BAC-W* CUSIP: 060505344 Previous CUSIP: Exchange: NYSE
* NOTE: This security is no longer trading as of 9/09/19
Security has been Called for: Monday, September 9, 2019
July 11, 2019 -- Bank of America Corporation announced today that it will redeem all outstanding shares of its 6.625% Non-Cumulative Preferred Stock, Series W, and the corresponding depositary shares representing fractional interests in the Series W Preferred Stock on September 9, 2019. All 44,000,000 Series W Depositary Shares (NYSE: BAC PrW) (CUSIP No. 060505344), each representing a 1/1,000th interest in one share of the Series W Preferred Stock, will be redeemed on the dividend payment date on September 9, 2019 simultaneously with the redemption of the Series W Preferred Stock at a redemption price of $25 per depositary share. Declared dividends of $0.4140625 per depositary share on the outstanding Series W Depositary Shares for the full current quarterly dividend period will be paid separately on September 9, 2019 to holders of record on August 15, 2019, in the customary manner. Accordingly, the redemption price of $25 per depositary share does not include any accrued and unpaid dividends, and dividends on the redeemed depositary shares will cease to accrue on the redemption date. The Series W Depositary Shares are held through The Depository Trust Company (DTC) and will be redeemed in accordance with the procedures of DTC. Payment to DTC for the Series W Depositary Shares will be made by Computershare Inc. and Computershare Trust Company, N.A., collectively, as redemption agent, in accordance with the Deposit Agreement governing the Series W Depositary Shares. The address for the redemption agent is as follows:
Computershare Trust Company, N.A.
Attn: Corporate Actions
150 Royall St.
Canton, MA 02021
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QUANTUMONLINE.COM SECURITY DESCRIPTION: Bank of America Corp. 6.625% Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Preferred Stock, Series W, liquidation preference $25 per depositary share, redeemable at the issuer's option on or after 9/9/2019 at $25 per depositary share plus declared and unpaid dividends, and with no stated maturity. Non-cumulative distributions of 6.625% per annum ($1.65625 per annum or $0.4140625 per quarter) will be paid quarterly on 3/9, 6/9, 9/9 & 12/9 to holders of record on the record date that will be the fifteenth day of the calendar month prior to the month in which the payment date falls or such other record date fixed by the board, not more than 60 days or less than 10 days prior to the payment date (NOTE: the ex-dividend date is one business day prior to the record date). The dividends are non-cumulative and if the board of directors does not declare a dividend or the company fails to pay a dividend declared by the board for any quarterly dividend period, the holder will not be entitled to receive any dividend for that quarterly period and the undeclared or unpaid dividend will not accumulate. This security is possibly subject to an early call as a result of the occurrence of a regulatory capital treatment event which no longer allows the company to include the funds originating from this security as Tier 1 capital on their balance sheet (see the prospectus for further information). Dividends paid by this preferred security are eligible for the preferential income tax rate of 15% to a maximum of 20% depending on the holder's tax bracket (and under IRS specified holding restrictions) and are also eligible for the dividends received deduction for corporate holders (see page S-11 of the prospectus for further information). This security was rated as Ba3 by Moody’s and BB+ by S&P at the date of its IPO. In regard to the payment of dividends and upon liquidation, the preferred shares rank junior to the company's senior debt, equally with other preferreds of the company, and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.
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Goto Parent Company's Record (BAC)
IPO - 9/2/2014 - 40.00 Million Shares @ $25.00 /share.
Link to IPO Prospectus
Previous Ticker Symbol: BMMPP Changed: 9/10/14
Changed: 1/01/00
Market Value $ 1 Billion
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Company's Online Information Links
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Company's Online SEC EDGAR Filings |
Company's Email Address Links |
Address and Phone Numbers |
Address: 100 North Tryon Street, Charlotte, NC 28255 |
Main Phone Number |
704-386-5681 |
Fax Number |
980-386-6699 |
Investor Relations
Jonathan G. Blum
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212-449-3112
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Toll Free Phone Number |
800-299-2265 |
CEO - Brian T. Moynihan |
CFO - Bruce R. Thompson |
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