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Bank of America, 6.20% Dep Shares Non-Cumulative Preferred Stock Series CC
Ticker Symbol: BAC-C* CUSIP: 060505286 Exchange: NYSE
* NOTE: This security is no longer trading as of 1/29/2021
Security has been Called for: Friday, January 29, 2021
December 17, 2020 -- Bank of America Corporation announced today that it will redeem all outstanding shares of its 6.200% Non-Cumulative Preferred Stock, Series CC (the “Series CC Preferred Stock”), and the corresponding depositary shares representing fractional interests in the Series CC Preferred Stock (the “Series CC Depositary Shares”), on January 29, 2021.
All 44,000,000 Series CC Depositary Shares (NYSE: BAC PrC) (CUSIP No. 060505286), each representing a 1/1,000th interest in one share of the Series CC Preferred Stock, will be redeemed on the dividend payment date on January 29, 2021, simultaneously with the redemption of the Series CC Preferred Stock, at a redemption price of $25 per depositary share. Declared dividends of $0.3875 per depositary share on the outstanding Series CC Depositary Shares for the full current quarterly dividend period will be paid separately on January 29, 2021 to holders of record on January 1, 2021, in the customary manner.
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QUANTUMONLINE.COM SECURITY DESCRIPTION: Bank of America Corp., 6.20% Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Preferred Stock, Series CC liquidation preference $25 per depositary share, redeemable at the issuer's option on or after 1/29/2021 at $25 per depositary share plus declared and unpaid dividends, and with no stated maturity. Non-cumulative distributions of 6.20% per annum ($1.55 per annum or $0.3875 per quarter) will be paid quarterly on 1/29, 4/29, 7/29 & 10/29 to holders of record on the record date that will be the first day of the calendar 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 Ba2 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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Go to Parent Company's Record (BAC)
IPO - 1/21/2016 - 40.00 Million Shares @ $25.00 /share.
Link to IPO Prospectus
Previous Ticker Symbol: BKRRP Changed: 2/01/2016
Market Value $1000.0 Billion
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: Bank of America Corporate Center, 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 - Paul M. Donofrio |
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