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Bank of America, 6.625% Dep Shares Non-Cumulative Preferred Stock, Series I
Ticker Symbol: BAC-I* CUSIP: 060505740 Exchange: NYSE
* NOTE: This security is no longer trading as of 7/02/2018
Security has been Called for: Monday, July 2, 2018
May 14, 2018-- Bank of America Corporation announced today that it has submitted redemption notices for all outstanding shares of its 6.625% Non-Cumulative Preferred Stock, Series I (the Series I Preferred Stock) and the corresponding depositary shares representing fractional interests in the Series I Preferred Stock (the Series I Depositary Shares), and for 18,585 shares out of a total of 26,173.595 shares outstanding of its 6.204% Non-Cumulative Preferred Stock, Series D (the Series D Preferred Stock), and the corresponding depositary shares representing fractional interests in the Series D Preferred Stock (the Series D Depositary Shares). The Series I Depositary Shares (NYSE: BAC PrI) (CUSIP No. 060505740), each representing a 1/1,000th interest in one share of the Series I Preferred Stock, will be redeemed simultaneously with the redemption of the Series I Preferred Stock, and the Series D Depositary Shares (NYSE: BAC PrD) (CUSIP No. 060505831), each representing a 1/1,000th interest in one share of the Series D Preferred Stock, will be redeemed simultaneously with the redemption of the Series D Preferred Stock, in each case at a redemption price of $25 per depositary share. All 14,583,603 Series I Depositary Shares outstanding will be redeemed on July 2, 2018 for an aggregate redemption price of $364,590,075. Also, 18,585,000 Series D Depositary Shares out of a total of 26,173,595 Series D Depositary Shares outstanding will be redeemed on June 14, 2018 for an aggregate redemption price of $464,625,000. Such Series D Depositary Shares to be redeemed will be selected by lottery in accordance with the applicable procedures of The Depository Trust Company (DTC).
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QUANTUMONLINE.COM SECURITY DESCRIPTION: Bank of America, 6.625% Depositary Shares each representing a 1/1,000 interest in a share of 6.625% Non-Cumulative Preferred Stock, Series I, liquidation preference $25 per depositary share, redeemable at the issuer's option on or after 10/1/2017 at $25 per depositary share plus declared and unpaid dividends, and with no stated maturity. Non-cumulative distributions of 6.625% ($1.65625) per annum are paid quarterly on 1/1, 4/1, 7/1 & 10/1 to holders of record on the date fixed by the board, not more than 30 days prior to the payment date (NOTE: the ex-dividend date is at least 2 business days prior to the record date). 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-23 of the prospectus for further information). In regards to payment of dividends and upon liquidation, the preferred shares rank equally with other preferreds 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 - 9/21/2007 - 22.00 Million Shares @ $25.00/share.
Link to IPO Prospectus
Previous Ticker Symbol: BNMRP Changed: 10/04/2007
Market Value $550.0 Million
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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