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Bank of America, 5.125% Fixed/Float Rate Dep Shares Non-cumul Preferred Stock JJ
Ticker Symbol: BKMRL CUSIP: 060505FP4 Exchange: OTOTC
QUANTUMONLINE.COM SECURITY DESCRIPTION: Bank of America, 5.125% Depositary Shares each representing a 1/25 interest in a share of Fixed-to-Floating Rate Non-cumulative Preferred Stock, Series JJ, liquidation preference $1000 per depositary share, redeemable at the issuer's option on or after 6/20/2024 at $1000 per depositary share plus declared and unpaid dividends, and with no stated maturity. Non-cumulative distributions of 5.125% ($51.25) per annum are paid semi-annually on 6/20 & 12/20 through 6/20/2024 to holders of record on the 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). After 6/20/2024 the dividends will be paid at a rate equal to the three-month LIBOR plus 3.292% paid quarterly on 3/20, 6/20, 9/20 & 12/20. 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. 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 122 of the prospectus for further information). This security was rated as Baa3 by Moody’s and BBB- by S&P at the date of its IPO. This security was rated BBB- by Finch Ratings Co. In regard to the 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)
Notes: March 31, 2023 -- Bank of America Corporation ("BAC") (NYSE: BAC), BofA Finance LLC ("BofA Finance") and certain other BAC-affiliated issuers announce its expectation that, on the first London banking date after June 30, 2023 (the "LIBOR Replacement Date"), the CME Term SOFR Reference Rate published for the one- or three-month tenor (that corresponds to the applicable USD LIBOR tenor), as administered by CME Group Benchmark Administration, Ltd. (or any successor administrator thereof) ("CME Term SOFR"), The tenor spread adjustment for CME Term SOFR with respect to the following tenors of USD LIBOR, as set forth in the LIBOR Act and the LIBOR Rule, is: One Month 0.11448 %, Three Months 0.26161 %
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IPO - 6/17/2019 - 1.00 Million Shares @ $1000.00 /share.
Link to IPO Prospectus
Click for current BKMRL price quote from the PINK SHEETS
Click for current BKMRL price quote from the NASDAQ
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 - Alastair Borthwick |
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