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JPMorgan Chase & Co., 6.70% Dep Shares Non-Cumulative Preferred Stock, Series T
Ticker Symbol: JPM-B* CUSIP: 48127A161 Exchange: NYSE
* NOTE: This security is no longer trading as of 3/01/2019
Security has been Called for: Friday, March 1, 2019
January 30, 2019 - JPMorgan Chase & Co. has announced that it will redeem on March 1, 2019 all of the 92,500 outstanding shares of its 6.70% Non-Cumulative Preferred Stock, Series T. The shares of Series T Preferred Stock are represented by 37,000,000 depositary shares which are currently traded on the New York Stock Exchange under the symbol JPM PR B (CUSIP 48127A161). Each depositary share represents a 1/400th interest in a share of Series T Preferred Stock. The redemption price per share for the Series T Preferred Stock will be $10,000 (equivalent to $25.00 per depositary share). Payment of the redemption price will be made on the redemption date of March 1, 2019, upon presentation and surrender of the depositary receipts evidencing the depositary shares to be redeemed to Computershare Inc, as Depositary, at 250 Royall Street, Canton, Massachusetts 02021. Depositary shares held in book-entry form shall be surrendered in accordance with applicable procedures of The Depository Trust Company. March 1, 2019 is also the final dividend payment date for the Series T Preferred Stock and the depositary shares. The record date for that dividend is January 30, 2019. Payment of the final dividend will be made on the redemption date of March 1, 2019.
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QUANTUMONLINE.COM SECURITY DESCRIPTION: JPMorgan Chase & Co., 6.70% Depositary Shares, each representing a 1/400th interest in a share of 6.70% Non-Cumulative Preferred Stock, Series T, liquidation preference $25 per depositary share, redeemable at the issuer's option on or after 3/1/2019 at $25 per depositary share plus declared and unpaid dividends, and with no stated maturity. Non-Cumulative distributions of 6.70% per annum ($1.675 per annum or $0.41875 per quarter) will be paid quarterly on 3/1, 6/1, 9/1 & 12/1 to holders of record on the record date fixed by the board, not more than 30 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 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-26 of the prospectus for further information). This security was rated as Ba1 by Moody’s and BBB 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 (JPM)
IPO - 1/27/2014 - 34.00 Million Shares @ $25.00/share.
Link to IPO Prospectus
Previous Ticker Symbol: JMXXL Changed: 2/07/2014
Market Value $850.0 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: 270 Park Avenue, New York, NY 10017 |
Main Phone Number |
212-270-6000 |
Fax Number |
212-752-4823 |
Investor Relations
Jason Scott
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212-270-2479
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Toll Free Phone Number |
866-576-3228 |
CEO - James Dimon |
CFO - Marianne Lake |
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