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Bank of America, 8.00% Fixed/Floating Rate Dep Shares Non-cum Preferred Stock K
Ticker Symbol: TEMP87* CUSIP: 060505DR2 Exchange: OTOTC
* NOTE: This security is no longer trading as of 7/30/2018
Security has been Called for: Monday, July 30, 2018
June 28 2018 -- Bank of America Corporation announced today that it is submitting a redemption notice for all outstanding shares of its Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series K (the Series K Preferred Stock) and the corresponding depositary shares representing fractional interests in the Series K Preferred Stock (the Series K Depositary Shares).
The Series K Depositary Shares (CUSIP No. 060505DR2), each representing a 1/25th interest in one share of the Series K Preferred Stock, will be redeemed simultaneously with the redemption of the Series K Preferred Stock at a redemption price of $1,000 per depositary share. All 494,382 Series K Depositary Shares outstanding will be redeemed on July 30, 2018 for an aggregate redemption price of $494,382,000. _______________ March 28, 2018 -- Bank of America Corporation announced today that it has submitted redemption notices for all outstanding shares of its Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series M and the corresponding depositary shares representing fractional interests in the Series M Preferred Stock, and for 41,997 shares out of a total of 61,772.28 shares outstanding of its Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series K, and the corresponding depositary shares representing fractional interests in the Series K Preferred Stock. The Series M Depositary Shares (CUSIP No. 060505DT8), each representing a 1/25 interest in one share of the Series M Preferred Stock, will be redeemed simultaneously with the redemption of the Series M Preferred Stock, and the Series K Depositary Shares (CUSIP No. 060505DR2), each representing a 1/25 interest in one share of the Series K Preferred Stock, will be redeemed simultaneously with the redemption of the Series K Preferred Stock, in each case at a redemption price of $1,000 per depositary share. All 1,309,961 Series M Depositary Shares outstanding will be redeemed on May 15, 2018 for an aggregate redemption price of $1,309,961,000. Also, 1,049,925 Series K Depositary Shares out of a total of 1,544,307 Series K Depositary Shares outstanding will be redeemed on April 30, 2018 for an aggregate redemption price of $1,049,925,000, and such Series K 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, 8.00% Depositary Shares each representing a 1/25 interest in a share of Fixed-to-Floating Rate Non-cumulative Preferred Stock, Series K, liquidation preference $1000 per depositary share, redeemable at the issuer's option on or after 1/30/2018 at $1000 per depositary share plus accrued and unpaid dividends, and with no stated maturity. Non-cumulative distributions of 8.00% ($80.00) per annum are paid semi-annually on 1/30 & 7/30 through 1/30/2018 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). After 1/30/2018 the dividends will be paid at a rate equal to the three-month LIBOR plus 3.63% paid quarterly on 1/30, 4/30, 7/30 & 10/30. 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 S-26 of the prospectus for further information). 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)
IPO - 1/25/2008 - 6.00 Million Shares @ $1000.00 /share.
Link to IPO Prospectus
Market Value $6.0 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: 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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