Bank of America Announces Full Redemption of Certain Outstanding Depositary Shares

Business Wire 26-Jul-2018 4:10 PM

Full Redemption of Outstanding Depositary Shares Representing Interests in Its 6.204% Non-Cumulative Preferred Stock, Series D, and of Outstanding Depositary Shares Representing Interests in Its 6.375% Non-Cumulative Preferred Stock, Series 3

Bank of America Corporation announced today that it has submitted redemption notices for all outstanding shares 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), and for all outstanding shares of its 6.375% Non-Cumulative Preferred Stock, Series 3 (the Series 3 Preferred Stock), and the corresponding depositary shares representing fractional interests in the Series 3 Preferred Stock (the Series 3 Depositary Shares).

The Series D Depositary Shares (NYSE:BAC) (CUSIP No. 060505831), each representing a 1/1,000th interest in one share of the Series D Preferred Stock, and the Series 3 Depositary Shares (NYSE:BML) (CUSIP No. 060505617), each representing a 1/1,200th interest in one share of the Series 3 Preferred Stock, will be redeemed simultaneously with the redemption of the Series D Preferred Stock or the Series 3 Preferred Stock, as the case may be, in each case at a redemption price of $25 per depositary share.

All 7,588,595 Series D Depositary Shares outstanding will be redeemed on the dividend payment date on September 14, 2018 for an aggregate redemption price of $189,714,875, and all 26,127,328 Series 3 Depositary Shares outstanding will be redeemed on the dividend payment date on August 28, 2018 for an aggregate redemption price of $653,183,200.

Declared dividends of $0.38775 per depositary share on the outstanding shares of Series D Depositary Shares for the full quarterly dividend period from and including June 14, 2018 to but excluding September 14, 2018 will be paid separately in the customary manner on September 14, 2018 to holders of record on August 31, 2018. Declared dividends of $0.3984375 per depositary share on the outstanding shares of Series 3 Depositary Shares for the full quarterly dividend period from and including May 28, 2018 to but excluding August 28, 2018 will be paid separately in the customary manner on August 28, 2018 to holders of record on August 15, 2018. Accordingly, the applicable redemption price of $25 per depositary share does not include any declared and unpaid dividends, and dividends on the redeemed depositary shares will cease to accrue on the applicable redemption date.

The Series D Depositary Shares and the Series 3 Depositary Shares are held through DTC and will be redeemed in accordance with the procedures of DTC. Payment to DTC for the Series D Depositary Shares will be made by Computershare Inc. and Computershare Trust Company, N.A., collectively, as redemption agent, in accordance with the Deposit Agreement governing the Series D Depositary Shares. Payment to DTC for the Series 3 Depositary Shares will be made by The Bank of New York Mellon, as redemption agent, in accordance with the Deposit Agreement governing the Series 3 Depositary Shares. The addresses for the redemption agents are as follows:

Bank of America has received all necessary approvals for these redemptions.

Bank of AmericaBank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 67 million consumer and small business clients with approximately 4,400 retail financial centers, approximately 16,100 ATMs, and award-winning digital banking with approximately 36 million active users, including 25 million mobile users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and more than 35 countries. Bank of America Corporation stock (NYSE:BAC) is listed on the New York Stock Exchange.

Forward-looking statementsCertain information contained in this news release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are not guarantees of future results or performance and involve certain risks, uncertainties and assumptions difficult to predict or beyond our control. You should not place undue reliance on any forward-looking statement and should consider the uncertainties and risks discussed in our 2017 Annual Report on Form 10-K and subsequent Securities and Exchange Commission filings. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update any forward-looking statement to reflect the impact of circumstances or events that arise after the date the forward-looking statement was made.

For more Bank of America news, including dividend announcements and other important information, visit the Bank of America newsroom. Click here to register for news email alerts.

www.bankofamerica.com

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