On February 5, 2025, Bank of America Corporation (NYSE: BAC) announced its intention to fully redeem all outstanding shares of its Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series AA, along with the corresponding depositary shares. This strategic move is set to take effect on March 17, 2025, marking a significant development for the bank and its shareholders.

2. Details of the Redemption

The redemption will include:

Preferred Stock: Series AA (CUSIP No. 060505EP5) with a liquidation preference of $25,000 per share.

Depositary Shares: Each representing a 1/25th interest in a share of the Preferred Stock (CUSIP No. 060505EN0).

The depositary shares will be redeemed simultaneously with the preferred stock, at a redemption price of $1,000 per depositary share on the designated Redemption Date.

Dividend Payments

As part of the redemption process, Bank of America will also pay declared dividends of $30.50 per depositary share for the current semi-annual dividend period. This payment will cover the period from September 17, 2024, to March 17, 2025, and will be made to holders of record on March 1, 2025. It is important to note that this redemption price does not include any accrued and unpaid dividends, which will cease to accrue on the Redemption Date.

3. Redemption Process and Agent

The depositary shares are held through The Depository Trust Company (DTC), and the redemption will follow the applicable procedures of DTC. Payment for the redeemed depositary shares will be managed by Computershare Inc. and Computershare Trust Company, N.A., which will act as the redemption agent. Their contact information for inquiries related to this redemption is:

Computershare Trust Company, N.A.

Attn: Corporate Actions

150 Royall St.

Canton, MA 02021

Important Notice

It is essential to clarify that this press release does not serve as a formal notice of redemption under the certificate of designation governing the Preferred Stock or the deposit agreement governing the Depositary Shares. Shareholders should refer to the official documents for further details.

4. About Bank of America

Bank of America is a leading global financial institution that provides a comprehensive range of banking, investing, asset management, and risk management products and services. The bank serves approximately 69 million consumer and small business clients through an extensive network of 3,700 retail financial centers, 15,000 ATMs, and award-winning digital banking services. Furthermore, it stands out as a global leader in wealth management, corporate and investment banking, and trading across various asset classes.

The institution operates in over 35 countries, delivering industry-leading support to approximately 4 million small business households through innovative online products and services. As a publicly traded entity, Bank of America Corporation's stock is listed on the New York Stock Exchange under the ticker symbol BAC.

5. Forward-Looking Statements

The press release also includes forward-looking statements in line with the Private Securities Litigation Reform Act of 1995. These statements, while indicative of anticipated future results, involve inherent risks and uncertainties that could impact actual performance. As such, stakeholders are encouraged to consider the potential risks outlined in the company's Annual Report on Form 10-K for the year ended December 31, 2023, and other SEC filings.

6. Contact Information

For further inquiries, investors and reporters can reach out to the following Bank of America representatives:

Investors:

Lee McEntire

Phone: 1.980.388.6780

Jonathan G. Blum (Fixed Income)

Phone: 1.212.449.3112

Reporters:

Jocelyn Seidenfeld

Phone: 1.646.743.3356

This announcement signifies a pivotal moment for Bank of America as it continues to refine its capital structure and enhance shareholder value through strategic financial maneuvers. Stakeholders are encouraged to stay informed through the Bank of America newsroom for additional updates and information.

Original press release