Bank of America to redeem all series M, some series K preferreds

By Wendy Van Sickle

Columbus, Ohio, March 28 – Bank of America Corp. plans to redeem all of its fixed-to-floating rate non-cumulative preferred stock, series M, a portion of its fixed-to-floating rate non-cumulative preferred stock, series K, and the corresponding depositary shares representing fractional interests in the preferreds being redeemed, according to a press release.

The 1,309,961 series M depositary shares will be redeemed on May 15 at $1,000 apiece for a total redemption price of $1,309,961,000.

Of the 1,544,307 total series K depository shares, 1,049,925 will be redeemed on April 30 at $1,000 apiece for a total redemption price of $1,049,925,000. The series K depository shares that will be redeemed will be determined by a lottery.

Regular dividends on each series will be paid in the customary manner on the redemption dates for each series.

Computershare Trust Co., NA is the redemption agent.

Bank of America is a financial institution based in Charlotte, N.C.

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