Bank of America to redeem $900 million 6% preferreds, series EE

By Taylor Fox

New York, March 24 – Bank of America Corp. plans to fully redeem its outstanding $900 million, or 36 million shares, of 6% non-cumulative preferred stock, series EE, and the corresponding depositary shares on April 25, according to a news release.

The preferreds will be redeemed at par of $25.

Declared dividends of $0.375 per depositary share on the outstanding shares for the full current quarterly dividend period from, and including, Jan. 25 to, but excluding, April 25 will be paid separately on April 26, to holders of record on April 1.

The redemption price does not include any accrued dividends, and dividends on the redeemed depositary shares will cease to accrue on the redemption date.

The redemption price will be paid on April 26.

The financial services company is based in Charlotte, N.C.

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