Wells Fargo calls all series Q perpetual preferred shares

By Mary-Katherine Stinson

Lexington, Ky., Aug. 10 – Wells Fargo & Co. will redeem all its 5.85% series Q fixed-to-floating rate non-cumulative perpetual class A preferred stock, according to an 8-K filing with the Securities and Exchange Commission.

The redemption date is Sept. 15.

The redemption of all 69,000 shares will trigger the redemption of 69 million related depositary shares. The redemption price will be equal to $25.00 per series Q depositary share.

Because the redemption date is also the dividend payment date for the shares, the redemption prices do not include declared and unpaid dividends, the bank noted.

Regular quarterly dividends will be paid separately in the customary manner on Sept. 15 to holders of record at the close of business on Aug. 31.

The redemption agent is Equiniti Trust Co.

Wells Fargo is a San Francisco-based financial services company.

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