Wells Fargo & Co. on Sept. 16 will redeem 1,550,000 shares of its fixed-to-floating rate noncumulative perpetual class A preferred stock, series K.

The redeemed shares will be selected in accordance with the standard procedures of The Depository Trust Co., according to a news release. Equiniti Trust Co. is the redemption agent.

The redemption price will be equal to $1,000 per redeemed share. Because the redemption date is also a dividend payment date for the stock, the redemption price does not include declared and unpaid dividends. Regular quarterly dividends in the amount of $15.6223 per share of series K preferred stock will be paid separately on Sept. 16 to holders of record at the close of business on Aug. 31.

After giving effect to the partial redemption, 1,802,000 shares of the series K preferred stock will remain outstanding.