trending Market Intelligence /marketintelligence/en/news-insights/trending/11fqGBU8CKla6oLHUrgOLQ2 content esgSubNav
In This List

Wells Fargo to partially redeem series K preferred shares

Podcast

Street Talk Episode 78: The case to build deposits in a market flush with cash

Podcast

Street Talk Episode 79: More attractive premiums for bank M&A targets coming

Blog

Banking Essentials Newsletter: June Edition, Part - 2

Blog

Insight Weekly: Fed's policy stance; overdrafts under scrutiny; energy stocks rally


Wells Fargo to partially redeem series K preferred shares

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.