JPMorgan Chase & Co. is set to liquidate Bank One Capital III on Sept. 10.

The 8.750% preferred securities and the 8.750% common securities issued by the fund will be canceled, while the 8.750% junior subordinated deferrable interest debentures due Sept. 1, 2030, issued by JPMorgan and held by Bank One Capital, will be distributed pro rata to the holders of the trust preferred securities and trust common securities.

On the liquidation date, each $1,000 in liquidation amount of the trust preferred securities will be exchanged for $1,000 principal amount of the debentures, and the principal amount of the debentures distributed to JPMorgan, as the holder of the trust common securities, will be extinguished.

The exchange of the trust preferred securities for the debentures will be effected by the Bank of New York Mellon, as the institutional trustee for Bank One Capital, through the facilities and following the procedures of The Depository Trust Co.

The next scheduled interest payment on the debentures after the liquidation date will include any accrued and unpaid distributions on the trust preferred securities.