Bank of America Corp. will redeem all outstanding 6.500% noncumulative series Y preferred shares and the corresponding depositary shares on Jan. 27, 2020.

Each series Y depositary share represents 0.001 of an interest in a series Y preferred share. The banking giant will redeem 44 million series Y depositary shares on Jan. 27, 2020, at $25 each.

Computershare Inc. and Computershare Trust Co. NA are the redemption agents.