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Bank of America plans redemption of depositary shares

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Bank of America plans redemption of depositary shares

Bank of America Corp. is planning to fully redeem outstanding depositary shares representing interests in its 6.204% noncumulative preferred stock, series D, and outstanding depositary shares representing interests in its 6.375% noncumulative preferred stock, series 3.

The series D depositary shares, each representing a 1/1,000th interest in one share of the series D preferred stock, and the series 3 depositary shares, each translating to a 1/1,200th interest in one share of the series 3 preferred stock, will be redeemed simultaneously with the series D preferred stock and the series 3 preferred stock, respectively, in each case at a redemption price of $25 per depositary share.

All 7,588,595 outstanding series D depositary shares will be redeemed for about $189.7 million on Sept. 14, while all 26,127,328 series 3 depositary shares will be redeemed for about $653.2 million on Aug. 28.