JPMorgan Chase & Co. will redeem on Sept. 1 all 88,000 outstanding shares of its 6.30% noncumulative series W preferred stock.
The preferred shares are represented by 35.2 million depositary shares, which are currently traded on the NYSE under the symbol JPM PR E. Each depositary share represents a 0.0025 interest in a share of series W preferred stock.
The redemption price per series W preferred share will be $10,000, which is equivalent to $25.00 per depositary share.
Payment of the redemption price will be made on Sept. 3, the first business day after the redemption date, upon presentation and surrender of the depositary receipts evidencing the depositary shares to be redeemed to Computershare Inc., as depositary. Depositary shares held in book-entry form will be surrendered in accordance with applicable procedures of The Depository Trust Co.
Sept. 1 is also the final dividend payment date for the series W preferred stock and the depositary shares. The record date for the dividend is Aug. 2. Payment of the final dividend will also be made on Sept. 3.