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BofA to redeem depositary shares representing interest in preferred stock

Bank of America Corp. will redeem all of its fixed- to floating-rate noncumulative series V preferred shares Oct. 28.

The banking giant will redeem all 206,125 series V depositary shares, each representing a 0.04% interest in a share of the series V preferred stock. The depositary shares will be redeemed simultaneously the preferred shares for a total amount of $1,006.29 per depositary share.

Bank of America has received all necessary approvals for the redemption.