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BofA to redeem certain depositary shares

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BofA to redeem certain depositary shares

Bank of America Corp. intends to redeem certain outstanding depositary shares.

Redemption notices have been submitted for all outstanding shares of its series M fixed-to-floating rate noncumulative preferred stock and for 41,997 shares out of a total of 61,772.28 shares outstanding of its series K fixed-to-floating rate noncumulative preferred stock, as well as the corresponding depositary shares representing fractional interests in the respective preferred shares.

The series M depositary shares, each representing a 0.04 interest in a series M preferred share, will be redeemed simultaneously with the redemption of the series M preferred stock, and the series K depositary shares, each representing a 0.04 interest in a series K preferred share, will be redeemed simultaneously with the redemption of the series K preferred stock, in each case at a redemption price of $1,000 per depositary share.

The Charlotte, N.C.-based company will redeem all 1,309,961 series M depositary shares outstanding on May 15 and will redeem 1,049,925 series K depositary shares out of a total of 1,544,307 series K depositary shares outstanding on April 30.