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Bank of America Corp. | Floating Rate Non-Cumulative Preferred Stock, Series 1 (BML.PRG)

Prospectus excerpt:  Each of the 25,200,000 depositary shares offered hereby represents a 1/1200th ownership interest in a share of perpetual Floating Rate Non-Cumulative Preferred Stock, Series 1 (“Series 1 Preferred Stock”), $30,000 liquidation preference per share, of Merrill Lynch & Co., Inc. (“ML&Co.”), deposited with JPMorgan Chase Bank, as depositary. Each depositary share entitles the holder, through the depositary, to all proportional rights and preferences of the Series 1 Preferred Stock represented thereby. The depositary shares are evidenced by depositary receipts.

The Series 1 Preferred Stock is not redeemable prior to November 28, 2009. On and after that date, the Series 1 Preferred Stock will be redeemable at our option, in whole at any time or in part from time to time, at a redemption price equal to $30,000 per share (equivalent to $25 per depositary share), plus declared and unpaid dividends.

Dividends on the Series 1 Preferred Stock, if declared, will be payable quarterly, in arrears, on February 28, May 28, August 28 and November 28 of each year, beginning February 28, 2005, at a floating rate per annum equal to three-month U.S. dollar LIBOR plus 0.75%; but such dividends, if declared, will be payable at a rate of not less than 3.00% per annum. For the first dividend period from and including November 1, 2004 to but excluding February 28, 2005, the per annum rate will be 3.00%. Except for the initial dividend period, “Dividend Period” means the period from and including each dividend payment date to but excluding the next succeeding dividend payment date.

Dividends on the Series 1 Preferred Stock will not be cumulative. Accordingly, if for any reason our board of directors does not declare a dividend on the Series 1 Preferred Stock for a Dividend Period, we will not pay a dividend for that Dividend Period on the quarterly payment date or at any future time, whether or not our board of directors declares dividends on the Series 1 Preferred Stock for any future Dividend Period. However, with certain exceptions, we may not declare, pay dividends on or redeem or purchase our common stock at any time if we have not declared, paid or set aside for payment full dividends on the Series 1 Preferred Stock for the immediately preceding Dividend Period.

Full Prospectus PDF », BAC Page »

Alternate symbology:BML-G, BML-PG, BMLprG
Call Date:11/28/2009 (Now Trading Post Call Date)
Shares Offered:25,200,000
Liquidation Preference:$25
Recent Market Price:$20.50
Discount to Liquidation Preference:
(More Preferreds Trading at a Discount »)
$-4.50 (-18.00%)
Annualized Dividend:0.75
Recent Ex-Date:2/13/2017
Current Yield:3.66%
Original Coupon:Floating rate per annum equal to three-month U.S. dollar LIBOR plus 0.75%
Pay Period:Quarterly
Pay Dates:28-Feb, 28-May, 28-Aug, 28-Nov
Bank of America is a bank and financial holding company. Through its banking and various nonbanking subsidiaries throughout the U.S. and in international markets, Co. serves individual consumers, small- and middle-market businesses, institutional investors, corporations and governments with a range of banking, investing, asset management and other financial and risk management products and services. Co. provides its services and products through five segments: Consumer Banking, Global Wealth & Investment Management, Global Banking, Global Markets and Legacy Assets & Servicing. As of Dec 31 2015, Co. had total assets of $2.14 trillion and total deposits of $1.20 trillion.


Open the BAC Information Page »
Name:  Bank of America Corp.
Sector:  Banking & Savings
Number of ETFs Holding BAC:  92 (see which ones)
Total Market Value Held by ETFs:  $12,122,138,198
Total Market Capitalization:  $250,504,000,000
% of Market Cap. Held by ETFs:  4.84%

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