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Bank of America Corp. | 8.625% Non-Cumulative Preferred Stock, Series 8 (BML.PRQ)

This preferred is marked as having been called.
Prospectus exerpt:  Each of the 102,000,000 depositary shares offered hereby represents a 1/1200th ownership interest in a share of perpetual 8.625% Non-Cumulative Preferred Stock, Series 8 (the “Offered Preferred Stock”), $30,000 liquidation preference per share ($25 per depositary share), of Merrill Lynch & Co., Inc. (“ML&Co.”), deposited with The Bank of New York, as depositary. Each depositary share entitles the holder, through the depositary, to all proportional rights and preferences of the Offered Preferred Stock represented thereby. The Offered Preferred Stock has a $1.00 par value and will have no voting rights except in the limited circumstances described under “Description of the Offered Preferred Stock—Voting Rights” in product supplement No. PS-2. The depositary shares are evidenced by depositary receipts.

Dividends on the Offered Preferred Stock will be payable quarterly in arrears, on February 28, May 28, August 28 and November 28 of each year, beginning on August 28, 2008, at a fixed rate per annum of 8.625% from (and including) April 29, 2008, when, as and if declared by our board of directors or an authorized committee of our board of directors in its sole discretion. Because dividends will be non-cumulative, if for any reason our board of directors or an authorized committee of our board of directors does not declare a dividend on the Offered 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 or an authorized committee of our board of directors declares dividends on the Offered Preferred Stock for any future Dividend Period.

As of the date hereof, our Floating Rate Non-Cumulative Preferred Stock, Series 1, 2, 4 and 5, our 6.375% Non-Cumulative Preferred Stock, Series 3, our 6.70% Non-Cumulative Perpetual Preferred Stock, Series 6, our 6.25% Non-Cumulative Perpetual Preferred Stock, Series 7 and our 9.00% Non-Voting Mandatory Convertible Non-Cumulative Preferred Stock, Series 1 are the only issued and outstanding series of preferred stock that will rank on a parity with the Offered Preferred Stock. See “Description of the Offered Preferred Stock—Ranking” in product supplement No. PS-2 for further information as to the ranking of the Offered Preferred Stock.

The Offered Preferred Stock is not redeemable prior to May 28, 2013. We may redeem the Offered Preferred Stock, at our option, in whole or in part at any time on or after May 28, 2013, upon not less than 30 or more than 60 days notice, at a redemption price equal to $30,000 per share (equivalent to $25 per depositary share), plus declared and unpaid dividends, without accumulation of any undeclared dividends. Holders of the Offered Preferred Stock will have no right to require the redemption of the Preferred Stock.

Full Prospectus PDF », BAC Page »

Series:8
Redeemable?:Yes
Call Date:5/28/2013 (Now Trading Post Call Date)
Perpetual?:Yes
Cumulative?:No
Shares Offered:102,000,000
Overallotment:15,300,000
Liquidation Preference:$25
Original Coupon:8.625%
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. is engaged as a financial institution that serves individual consumers, small- and middle-market businesses, institutional investors, large corporations and governments with a range of banking, investing, asset management and other financial and risk management products and services. Co. operates its banking activities primarily under two charters: Bank of America, National Association, and FIA Card Services, National Association. As of Dec 31 2013, Co. had total assets of $2.10 trillion and total deposits of $1.12 trillion.

Preferreds: BML.PRQ, BML.PRI, BML.PRN, BML.PRG, BML.PRH, CFC.PRA, BAC.PRJ, MER.PRD, MER.PRE, MER.PRF, MER.PRK, MER.PRM, MER.PRP, CFC.PRB, BAC.PRC, BAC.PRD, BAC.PRE, BAC.PRH, BAC.PRI, BAC.PRL, BAC.PRU, BAC.PRV, BAC.PRW, BAC.PRX, BAC.PRY, BAC.PRZ, BML.PRJ, BML.PRL, BML.PRO


Open the BAC Information Page »
Name:  Bank of America Corp.
Website:  www.bankofamerica.com
Sector:  Banking & Savings
Number of ETFs Holding BAC:  94 (see which ones)
Total Market Value Held by ETFs:  $5,672,349,442
Total Market Capitalization:  $171,303,000,000
% of Market Cap. Held by ETFs:  3.31%

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