Market Overview

Bank of America Announces Full Redemption of Certain Outstanding Depositary Shares

Share:

Full Redemption of Outstanding Depositary Shares Representing
Interests in Its 6.204% Non-Cumulative Preferred Stock, Series D, and of
Outstanding Depositary Shares Representing Interests in Its 6.375%
Non-Cumulative Preferred Stock, Series 3

Bank of America Corporation announced today that it has submitted
redemption notices for all outstanding shares of its 6.204%
Non-Cumulative Preferred Stock, Series D (the Series D Preferred Stock)
and the corresponding depositary shares representing fractional
interests in the Series D Preferred Stock (the Series D Depositary
Shares), and for all outstanding shares of its 6.375% Non-Cumulative
Preferred Stock, Series 3 (the Series 3 Preferred Stock), and the
corresponding depositary shares representing fractional interests in the
Series 3 Preferred Stock (the Series 3 Depositary Shares).

The Series D Depositary Shares (NYSE:BAC) (CUSIP No. 060505831),
each representing a 1/1,000th interest in one share of the Series D
Preferred Stock, and the Series 3 Depositary Shares (NYSE:BML)
(CUSIP No. 060505617), each representing a 1/1,200th interest in one
share of the Series 3 Preferred Stock, will be redeemed simultaneously
with the redemption of the Series D Preferred Stock or the Series 3
Preferred Stock, as the case may be, in each case at a redemption price
of $25 per depositary share.

All 7,588,595 Series D Depositary Shares outstanding will be redeemed on
the dividend payment date on September 14, 2018 for an aggregate
redemption price of $189,714,875, and all 26,127,328 Series 3 Depositary
Shares outstanding will be redeemed on the dividend payment date on
August 28, 2018 for an aggregate redemption price of $653,183,200.

Declared dividends of $0.38775 per depositary share on the outstanding
shares of Series D Depositary Shares for the full quarterly dividend
period from and including June 14, 2018 to but excluding September 14,
2018 will be paid separately in the customary manner on September 14,
2018 to holders of record on August 31, 2018. Declared dividends of
$0.3984375 per depositary share on the outstanding shares of Series 3
Depositary Shares for the full quarterly dividend period from and
including May 28, 2018 to but excluding August 28, 2018 will be paid
separately in the customary manner on August 28, 2018 to holders of
record on August 15, 2018. Accordingly, the applicable redemption price
of $25 per depositary share does not include any declared and unpaid
dividends, and dividends on the redeemed depositary shares will cease to
accrue on the applicable redemption date.

The Series D Depositary Shares and the Series 3 Depositary Shares are
held through DTC and will be redeemed in accordance with the procedures
of DTC. Payment to DTC for the Series D Depositary Shares will be made
by Computershare Inc. and Computershare Trust Company, N.A.,
collectively, as redemption agent, in accordance with the Deposit
Agreement governing the Series D Depositary Shares. Payment to DTC for
the Series 3 Depositary Shares will be made by The Bank of New York
Mellon, as redemption agent, in accordance with the Deposit Agreement
governing the Series 3 Depositary Shares. The addresses for the
redemption agents are as follows:

             

Series D Depositary Shares:

Series 3 Depositary Shares:

 
Computershare Trust Company, N.A.

Attn: Corporate Actions

250 Royall St.

Canton, MA 02021

The Bank of New York Mellon

Attn: Corporate Trust Operations

111 Sanders Creek Parkway

East Syracuse, NY 13057

 

Bank of America has received all necessary approvals for these
redemptions.

Bank of America
Bank of America is one of the world's leading
financial institutions, serving individual consumers, small and
middle-market businesses and large corporations with a full range of
banking, investing, asset management and other financial and risk
management products and services. The company provides unmatched
convenience in the United States, serving approximately 67 million
consumer and small business clients with approximately 4,400 retail
financial centers, approximately 16,100 ATMs, and award-winning digital
banking with approximately 36 million active users, including 25 million
mobile users. Bank of America is a global leader in wealth management,
corporate and investment banking and trading across a broad range of
asset classes, serving corporations, governments, institutions and
individuals around the world. Bank of America offers industry-leading
support to approximately 3 million small business owners through a suite
of innovative, easy-to-use online products and services. The company
serves clients through operations across the United States, its
territories and more than 35 countries. Bank of America Corporation
stock (NYSE:BAC) is listed on the New York Stock Exchange.

Forward-looking statements
Certain information contained in this
news release may constitute "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995. These
statements are not guarantees of future results or performance and
involve certain risks, uncertainties and assumptions difficult to
predict or beyond our control. You should not place undue reliance on
any forward-looking statement and should consider the uncertainties and
risks discussed in our 2017 Annual Report on Form 10-K and subsequent
Securities and Exchange Commission filings. Forward-looking statements
speak only as of the date they are made, and we undertake no obligation
to update any forward-looking statement to reflect the impact of
circumstances or events that arise after the date the forward-looking
statement was made.

For more Bank of America news, including dividend announcements and
other important information, visit the Bank
of America newsroom
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www.bankofamerica.com

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