The Series 3 Preferred Stock is not redeemable prior to November 28, 2010. On and after that date, the Series 3 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 3 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, 2006, at the rate of 6.375% per annum. Except for the initial dividend period, the term ÙDividend Periodˆ means the period from and including each dividend payment date to but excluding the next succeeding dividend payment date.
Dividends on the Series 3 Preferred Stock will not be cumulative. Accordingly, if for any reason our board of directors does not declare a dividend on the Series 3 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 3 Preferred Stock for any future Dividend Period. However, with certain exceptions, we may not declare or 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 3 Preferred Stock for the immediately preceding Dividend Period.
Concurrent with this offering of depositary shares representing interests in Series 3 Preferred Stock, we are offering depositary shares representing interests in our Floating Rate Non-Cumulative Preferred Stock, Series 4. The Floating Rate Non-Cumulative Preferred Stock, Series 4, are being offered pursuant to a separate prospectus supplement. Neither offering is contingent upon the other.
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Bank of America is a bank holding company. Through its subsidiaries, Co. provides banking, investing, asset management and other financial and risk management products and services. Co.'s segments are: Consumer Banking, which provides credit, banking and investment products and services; Global Wealth and Investment Management, which provides investment management, brokerage, banking and retirement products; Global Banking, which includes lending-related products and services, integrated working capital management and treasury solutions; Global Markets, which provides sales and trading services and research services; and All Other, which includes asset and liability management activities. Preferreds: BACRP, MER.PRD, MER.PRE, MER.PRF, BAC.PRV, BAC.PRX, CFC.PRA, BAC.PRU, IPB, BML.PRN, BML.PRG, BML.PRH, BML.PRO, BAC.PRZ, BML.PRI, BML.PRJ, BAC.PRD, BAC.PRE, CFC.PRB, MER.PRK, BML.PRL, MER.PRM, MER.PRP, BAC.PRI, BAC.PRJ, BAC.PRL, BML.PRQ, BAC.PRH, BAC.PRW, BAC.PRY, BAC.PRC, BAC.PRA, BAC.PRB, BAC.PRK, BAC.PRM, BAC.PRN, BAC.PRO, BAC.PRP, BAC.PRQ, BAC.PRS Open the BAC Information Page » |
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