Non-cumulative dividends, payable quarterly in arrears, at a floating rate per annum equal to three-month U.S. dollar LIBOR plus .50%; but such dividends, if declared, will be payable at a rate of not less than 4.00% per annum. For the first dividend period from and including March 20, 2007 to but excluding May 21, 2007, the per annum rate for the initial dividend, if declared, will be equal to 5.85%. Because dividends will be non-cumulative, if for any reason 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 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 and 4, and our 6.375% Non-Cumulative Preferred Stock, Series 3 are the only issued and outstanding series of preferred stock that will rank on a parity with the Offered Preferred Stock. See ÙDescription of the Offered Preferred Stock?Rankingˆ in product supplement no. PS-1 for further information as to the ranking of the Offered Preferred Stock.
February 21, May 21, August 21 and November 21 of each year, beginning May 21, 2007, when, as and if declared by our board of directors in its sole discretion.
The Offered Preferred Stock is not redeemable prior to May 21, 2012. On and after that date, the Offered Preferred Stock will be redeemable at our option, in whole at any time or in part from time to time, 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.
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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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