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 ÙDescription of the Offered Preferred Stock?Rankingˆ 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.
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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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