Bank of America Announces Redemption of All Outstanding Depositary Shares Representing Interests in Its 8.20% Non-Cumulative Preferred Stock, Series H, and Its 8.625% Non-Cumulative Preferred Stock, Series 8

Mon Apr 1, 2013 4:01pm EDT

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CHARLOTTE, N.C.--(Business Wire)--
Bank of America Corporation announced today that it has submitted redemption
notices for its 8.20% Non-Cumulative Preferred Stock, Series H (the Series H
Preferred Stock), and the corresponding depositary shares representing
fractional interests in the Series H Preferred Stock (the Series H Depositary
Shares), and its 8.625% Non-Cumulative Preferred Stock, Series 8 (the Series 8
Preferred Stock), and the corresponding depositary shares representing
fractional interests in the Series 8 Preferred Stock (the Series 8 Depositary
Shares). 

The Series H Depositary Shares (NYSE: BAC.PrH) (CUSIP No. 060505765), each
representing a 1/1,000th interest in one share of the Series H Preferred Stock,
and the Series 8 Depositary Shares (NYSE: BML.PrQ) (CUSIP No. 060505559), each
representing a 1/1,200th interest in one share of the Series 8 Preferred Stock,
will be redeemed at a redemption price of $25 per depositary share. 

All 114,482,182 Series H Depositary Shares currently outstanding will be
redeemed on May 1, 2013 for an aggregate redemption price of $2,862,054,550, and
all 106,920,000 Series 8 Depositary Shares currently outstanding will be
redeemed on May 28, 2013 for an aggregate redemption price of $2,673,000,000. 

Since the redemption dates for the Series H Depositary Shares and the Series 8
Depositary Shares are also dividend payment dates, the applicable redemption
price of $25 per depositary share does not include any declared and unpaid
dividends. Dividends on the Series H Depositary Shares for the full current
quarterly dividend period from and including February 1, 2013 to but excluding
May 1, 2013 (which have not yet been declared) will be paid separately in the
customary manner on May 1, 2013 to holders of record on April 15, 2013.
Dividends on the Series 8 Depositary Shares for the full current quarterly
dividend period from and including February 28, 2013 to but excluding May 28,
2013 (which have not yet been declared) will be paid separately in the customary
manner on May 28, 2013 to holders of record on the record date fixed by Bank of
America's Board of Directors. 

The depositary shares are held through the Depository Trust Company (DTC) and
will be redeemed in accordance with the procedures of DTC. Payment to DTC for
the Series H 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 H Depositary Shares.
Payment to DTC for the Series 8 Depositary Shares will be made by The Bank of
New York Mellon, as redemption agent, in accordance with the Deposit Agreement
governing the Series 8 Depositary Shares. The addresses for the redemption
agents are as follows:

 Series H Depositary Shares:                  Series 8 Depositary Shares:    
 
Computershare Trust Company, N.A.           
The Bank of New York Mellon   
 
Attn: Corporate Actions                     
Global Corporate Trust        
 
250 Royall St.                              
111 Sanders Creek Parkway     
 
Canton, MA 02021                            
East Syracuse, NY 13057       


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

In addition, Bank of America announced that it will submit a redemption notice
to the property trustee for Progress Capital Trust II, which will result in the
redemption of $6 million aggregate liquidation amount outstanding of the 11.445%
Preferred Securities (CUSIP No. NC0005842) of Progress Capital Trust II. The
redemption date for these securities will be May 1, 2013, and the cash
redemption price to be paid on the redemption date will be $1,045.78 plus
accumulated and unpaid distributions per preferred security to the redemption
date of $32.4275. 

Bank of America
Bank of America is one of the world's largest financial institutions, serving
individual consumers, small- and middle-market businesses, institutional
investors, large corporations and governments with a full range of banking,
investing, asset management and other financial and risk management products and
services. We serve approximately 53 million consumer and small business
relationships with approximately 5,500 retail banking offices and approximately
16,300 ATMs and award-winning online banking with 30 million active users. Bank
of America is among the world's leading wealth management companies and is a
global leader in 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 in more than 40 countries. Bank of America Corporation stock (NYSE:
BAC) is a component of the Dow Jones Industrial Average and is listed on the New
York Stock Exchange. 

Forward-looking statements
Certain statements in this news release represent the current expectations,
plans or forecasts of Bank of America based on available information and are
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements can be identified by
the fact that they do not relate strictly to historical or current facts. These
statements often use words like "expects," "anticipates," "believes,"
"estimates," "targets," "intends," "plans," "predict," "goal" and other similar
expressions or future or conditional verbs such as "will," "may," "might,"
"should," "would" and "could." Forward-looking statements speak only as of the
date they are made, and Bank of America undertakes 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. 

These statements are not guarantees of future results or performance and involve
certain risks, uncertainties and assumptions that are difficult to predict and
are often beyond Bank of America's control. Actual outcomes and results may
differ materially from those expressed in, or implied by, any of these
forward-looking statements. You should not place undue reliance on any
forward-looking statement and should consider all of the following uncertainties
and risks, as well as those discussed under Item 1A. "Risk Factors" of Bank of
America's Annual Report on Form 10-K for the year ended December 31, 2012 and in
any of Bank of America's other subsequent Securities and Exchange Commission
filings. 

Visit the Bank of America newsroom for more Bank of America news. 

www.bankofamerica.com

Investors May Contact:
Jonathan G. Blum, Bank of America, 1.212.449.3112
Reporters May Contact:
Jerry Dubrowski, Bank of America, 1.980.388.2840
jerome.f.dubrowski@bankofamerica.com

Copyright Business Wire 2013

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