Bank of America Announces Redemption of All Outstanding Floating Rate MMCapSSM of Progress Capital Trust IV

Fri Jun 7, 2013 9:00am EDT

* Reuters is not responsible for the content in this press release.

Bank of America Announces Redemption of All Outstanding Floating Rate MMCapSSM of Progress Capital Trust IV

Bank of America Corporation announced today that it will submit a redemption notice to the institutional trustee for Progress Capital Trust IV, which will result in the redemption of all $5 million aggregate liquidation amount outstanding of the trust preferred securities of Progress Capital Trust IV designated as the Floating Rate MMCapSSM. The redemption date for these securities will be July 7, 2013, and the cash redemption price to be paid on the redemption date will be $1,000 per trust preferred security. Accrued distributions for the full current quarterly distribution period of $9.1685 per trust preferred security will be paid to holders of record at the close of business on June 22, 2013 in the customary manner. Bank of America has received all necessary approvals for these redemptions.

Bank of America
Bank of America is one of the world's largest 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. We serve approximately 52 million consumer and small business relationships with approximately 5,400 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 the uncertainties and risks 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

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.