Redeeming the Preferred Stock will cause the corresponding depositary shares to be We also may redeem the Preferred Stock upon the occurrence of certain events involving capital treatment as described in this prospectus supplement.
STANDARD BANK SHAREPLUS PLUS
Redemption price equal to $25,000 per share (equivalent to $25 per depositary share), plus any accrued and unpaid dividends for the then-current dividend period to, but excluding, the redemption date, without accumulation of any undeclaredĭividends. We may at our option, as described herein, redeem the Preferred Stock at any time on or after February 2, 2026, in whole or in part, at a Payable in arrears at a fixed rate equal to 4.125% per annum (equivalent to $1.03125 per depositary share per annum).ĭeclared by our board of directors or a duly authorized committee thereof, we will make quarterly dividend payments, in arrears, on February 2, May 2, August 2, and November 2 of each year beginning on May 2, 2021.
Only when, as, and if declared by our board of directors or a duly authorized committee thereof, and to the extent we have funds legally available for the payment of dividends, non-cumulative cash dividends, Holders of the Preferred Stock will be entitled to receive, Rights and preferences of the Preferred Stock represented by the depositary share.
Each depositary share entitles the holder, through the depository for the Preferred Stock, to a proportional fractional interest in all Preference of $25,000 per share (equivalent to $25 per depositary share) (the Preferred Stock). 36,600,000 Depositary Shares, Each Representing a 1/1,000 th Interest in a Share of 4.125% Non-Cumulative Preferred Stock, Series PPīank of America Corporation is offering 36,600,000 depositary shares, each representing a 1/1,000 th interest in a share of our perpetual 4.125% Non-Cumulative Preferred Stock, Series PP, $0.01 par value, with a liquidation
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