Bank of America Announces Issuance of Series OO Preferred Stock and Depositary Shares

Bank of America Corporation has issued 120,000 shares of its newly designated 6.625% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series OO. Each share carries a liquidation preference of $25,000 and is non-cumulative in nature. In connection with this issuance, the company also sold 3,000,000 Depositary Shares, each representing a 1/25th interest in a share of the Series OO Preferred Stock.

Under the terms of the Series OO Preferred Stock, Bank of America is restricted from paying dividends on its common stock or any other junior or parity preferred stock unless full dividends are paid on the Series OO shares. These restrictions are designed to protect Series OO investors and are formalized in the Certificate of Designations filed with the State of Delaware.

The Depositary Shares were offered to investors under the terms outlined in the company’s prospectus and related supplement. This move enhances the company's capital structure while maintaining flexibility in capital allocation strategies.