Bank of America to Redeem Series DD Depositary Shares on March 10, 2026

BoA to retire Series DD depositary shares in March redemption

Bank of America is redeeming all outstanding shares of its Fixed-to-Floating Rate Non‑Cumulative Preferred Stock, Series DD, and the corresponding depositary shares, the bank says. The depositary shares, each representing a 1/25th interest in a preferred share, are set for redemption on the upcoming dividend payment date of March 10, 2026, at a redemption price of $1,000 per depositary share. The company states that dividends of $31.50 per depositary share for the semi‑annual period from Sept. 10, 2025 through March 10, 2026 are declared separately and will be paid on March 10 to holders of record on Feb. 15, 2026.

Bank of America notes that the $1,000 redemption price excludes any accrued and unpaid dividends and that dividends on the depositary shares cease to accrue on the redemption date. The depositary shares trade under CUSIP No. 060505EU4 and the underlying preferred stock under CUSIP No. 060505EV2, with a liquidation preference of $25,000 per share. The shares are held through The Depository Trust Company and will be redeemed in accordance with DTC procedures, with Computershare Inc. and Computershare Trust Company, N.A. acting as redemption agent and handling payment and corporate actions logistics.

The press release emphasizes procedural points, noting it does not constitute the formal notice of redemption under the certificate of designation or the deposit agreement. The move represents a targeted capital-management action by one of the country’s largest financial institutions, removing a tranche of fixed-to-floating preferred securities from the company’s capital structure ahead of the scheduled floating-rate period. The redemption process, including record and payment handling through DTC and Computershare, follows standard market practice for depositary share instruments.

Banks respond to newborn account federal seed program

Separately, industry peers are announcing benefits tied to a new federal program that seeds tax‑advantaged accounts for certain newborns. Citigroup tells U.S.-based employees it will match the government’s $1,000 seed contribution for eligible children born between Jan. 1, 2025 and Dec. 31, 2028 and pledges additional foundation funding to boost enrollment and long‑term savings participation.

Bank of America and JPMorgan Chase, along with some nonbank firms, have also announced plans to match the federal contribution, reflecting a wider trend among large financial firms to add family‑focused savings incentives and related employee benefits as federal guidance on the accounts is finalized.