Bank of America 8-K

Summary

Bank of America issued Series WW, a 7.200% fixed-rate reset, non-cumulative preferred stock, and sold depositary shares representing interests in it on 10/23/2026. The preferred stock’s dividend terms can restrict distributions and repurchases of common and other parity- or junior-ranking shares if full preferred dividends are not declared and paid.

Key Figures

• 2.0M depositary shares sold, each representing a 1/25 interest in one of the 80,000 Series WW preferred shares issued.
• Liquidation preference: $25,000 per preferred share.
• If full Series WW dividends are not declared and paid, the company faces restrictions on declaring or paying dividends or distributions on, and repurchasing or otherwise acquiring for consideration, common stock and preferred stock ranking equally with or below Series WW.