Bank of America Files 8-K on Preferred Stock
Ticker: BACRP · Form: 8-K · Filed: Jun 28, 2024 · CIK: 70858
| Field | Detail |
|---|---|
| Company | Bank Of America CORP /De/ (BACRP) |
| Form Type | 8-K |
| Filed Date | Jun 28, 2024 |
| Risk Level | low |
| Pages | 3 |
| Reading Time | 4 min |
| Key Dollar Amounts | $0.01, $0.24, $0.26, $197 billion |
| Sentiment | neutral |
Sentiment: neutral
Topics: preferred-stock, filing, capital-structure
Related Tickers: BAC
TL;DR
BAC filed an 8-K on 6/28/24 detailing preferred stock series. No major financial events disclosed.
AI Summary
On June 28, 2024, Bank of America Corp. filed an 8-K report detailing various preferred stock issuances. These include Series E, G, H, L, 1, 2, 4, 5, and Floating Rate Preferred Hybrid Income Term Securities, all with a stated date of June 28, 2024. The filing does not specify dollar amounts or specific business events beyond these stock classifications.
Why It Matters
This filing indicates potential adjustments or new classifications related to Bank of America's preferred stock, which can impact its capital structure and investor profiles.
Risk Assessment
Risk Level: low — The filing primarily lists preferred stock series without disclosing significant financial transactions or events that would pose an immediate risk.
Key Players & Entities
- BANK OF AMERICA CORP /DE/ (company) — Filer
- 0000070858-24-000178 (document_id) — Accession Number
- 20240628 (date) — Report Date
- us-gaap:CommonStockMember (stock_type) — Common Stock Classification
- bac:SeriesEPreferredStockMember (stock_type) — Preferred Stock Series E
- bac:SeriesGGPreferredStockMember (stock_type) — Preferred Stock Series G
- bac:SeriesHHPreferredStockMember (stock_type) — Preferred Stock Series H
- bac:SeriesLPreferredStockMember (stock_type) — Preferred Stock Series L
- bac:Series1PreferredStockMember (stock_type) — Preferred Stock Series 1
- bac:Series2PreferredStockMember (stock_type) — Preferred Stock Series 2
FAQ
What specific event prompted Bank of America to file this 8-K on June 28, 2024?
The 8-K filing on June 28, 2024, primarily serves to report on various preferred stock classifications, including Series E, G, H, L, 1, 2, 4, 5, and Floating Rate Preferred Hybrid Income Term Securities, without detailing a specific triggering event beyond these classifications.
Are there any new issuances or changes to existing preferred stock mentioned in the filing?
The filing lists several preferred stock series (Series E, G, H, L, 1, 2, 4, 5, and Floating Rate Preferred Hybrid Income Term Securities) with a date of June 28, 2024, suggesting potential classifications or updates, but does not explicitly state new issuances or changes to existing terms.
What is the significance of the 'Other Events' and 'Financial Statements and Exhibits' items listed in the filing?
These items indicate that the 8-K filing includes information categorized under 'Other Events' and also contains 'Financial Statements and Exhibits,' which are standard components for reporting significant corporate actions or disclosures.
Does the filing provide any financial details or dollar amounts associated with these preferred stock series?
No, the provided excerpt of the 8-K filing does not contain specific dollar amounts or detailed financial figures related to the listed preferred stock series.
What is the company's primary business as indicated by the SIC code?
The Standard Industrial Classification (SIC) code provided is [6021], which corresponds to 'NATIONAL COMMERCIAL BANKS,' indicating Bank of America's primary business is commercial banking.
Filing Stats: 1,014 words · 4 min read · ~3 pages · Grade level 12.6 · Accepted 2024-06-28 16:48:11
Key Financial Figures
- $0.01 — ich registered Common Stock, par value $0.01 per share BAC New York Stock Exchange
- $0.24 — ts quarterly common stock dividend from $0.24 per share to $0.26 per share beginning
- $0.26 — stock dividend from $0.24 per share to $0.26 per share beginning in the third quarte
- $197 billion — At March 31, 2024, the Corporation had $197 billion of regulatory CET1 capital and a CET1 r
Filing Documents
- bac-20240628.htm (8-K) — 67KB
- exhibit991dividend.htm (EX-99.1) — 10KB
- logo.jpg (GRAPHIC) — 7KB
- 0000070858-24-000178.txt ( ) — 373KB
- bac-20240628.xsd (EX-101.SCH) — 6KB
- bac-20240628_def.xml (EX-101.DEF) — 23KB
- bac-20240628_lab.xml (EX-101.LAB) — 50KB
- bac-20240628_pre.xml (EX-101.PRE) — 25KB
- bac-20240628_htm.xml (XML) — 18KB
01 Other Events
ITEM 8.01 Other Events. On June 28, 2024, Bank of America Corporation (the "Corporation") issued a press release ("Press Release") announcing that the Corporation plans to increase its quarterly common stock dividend from $0.24 per share to $0.26 per share beginning in the third quarter of 2024. The increased quarterly common stock dividend is subject to approval by the Corporation's Board of Directors. The Press Release also announced the results of the Federal Reserve Board's 2024 Comprehensive Capital Analysis and Review ("CCAR"). Based on the 2024 CCAR results, the Corporation's stress capital buffer ("SCB") will be 3.2% and the CET1 minimum requirement will be 10.7% when finalized. This new SCB will be effective from October 1, 2024 to September 30, 2025. At March 31, 2024, the Corporation had $197 billion of regulatory CET1 capital and a CET1 ratio of 11.9% which exceeds its current regulatory minimum requirement of 10.0%. A copy of the Press Release is attached hereto as Exhibit 99.1 and incorporated by reference into this Item 8.01.
01 Financial Statements and Exhibits
ITEM 9.01 Financial Statements and Exhibits. (d) Exhibits. The following exhibits are filed herewith: EXHIBIT NO. DESCRIPTION OF EXHIBIT 99.1 Bank of America Corporation press release dated Ju ne 2 8 , 2024 104 Cover Page Interactive Data File (embedded in the cover page formatted in Inline XBRL)
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. BANK OF AMERICA CORPORATION By: /s/ Ross E. Jeffries, Jr. Ross E. Jeffries, Jr. Deputy General Counsel and Corporate Secretary Dated: June 28, 2024