Wells Fargo & Company Announces Full Redemption of its Series S Preferred Stock and Related Depositary Shares
May 09 2024 - 8:00AM
Business Wire
Wells Fargo & Company (NYSE: WFC) today announced that on
June 15, 2024 (which, due to the occurrence of a non-business day,
will shift to June 17, 2024), it will redeem all 80,000 outstanding
shares (the “Redeemed Series S Preferred Shares”) of its 5.90%
Fixed-to-Floating Rate Non-Cumulative Perpetual Class A Preferred
Stock, Series S (the “Series S Preferred Stock”). The redemption of
the Redeemed Series S Preferred Shares will trigger the redemption
of the 2,000,000 outstanding shares of the related depositary
shares (the “Redeemed Series S Depositary Shares”), each
representing a 1/25 interest in a share of Series S Preferred Stock
(the “Series S Depositary Shares”). The redemption price will be
equal to $25,000.00 per Redeemed Series S Preferred Share and
$1,000.00 per Redeemed Series S Depositary Share. After giving
effect to the redemption, no shares of the Series S Preferred Stock
or the Series S Depositary Shares will remain outstanding.
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Wells Fargo Bank branch located in the
Wells Fargo Center (Photo: Wells Fargo)
Because the redemption date is also a dividend payment date for
the Series S Preferred Stock and the Series S Depositary Shares,
the redemption prices noted herein do not include declared and
unpaid dividends. Regular quarterly dividends will be paid
separately in the customary manner on June 15, 2024 (which, due to
the occurrence of a non-business day, will shift to June 17, 2024),
to holders of record at the close of business on May 31, 2024.
All regulatory requirements relating to the redemption of the
Redeemed Series S Preferred Shares and Redeemed Series S Depositary
Shares have been satisfied by Wells Fargo & Company. The
redemption agent is Equiniti Trust Company, LLC, 1110 Centre Pointe
Curve, Suite 101, Mendota Heights, Minnesota 55120. Payment of the
redemption price for the Redeemed Series S Depositary Shares will
be sent to holders by the redemption agent on the redemption
date.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a leading financial
services company that has approximately $1.9 trillion in assets. We
provide a diversified set of banking, investment and mortgage
products and services, as well as consumer and commercial finance,
through our four reportable operating segments: Consumer Banking
and Lending, Commercial Banking, Corporate and Investment Banking,
and Wealth & Investment Management. Wells Fargo ranked No. 47
on Fortune’s 2023 rankings of America’s largest corporations. In
the communities we serve, the company focuses its social impact on
building a sustainable, inclusive future for all by supporting
housing affordability, small business growth, financial health, and
a low-carbon economy. News, insights, and perspectives from Wells
Fargo are also available at Wells Fargo Stories.
Additional information may be found at www.wellsfargo.com
LinkedIn: https://www.linkedin.com/company/wellsfargo
News Release Category: WF-CF
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version on businesswire.com: https://www.businesswire.com/news/home/20240509647615/en/
Media Beth Richek, 704-374-2545
beth.richek@wellsfargo.com
Investor Relations Tanya Quinn, 415-396-7495
tanya.quinn@wellsfargo.com
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