Bank of America 2008 Annual Report Download - page 62

In May and June 2008, we issued 117 thousand shares of Bank of
America Corporation 8.20% Non-Cumulative Preferred Stock, Series H
with a par value of $0.01 per share for $2.9 billion.
In April 2008, we issued 160 thousand shares of Bank of America
Corporation Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series
M with a par value of $0.01 per share for $4.0 billion. The fixed rate is
8.125 percent through May 14, 2018 and then adjusts to three-month
LIBOR plus 364 bps thereafter.
In January 2008, we issued 240 thousand shares of Bank of America
Corporation Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Ser-
ies K with a par value of $0.01 per share for $6.0 billion. The fixed rate is
8.00 percent through January 29, 2018 and then adjusts to three-month
LIBOR plus 363 bps thereafter. In addition, we issued 6.9 million shares
of Bank of America Corporation 7.25% Non-Cumulative Perpetual Con-
vertible Preferred Stock, Series L with a par value of $0.01 per share for
$6.9 billion.
For additional information on the issuance of preferred stock, see
Note 14 – Shareholders’ Equity and Earnings Per Common Share to the
Consolidated Financial Statements.
Preferred Stock Dividends
In 2008, we declared a total of $1.3 billion in cash dividends on our vari-
ous series of preferred stock, which does not include $130 million of
fourth quarter 2008 Series N cumulative preferred dividends not declared
as of year end. In addition, in January 2009, we declared aggregate divi-
dends on preferred stock of $909 million, including $145 million related
to preferred stock exchanged in connection with the Merrill Lynch acquis-
ition. We estimate that the potential aggregate cash dividends on various
series of our preferred stock in the first quarter of 2009, subject to the
Board’s future declaration and assuming no conversion of convertible
shares, will be $1.4 billion. For additional information on our preferred
stock, see Note 14 – Shareholders’ Equity and Earnings Per Common
Share to the Consolidated Financial Statements.
The following table is a summary of our cash dividends on preferred
stock as of February 27, 2009.
Table 14 Preferred Stock Cash Dividend Summary
Preferred Stock
Notional
Amount
(in millions) Declaration Date Record Date Payment Date
Per Annum
Dividend Rate
Dividend
per Share
Series B
$1 January 16, 2009 April 10, 2009 April 24, 2009 7.00% $ 1.75
October 6, 2008 January 9, 2009 January 23, 2009 7.00 1.75
July 23, 2008 October 8, 2008 October 24, 2008 7.00 1.75
April 23, 2008 July 9, 2008 July 25, 2008 7.00 1.75
January 23, 2008 April 11, 2008 April 25, 2008 7.00 1.75
Series D
(1)
$ 825 January 5, 2009 February 27, 2009 March 16, 2009 6.204% $0.38775
October 2, 2008 November 28, 2008 December 15, 2008 6.204 0.38775
July 3, 2008 August 29, 2008 September 15, 2008 6.204 0.38775
April 3, 2008 May 30, 2008 June 16, 2008 6.204 0.38775
January 3, 2008 February 29, 2008 March 14, 2008 6.204 0.38775
Series E
(1)
$ 2,025 January 5, 2009 January 30, 2009 February 17, 2009 Floating $0.25556
October 2, 2008 October 31, 2008 November 17, 2008 Floating 0.25556
July 3, 2008 July 31, 2008 August 15, 2008 Floating 0.25556
April 3, 2008 April 30, 2008 May 15, 2008 Floating 0.25
January 3, 2008 January 31, 2008 February 15, 2008 Floating 0.33342
Series H
(1)
$ 2,925 January 5, 2009 January 15, 2009 February 2, 2009 8.20% $0.51250
October 2, 2008 October 15, 2008 November 3, 2008 8.20 0.51250
July 3, 2008
(2)
July 15, 2008 August 1, 2008 8.20 0.3929
Series I
(1)
$ 550 January 5, 2009 March 15, 2009 April 1, 2009 6.625% $0.41406
October 2, 2008 December 15, 2008 December 31, 2008 6.625 0.41406
July 3, 2008 September 15, 2008 October 1, 2008 6.625 0.41406
April 3, 2008 June 15, 2008 July 1, 2008 6.625 0.41406
January 3, 2008 March 15, 2008 April 1, 2008 6.625 0.41406
Series J
(1)
$ 1,035 January 5, 2009 January 15, 2009 February 2, 2009 7.25% $0.45312
October 2, 2008 October 15, 2008 November 3, 2008 7.25 0.45312
July 3, 2008 July 15, 2008 August 1, 2008 7.25 0.45312
April 3, 2008 April 15, 2008 May 1, 2008 7.25 0.45312
January 3, 2008
(2)
January 15, 2008 February 1, 2008 7.25 0.35750
Series K
(3, 4)
$ 6,000 January 5, 2009 January 15, 2009 January 30, 2009 Fixed-to-Floating $ 40.00
July 3, 2008
(2)
July 15, 2008 July 30, 2008 Fixed-to-Floating 40.00
Series L
$ 6,900 December 16, 2008 January 1, 2009 January 30, 2009 7.25% $18.1250
September 16, 2008 October 1, 2008 October 30, 2008 7.25 18.1250
June 13, 2008 July 1, 2008 July 30, 2008 7.25 18.1250
March 14, 2008
(2)
April 1, 2008 April 30, 2008 7.25 18.3264
Series M
(3, 4)
$ 4,000 October 2, 2008
(2)
October 31, 2008 November 17, 2008 Fixed-to-Floating $44.0104
Series N
$15,000 January 5, 2009
(2)
January 31, 2009 February 17, 2009 5.00% $ 371.53
Series Q
$10,000 January 21, 2009
(2)
January 31, 2009 February 17, 2009 5.00% $ 125
Series R
$20,000 January 21, 2009
(2)
January 31, 2009 February 17, 2009 8.00% $ 161.11
(1) Dividends per depositary share, each representing a 1/1000th interest in a share of preferred stock.
(2) Initial dividends
(3) Initially pays dividends semi-annually.
(4) Dividends per depository share, each representing a 1/25th interest in a share of preferred stock.
60 Bank of America 2008