Summary
Wells Fargo & Company/MN (WFC) has announced the redemption of all outstanding shares of its 5.875% Fixed-to-Floating Rate Non-Cumulative Perpetual Class A Preferred Stock, Series U, and related depositary shares. This redemption is scheduled to take place on June 16, 2025, with the effective date being June 15, 2025, adjusted due to a non-business day. Following this action, no Series U Preferred Stock or associated depositary shares will remain outstanding. This strategic move may impact the company's capital structure and preferred stock dividend obligations.
Key Highlights
- 1Wells Fargo is redeeming all outstanding Series U Preferred Stock and associated depositary shares.
- 2The redemption date is set for June 16, 2025 (adjusted from June 15, 2025).
- 3This action will result in zero outstanding shares of Series U Preferred Stock and Series U Depositary Shares.
- 4The Series U Preferred Stock carries a fixed-to-floating rate of 5.875% and is non-cumulative.
- 5The announcement was made via a press release filed on May 14, 2025.
Frequently Asked Questions
Wells Fargo is redeeming all of its outstanding 5.875% Fixed-to-Floating Rate Non-Cumulative Perpetual Class A Preferred Stock, Series U, and the related depositary shares.
The redemption is scheduled to occur on June 16, 2025. The originally intended date of June 15, 2025, was adjusted to June 16, 2025, because June 15, 2025, was a non-business day.
Investors holding the Series U Preferred Stock and related depositary shares will receive the redemption price (as per the terms of the stock) and will no longer hold these securities after June 16, 2025. This also means they will cease to receive future dividend payments on this specific series of preferred stock.
No, after the redemption on June 16, 2025, there will be no shares of Series U Preferred Stock or Series U Depositary Shares remaining outstanding.