Summary
Wells Fargo & Company (WFC) has announced the redemption of all outstanding shares of its 3.90% Fixed Rate Reset Non-Cumulative Perpetual Class A Preferred Stock, Series BB, and the related depositary shares. This redemption is scheduled to take place on March 16, 2026, as the original date of March 15, 2026, falls on a non-business day. Approximately 140,400 shares of Series BB Preferred Stock are being redeemed. This action signifies a move by Wells Fargo to eliminate this specific class of preferred stock from its capital structure. Investors holding these Series BB Preferred Stock or Series BB Depositary Shares should expect to receive their redemption value on the specified date. This redemption does not impact other outstanding share classes or the company's overall financial operations beyond the removal of this financial instrument.
Key Highlights
- 1Wells Fargo is redeeming all outstanding shares of its 3.90% Fixed Rate Reset Non-Cumulative Perpetual Class A Preferred Stock, Series BB.
- 2The redemption also applies to all outstanding Series BB Depositary Shares.
- 3The redemption date is set for March 16, 2026, due to the original date (March 15, 2026) being a non-business day.
- 4A total of 140,400 shares of Series BB Preferred Stock are subject to this redemption.
- 5Following the redemption, no shares of Series BB Preferred Stock or Series BB Depositary Shares will remain outstanding.
- 6The company announced this action via a press release filed as an exhibit.