Wells Fargo & Company Announces Full Redemption of its Series U Preferred Stock and Related Depositary Shares
SAN FRANCISCO–(BUSINESS WIRE)–
Wells Fargo & Company (NYSE: WFC) today announced that on June 15, 2025 (which, due to the occurrence of a non-business day, will shift to June 16, 2025), it will redeem all 80,000 outstanding shares (the “Redeemed Series U Preferred Shares”) of its 5.875% Fixed-to-Floating Rate Non-Cumulative Perpetual Class A Preferred Stock, Series U (the “Series U Preferred Stock”). The redemption of the Redeemed Series U Preferred Shares will trigger the redemption of the 2,000,000 outstanding shares of the related depositary shares (the “Redeemed Series U Depositary Shares”), each representing a 1/25 interest in a share of Series U Preferred Stock (the “Series U Depositary Shares”). The redemption price will be equal to $25,000.00 per Redeemed Series U Preferred Share and $1,000.00 per Redeemed Series U Depositary Share. After giving effect to the redemption, no shares of the Series U Preferred Stock or the Series U Depositary Shares will remain outstanding.
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Facade of a Wells Fargo bank branch in Manhattan (Photo: Wells Fargo)
Because the redemption date is also a dividend payment date for the Series U Preferred Stock and the Series U 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, 2025 (which, due to the occurrence of a non-business day, will shift to June 16, 2025), to holders of record at the close of business on May 30, 2025.
All regulatory requirements relating to the redemption of the Redeemed Series U Preferred Shares and Redeemed Series U Depositary Shares have been satisfied by Wells Fargo & Company. The redemption agent is Computershare Trust Company, N.A., Attn: Corporate Actions, COY: WFCO, 150 Royall Street, Suite 101, Canton, MA 02021 or PO Box 43014, Providence, RI 02940-3014. Payment of the redemption price for the Redeemed Series U 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. 34 on Fortune’s 2024 rankings of America’s largest corporations.
Additional information may be found at www.wellsfargo.com
LinkedIn: https://www.linkedin.com/company/wellsfargo
News Release Category: WF-CFH
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Media
Beth Richek, 980-308-1568
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Investor Relations
Tanya Quinn, 415-396-7495
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KEYWORDS: United States North America California
INDUSTRY KEYWORDS: Banking Professional Services Finance
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| Facade of a Wells Fargo bank branch in Manhattan (Photo: Wells Fargo) |