On March 15, 2024, Wells Fargo & Company (NYSE: WFC) disclosed its plans to redeem all 33,600 outstanding shares, termed the “Redeemed Series R Preferred Shares,” of its 6.625% Fixed-to-Floating Rate Non-Cumulative Perpetual Class A Preferred Stock, Series R (referred to as the “Series R Preferred Stock”). Consequently, the redemption of these Redeemed Series R Preferred Shares will result in the redemption of 33,600,000 outstanding shares of the associated depositary shares, designated as the “Redeemed Series R Depositary Shares.” Each Redeemed Series R Depositary Share represents a 1/1,000 interest in a share of Series R Preferred Stock (NYSE: WFC.PRR). The redemption price for the Redeemed Series R Preferred Share is set at $25,000.00 per share, while for the Redeemed Series R Depositary Share, it stands at $25.00 per share. Following the redemption process, there will be no outstanding shares of either the Series R Preferred Stock or the Series R Depositary Shares.
It’s essential to note that since the redemption date coincides with a dividend payment date for both the Series R Preferred Stock and the Series R Depositary Shares, the specified redemption prices do not encompass declared and unpaid dividends. Regular quarterly dividends will be disbursed separately on March 15, 2024, following the customary protocol to holders of record as of the close of business on February 29, 2024.
Wells Fargo & Company has diligently fulfilled all regulatory requirements pertaining to the redemption of the Redeemed Series R Preferred Shares and Redeemed Series R Depositary Shares. The redemption agent handling this process is Equiniti Trust Company, LLC, located at 1110 Centre Pointe Curve, Suite 101, Mendota Heights, Minnesota 55120. Payment of the redemption price for the Redeemed Series R Depositary Shares will be promptly disbursed to holders by the redemption agent on the redemption date.