SAN FRANCISCO--(BUSINESS WIRE)-- Wells Fargo & Company (NYSE: WFC) today announced that on March 15, 2024, it will redeem all 33,600 outstanding shares (the “Redeemed Series R Preferred Shares”) of its 6.625% Fixed-to-Floating Rate Non-Cumulative Perpetual Class A Preferred Stock, Series R (the “Series R Preferred Stock”). The redemption of the Redeemed Series R Preferred Shares will trigger the redemption of the 33,600,000 outstanding shares of the related depositary shares (the “Redeemed Series R Depositary Shares”), each representing a 1/1,000 interest in a share of Series R Preferred Stock (the “Series R Depositary Shares”) (NYSE: WFC.PRR). The redemption price will be equal to $25,000.00 per Redeemed Series R Preferred Share and $25.00 per Redeemed Series R Depositary Share. After giving effect to the redemption, no shares of the Series R Preferred Stock or the Series R Depositary Shares will remain outstanding.
Because the redemption date is also a dividend payment date for the Series R Preferred Stock and the Series R 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 March 15, 2024, to holders of record at the close of business on Feb. 29, 2024.