Bank of America Corp has announced its intention to offer 2 million depositary shares, each representing a 1/25th interest in a share of its new 7.200% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series WW. This move is significant as it aims to enhance the bank's capital structure while responding to competitive pressures within the national commercial banking sector.

The filing, dated October 22, 2026, details the offering under Rule 424(b)(5) and is part of Bank of America's ongoing strategy to attract investors through fixed-rate dividends. Each depositary share will have a liquidation preference of $25,000 per share, equivalent to $1,000 per depositary share, and will entitle holders to receive non-cumulative cash dividends.

Background

Bank of America Corp, incorporated in Delaware, operates under the Standard Industrial Classification (SIC) code 6021, which identifies it as a national commercial bank. The company trades under the ticker symbol BAC on the New York Stock Exchange (NYSE). This filing is part of a series of recent filings, including multiple 424B2 forms filed on October 26, 2026, indicating ongoing capital market activities.

What the Filing Says

The filing specifies that the preferred stock will pay dividends at a fixed rate of 7.200% per annum until October 27, 2031. After this date, the rate will reset based on the Five-Year U.S. Treasury Rate plus a spread of 2.260% per annum. The bank has the option to redeem the preferred stock starting on any dividend payment date after October 27, 2031.

Impact

This offering may affect various stakeholders, including investors looking for stable dividend income and competitors within the national commercial banking sector. The fixed-rate dividend structure could attract yield-seeking investors, potentially shifting capital flows within the industry.

What's Next

The filing does not specify the next steps following this offering. However, it indicates that the depositary shares are expected to be delivered in book-entry form through The Depository Trust Company on or about October 23, 2026.

Source: SEC filing accession number 0001193125-26-428699.