JPMorgan (JPM) To Redeem All $2.9B Of Its Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock
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JPMorgan Chase & Co. (NYSE: JPM) (“JPMorgan Chase” or the “Firm”) has announced that on October 31, 2022 it will redeem all of the 293,375 outstanding shares of its Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series I (“Series I Preferred Stock”). The shares of Series I Preferred Stock are represented by 2,933,750 depositary shares (CUSIP: 46625HHA1), with each depositary share representing a one-tenth interest in a share of Series I Preferred Stock. The redemption price per share for the Series I Preferred Stock will be $10,000 (equivalent to $1,000 per depositary share).
Payment of the redemption price will be made on the redemption date of October 31, 2022, upon presentation and surrender of the depositary receipts evidencing the depositary shares to be redeemed to Computershare Inc., as Depositary, at 150 Royall Street, Canton, Massachusetts 02021. Depositary shares held in book-entry form shall be surrendered in accordance with applicable procedures of The Depository Trust Company.
October 31, 2022 is also the final dividend payment date for the Series I Preferred Stock and the depositary shares. The record date for that dividend is September 30, 2022.
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