Wells Fargo Redeems Series U Preferred Stock

By Greg Peters • Wednesday, May 14 15:24 • Permanent Link

Wells Fargo & Company (NYSE: WFC) has announced the full redemption of its Series U Preferred Stock and related depositary shares, with the redemption date set for June 15, 2025. The redemption will encompass all 80,000 outstanding shares of its 5.875% Fixed-to-Floating Rate Non-Cumulative Perpetual Class A Preferred Stock, Series U, and will trigger the redemption of 2,000,000 outstanding shares of the related depositary shares.

The redemption price for the Series U Preferred Stock is set at $25,000.00 per share, while the redemption price for the Series U Depositary Shares is $1,000.00 per share. After the redemption, no shares of the Series U Preferred Stock or the Series U Depositary Shares will remain outstanding.

It's important to note that the redemption date also coincides with a dividend payment date for the Series U Preferred Stock and the Series U Depositary Shares. As such, the redemption prices mentioned do not include declared and unpaid dividends. Regular quarterly dividends will be paid separately on June 15, 2025, to holders of record at the close of business on May 30, 2025.

Wells Fargo & Company, a leading financial services company with approximately $1.9 trillion in assets, operates through four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management. The company ranked No. 34 on Fortune’s 2024 rankings of America’s largest corporations.

For further details, please refer to the company's official website or contact the provided media and investor relations representatives. The market has reacted to these announcements by moving the company's shares 1.48% to a price of $75.99. Check out the company's full 8-K submission here.

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