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Name | Symbol | Market | Type |
---|---|---|---|
Wells Fargo and Company (PK) | USOTC:WFCNP | OTCMarkets | Preference Share |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.33 | 0.331 | 1.75 | 0.00 | 14:30:24 |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (date of earliest event reported):
(Exact name of registrant as specified in its charter)
No. | ||||
(State or other jurisdiction of incorporation) |
(Commission File Number) |
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(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act (17 CFR 230.405) or Rule 12b-2 of the Exchange Act (17 CFR 240.12b-2).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 8.01. | Other Events. |
On May 9, 2024, Wells Fargo & Company (the “Company”) issued a press release announcing it will redeem on June 15, 2024 (which, due to the occurrence of a non-business day, will shift to June 17, 2024, the “Redemption Date”) all 80,000 outstanding shares of its 5.90% Fixed-to-Floating Rate Non-Cumulative Perpetual Class A Preferred Stock, Series S (the “Series S Preferred Stock”) and all outstanding shares of the related depositary shares, each representing a 1/25th interest in a share of the Series S Preferred Stock (the “Series S Depositary Shares”). After giving effect to the redemption on the Redemption Date, no shares of the Series S Preferred Stock or the Series S Depositary Shares will remain outstanding.
Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits
Exhibit No. |
Description |
Location | ||
99.1 | Press Release dated May 9, 2024. | Filed herewith | ||
104 | The cover page from this Current Report on Form 8-K, formatted in Inline XBRL. |
Filed herewith |
2
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
WELLS FARGO & COMPANY | ||
DATED: May 9, 2024 | /s/ Bryant Owens | |
Bryant Owens | ||
Senior Vice President and Assistant Treasurer |
Exhibit 99.1
News Release | May 9, 2024
Wells Fargo & Company Announces Full Redemption of its Series S Preferred Stock and Related Depositary Shares
SAN FRANCISCO May 9, 2024 Wells Fargo & Company (NYSE: WFC) today announced that on June 15, 2024 (which, due to the occurrence of a non-business day, will shift to June 17, 2024), it will redeem all 80,000 outstanding shares (the Redeemed Series S Preferred Shares) of its 5.90% Fixed-to-Floating Rate Non-Cumulative Perpetual Class A Preferred Stock, Series S (the Series S Preferred Stock). The redemption of the Redeemed Series S Preferred Shares will trigger the redemption of the 2,000,000 outstanding shares of the related depositary shares (the Redeemed Series S Depositary Shares), each representing a 1/25 interest in a share of Series S Preferred Stock (the Series S Depositary Shares). The redemption price will be equal to $25,000.00 per Redeemed Series S Preferred Share and $1,000.00 per Redeemed Series S Depositary Share. After giving effect to the redemption, no shares of the Series S Preferred Stock or the Series S Depositary Shares will remain outstanding.
Because the redemption date is also a dividend payment date for the Series S Preferred Stock and the Series S 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 June 15, 2024 (which, due to the occurrence of a non-business day, will shift to June 17, 2024), to holders of record at the close of business on May 31, 2024.
All regulatory requirements relating to the redemption of the Redeemed Series S Preferred Shares and Redeemed Series S Depositary Shares have been satisfied by Wells Fargo & Company. The redemption agent is Equiniti Trust Company, LLC, 1110 Centre Pointe Curve, Suite 101, Mendota Heights, Minnesota 55120. Payment of the redemption price for the Redeemed Series S Depositary Shares will be sent to holders by the redemption agent on the redemption date.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a leading financial services company that has approximately $1.9 trillion in assets. We provide a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management. Wells Fargo ranked No. 47 on Fortunes 2023 rankings of Americas largest corporations. In the communities we serve, the company focuses its social impact on building a sustainable, inclusive future for all by supporting housing affordability, small business growth, financial health, and a low-carbon economy. News, insights, and perspectives from Wells Fargo are also available at Wells Fargo Stories.
Additional information may be found at www.wellsfargo.com
LinkedIn: https://www.linkedin.com/company/wellsfargo
© 2024 Wells Fargo Bank, N.A. All rights reserved.
Contact Information
Media
Beth Richek, 704-374-2545
beth.richek@wellsfargo.com
Investor Relations
Tanya Quinn, 415-396-7495
tanya.quinn@wellsfargo.com
News Release Category: WF-CF
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2 May 2024 | News Release
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