TORONTO, April 22, 2022 /CNW/ - Bank of Montreal (the "Bank") (TSX: BMO) (NYSE: BMO) today announced its intention to redeem all of its 20,000,000 outstanding Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 40 (Non-Viability Contingent Capital (NVCC)) (the "Preferred Shares Series 40") for an aggregate total of $500 million on May 25, 2022. The redemption has been approved by the Office of the Superintendent of Financial Institutions.
The Preferred Shares Series 40 are redeemable at the Bank's option on May 25, 2022 (the "Redemption Date") at a redemption price of $25.00 per share. Payment of the redemption price will be made by the Bank on the Redemption Date.
Separately from the payment of the redemption price, the final quarterly dividend of $0.28125 per share for the Preferred Shares Series 40 announced by the Bank on March 1, 2022 will be paid in the usual manner on May 25, 2022, to shareholders of record on May 2, 2022.
Notice will be delivered to holders of the Preferred Shares Series 40 in accordance with the terms thereof.
Serving customers for 200 years and counting, BMO is a highly diversified financial services provider - the 8th largest bank, by assets, in North America. With total assets of $1.02 trillion as of January 31, 2022, and a team of diverse and highly engaged employees, BMO provides a broad range of personal and commercial banking, wealth management and investment banking products and services to more than 12 million customers and conducts business through three operating groups: Personal and Commercial Banking, BMO Wealth Management and BMO Capital Markets.
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SOURCE BMO Financial Group