American Express Issues Depositary Shares for Fixed Rate Reset Preferred Stock

American Express is issuing depositary shares representing 1/1,000th of its Fixed Rate Reset Noncumulative Preferred Shares, Series E. These shares have a liquidation preference of $1,000 per depositary share and will receive quarterly dividend payments at an initial annual rate through 2031.

The dividend rate will reset every five years based on the five-year treasury rate plus a spread. Dividends are non-cumulative and payable only when declared by the board.

The Preferred Shares rank senior to common shares for dividends and liquidation distributions, and equal with Series D Preferred Shares. American Express may redeem the shares on any dividend payment date on or after the first reset date in 2031, or within 90 days following a Regulatory Capital Event.