First Union Corp. will redeem all its outstanding series-B convertible class-A preferred stock at $25 a share.

As of Aug. 31, the company said there were 1.9 million outstanding series-B shares.

In a press release, the company said the redemption will occur Nov. 15.

Each series-B share is convertible into 1.0531 First Union common shares. Series-B shares will not be convertible into common shares after Nov. 15.

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