Preferred Stock Summary | |||||||||||||||||||
(Dollars in millions, except as noted) | |||||||||||||||||||
Series | Description | Initial Issuance Date | Total Shares Outstanding | Liquidation Preference per Share (in dollars) | Carrying Value (1) | Per Annum Dividend Rate | Redemption Period | ||||||||||||
Series B (2) | 7% Cumulative Redeemable | June 1997 | 7,571 | $ | 100 | $ | 1 | 7.00 | % | n/a | |||||||||
Series D (3, 4) | 6.204% Non-Cumulative | September 2006 | 26,174 | 25,000 | 654 | 6.204 | % | On or after September 14, 2011 | |||||||||||
Series E (3, 4) | Floating Rate Non-Cumulative | November 2006 | 12,691 | 25,000 | 317 | 3-mo. LIBOR + 35 bps (5) | On or after November 15, 2011 | ||||||||||||
Series F (3, 4) | Floating Rate Non-Cumulative | March 2012 | 1,409 | 100,000 | 141 | 3-mo. LIBOR + 40 bps (5) | On or after March 15, 2012 | ||||||||||||
Series G (3, 4) | Adjustable Rate Non-Cumulative | March 2012 | 4,926 | 100,000 | 493 | 3-mo. LIBOR + 40 bps (5) | On or after March 15, 2012 | ||||||||||||
Series I (3, 4) | 6.625% Non-Cumulative | September 2007 | 14,584 | 25,000 | 365 | 6.625 | % | On or after October 1, 2017 | |||||||||||
Series K (3, 6) | Fixed-to-Floating Rate Non-Cumulative | January 2008 | 61,773 | 25,000 | 1,544 | 8.00% through 1/29/18; 3-mo. LIBOR + 363 bps thereafter | On or after January 30, 2018 | ||||||||||||
Series L | 7.25% Non-Cumulative Perpetual Convertible | January 2008 | 3,080,182 | 1,000 | 3,080 | 7.25 | % | n/a | |||||||||||
Series M (3, 6) | Fixed-to-Floating Rate Non-Cumulative | April 2008 | 52,399 | 25,000 | 1,310 | 8.125% through 5/14/18; 3-mo. LIBOR + 364 bps thereafter | On or after May 15, 2018 | ||||||||||||
Series T | 6% Cumulative | September 2011 | 50,000 | 100,000 | 2,918 | 6.00 | % | See description in Preferred Stock in this Note | |||||||||||
Series U | Fixed-to-Floating Rate Non-Cumulative | May 2013 | 40,000 | 25,000 | 1,000 | 5.2% through 6/1/23; 3-mo. LIBOR + 313.5 bps thereafter | On or after June 1, 2023 | ||||||||||||
Series 1 (3, 7) | Floating Rate Non-Cumulative | November 2004 | 3,275 | 30,000 | 98 | 3-mo. LIBOR + 75 bps (8) | On or after November 28, 2009 | ||||||||||||
Series 2 (3, 7) | Floating Rate Non-Cumulative | March 2005 | 9,967 | 30,000 | 299 | 3-mo. LIBOR + 65 bps (8) | On or after November 28, 2009 | ||||||||||||
Series 3 (3, 7) | 6.375% Non-Cumulative | November 2005 | 21,773 | 30,000 | 653 | 6.375 | % | On or after November 28, 2010 | |||||||||||
Series 4 (3, 7) | Floating Rate Non-Cumulative | November 2005 | 7,010 | 30,000 | 210 | 3-mo. LIBOR + 75 bps (5) | On or after November 28, 2010 | ||||||||||||
Series 5 (3, 7) | Floating Rate Non-Cumulative | March 2007 | 14,056 | 30,000 | 422 | 3-mo. LIBOR + 50 bps (5) | On or after May 21, 2012 | ||||||||||||
Total | 3,407,790 | $ | 13,505 | ||||||||||||||||
(1) | Amounts shown are before certain GAAP accounting adjustments of $153 million. |
(2) | Series B Preferred Stock does not have early redemption/call rights. |
(3) | The Corporation may redeem series of preferred stock on or after the redemption date, in whole or in part, at its option, at the liquidation preference plus declared and unpaid dividends. |
(4) | Ownership is held in the form of depositary shares, each representing a 1/1,000th interest in a share of preferred stock, paying a quarterly cash dividend, if and when declared. |
(5) | Subject to 4.00% minimum rate per annum. |
(6) | Ownership is held in the form of depositary shares, each representing a 1/25th interest in a share of preferred stock, paying a semi-annual cash dividend, if and when declared, until the redemption date at which time, it adjusts to a quarterly cash dividend, if and when declared, thereafter. |
(7) | Ownership is held in the form of depositary shares, each representing a 1/1,200th interest in a share of preferred stock, paying a quarterly cash dividend, if and when declared. |
(8) | Subject to 3.00% minimum rate per annum. |