| Schedule of Shareholders' Equity |
The table below summarizes common stock repurchases during 2023, 2022 and 2021.
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| Common Stock Repurchase Summary |
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| (in millions) |
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2023 |
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2022 |
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2021 |
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| Total share repurchases, including CCAR capital plan repurchases |
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147 |
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126 |
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615 |
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Purchase price of shares repurchased and retired (1)
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$ |
4,576 |
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$ |
5,073 |
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$ |
25,126 |
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(1) Consists of repurchases pursuant to the Corporation’s CCAR capital plans.
The table below presents a summary of perpetual preferred stock outstanding at December 31, 2023.
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Preferred Stock Summary |
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| (Dollars in millions, except as noted) |
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| Series |
Description |
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Initial
Issuance
Date |
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Total
Shares
Outstanding |
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Liquidation
Preference
per Share
(in dollars) |
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Carrying
Value |
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Per Annum
Dividend Rate |
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Dividend per Share
(in dollars)(1)
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Annual Dividend |
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Redemption Period (2)
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| Series B |
7.000% Cumulative Redeemable |
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June
1997 |
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7,076 |
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$ |
100 |
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$ |
1 |
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7.00 |
% |
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$ |
7 |
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$ |
— |
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n/a |
Series E (3)
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Floating Rate Non-Cumulative |
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November
2006 |
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12,317 |
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25,000 |
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308 |
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3-mo. CME Term SOFR + 61.161 bps (4)(5)
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1.38 |
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17 |
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On or after
November 15, 2011 |
| Series F |
Floating Rate Non-Cumulative |
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March
2012 |
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1,409 |
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100,000 |
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141 |
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3-mo. CME Term SOFR + 66.161 bps (4)(5)
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5,693.77 |
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8 |
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On or after
March 15, 2012 |
| Series G |
Adjustable Rate Non-Cumulative |
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March
2012 |
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4,925 |
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100,000 |
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492 |
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3-mo. CME Term SOFR + 66.161 bps (4)(5)
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5,693.77 |
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28 |
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On or after
March 15, 2012 |
| Series L |
7.25% Non-Cumulative Perpetual Convertible |
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January
2008 |
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3,080,182 |
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1,000 |
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3,080 |
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7.25 |
% |
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72.50 |
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223 |
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n/a |
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Series U (7)
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Fixed-to-Floating Rate Non-Cumulative |
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May
2013 |
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40,000 |
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25,000 |
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1,000 |
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5.2% to, but excluding, 6/1/23;3-mo. CME Term SOFR + 339.661 bps thereafter (5)(6)
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70.32 |
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70 |
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On or after
June 1, 2023 |
Series X (7)
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Fixed-to-Floating Rate Non-Cumulative |
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September
2014 |
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80,000 |
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25,000 |
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2,000 |
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6.250% to, but excluding, 9/5/24; 3-mo. CME Term SOFR + 396.661 bps thereafter (5)
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62.50 |
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125 |
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On or after
September 5, 2024 |
Series Z (7)
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Fixed-to-Floating Rate Non-Cumulative |
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October
2014 |
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56,000 |
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25,000 |
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1,400 |
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6.500% to, but excluding, 10/23/24; 3-mo. CME Term SOFR + 443.561 bps thereafter (5)
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65.00 |
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91 |
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On or after
October 23, 2024 |
Series AA (7)
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Fixed-to-Floating Rate Non-Cumulative |
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March
2015 |
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76,000 |
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25,000 |
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1,900 |
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6.100% to, but excluding, 3/17/25; 3-mo. CME Term SOFR + 415.961 bps thereafter (5)
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61.00 |
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116 |
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On or after
March 17, 2025 |
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Series DD (7)
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Fixed-to-Floating Rate Non-Cumulative |
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March
2016 |
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40,000 |
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25,000 |
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1,000 |
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6.300% to, but excluding, 3/10/26; 3-mo. CME Term SOFR + 481.461 bps thereafter (5)
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63.00 |
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63 |
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On or after
March 10, 2026 |
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Series FF (7)
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Fixed-to-Floating Rate Non-Cumulative |
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March
2018 |
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90,833 |
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25,000 |
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2,271 |
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5.875% to, but excluding, 3/15/28; 3-mo. CME Term SOFR + 319.261 bps thereafter (5)
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58.75 |
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133 |
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On or after
March 15, 2028 |
Series GG (3)
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6.000% Non-Cumulative |
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May
2018 |
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54,000 |
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25,000 |
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1,350 |
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6.000 |
% |
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1.50 |
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81 |
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On or after
May 16, 2023 |
Series HH (3)
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5.875% Non-Cumulative |
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July
2018 |
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34,049 |
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25,000 |
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851 |
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5.875 |
% |
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1.47 |
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50 |
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On or after
July 24, 2023 |
Series JJ (7)
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Fixed-to-Floating Rate Non-Cumulative |
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June
2019 |
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34,171 |
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25,000 |
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854 |
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5.125% to, but excluding, 6/20/24; 3-mo. CME Term SOFR + 355.361 bps thereafter (5)
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51.25 |
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44 |
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On or after
June 20, 2024 |
Series KK (3)
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5.375% Non-Cumulative |
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June
2019 |
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55,273 |
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25,000 |
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1,382 |
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5.375 |
% |
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1.34 |
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74 |
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On or after
June 25, 2024 |
Series LL (3)
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5.000% Non-Cumulative |
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September
2019 |
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52,045 |
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25,000 |
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1,301 |
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5.000 |
% |
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1.25 |
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65 |
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On or after
September 17, 2024 |
Series MM (7)
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Fixed-to-Floating Rate Non-Cumulative |
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January
2020 |
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30,753 |
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25,000 |
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769 |
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4.300% to, but excluding, 1/28/25; 3-mo. CME Term SOFR + 292.561 bps thereafter (5)
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43.00 |
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33 |
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On or after
January 28, 2025 |
Series NN (3)
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4.375% Non-Cumulative |
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October
2020 |
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42,993 |
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25,000 |
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1,075 |
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4.375 |
% |
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1.09 |
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47 |
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On or after
November 3, 2025 |
Series PP (3)
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4.125% Non-Cumulative |
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January 2021 |
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36,500 |
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25,000 |
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912 |
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4.125 |
% |
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1.03 |
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38 |
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On or after
February 2, 2026 |
Series QQ (3)
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4.250% Non-Cumulative |
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October 2021 |
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51,879 |
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25,000 |
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1,297 |
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4.250 |
% |
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1.06 |
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55 |
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On or after
November 17, 2026 |
Series RR (8)
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4.375% Fixed-Rate Reset Non-Cumulative |
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January 2022 |
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66,738 |
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25,000 |
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1,668 |
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4.375% to, but excluding 1/27/27; 5-yr U.S. Treasury Rate + 276 bps thereafter |
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43.75 |
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73 |
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On or after
January 27, 2027 |
Series SS (3)
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4.750% Non-Cumulative |
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January 2022 |
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27,463 |
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25,000 |
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687 |
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4.750 |
% |
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1.19 |
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33 |
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On or after
February 17, 2027 |
Series TT (8)
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6.125% Fixed-Rate Reset Non-Cumulative |
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April 2022 |
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80,000 |
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25,000 |
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2,000 |
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6.125% to, but excluding, 4/27/27; 5-yr U.S. Treasury Rate + 323.1 bps thereafter |
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61.25 |
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122 |
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On or after
April 27, 2027 |
Series 1 (9)
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Floating Rate Non-Cumulative |
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November
2004 |
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3,185 |
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30,000 |
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96 |
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3-mo. CME Term SOFR + 101.161 bps (5)(10)
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1.49 |
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6 |
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On or after
November 28, 2009 |
Series 2 (9)
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Floating Rate Non-Cumulative |
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March
2005 |
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9,967 |
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30,000 |
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299 |
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3-mo. CME Term SOFR + 91.161 bps (5)(10)
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1.48 |
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18 |
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On or after
November 28, 2009 |
Series 4 (9)
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Floating Rate Non-Cumulative |
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November
2005 |
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7,010 |
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30,000 |
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210 |
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3-mo. CME Term SOFR + 101.161 bps (4)(5)
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1.51 |
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13 |
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On or after
November 28, 2010 |
Series 5 (9)
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Floating Rate Non-Cumulative |
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March
2007 |
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13,331 |
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30,000 |
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|
400 |
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3-mo. CME Term SOFR + 76.161 bps (4)(5)
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1.43 |
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23 |
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On or after
May 21, 2012 |
| Issuance costs and certain adjustments |
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(347) |
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| Total |
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4,088,099
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$ |
28,397
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(1)For all series of preferred stock other than Series B, Series F, Series G and Series L, “Dividend per Share” means the amount of dividends per depositary share of such series.
(2)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. Series B and Series L Preferred Stock do not have early redemption/call rights.
(3)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.
(4)Subject to 4.00% minimum rate per annum.
(5)The number of basis points to be added to 3-mo. Term SOFR is equal to the original basis point spread applicable to floating rate periods when the preferred stock was originally issued, plus a tenor spread adjustment of 26.161 bps relating to the transition from 3-mo. LIBOR to 3-mo. Term SOFR.
(6)Solely for the dividend period commencing 6/1/23, the per annum dividend rate for the Series U Preferred Stock was determined by reference to 3-mo. LIBOR + 313.5 bps.
(7)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 first redemption date at which time, it adjusts to a quarterly cash dividend, if and when declared, thereafter.
(8)Ownership is held in the form of depositary shares, each representing a 1/25th interest in a share of preferred stock, paying a quarterly cash dividend, if and when declared.
(9)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.
(10)Subject to 3.00% minimum rate per annum.
n/a = not applicable
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