| Schedule of Dividends |
Common Stock
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Declared Quarterly Cash Dividends on Common Stock |
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Declaration Date |
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Record Date |
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Payment Date |
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Dividend Per Share |
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February 11, 2014 |
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March 7, 2014 |
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March 28, 2014 |
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$ |
0.01 |
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October 24, 2013 |
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December 6, 2013 |
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December 27, 2013 |
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0.01 |
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July 24, 2013 |
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September 6, 2013 |
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September 27, 2013 |
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0.01 |
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April 30, 2013 |
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June 7, 2013 |
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June 28, 2013 |
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0.01 |
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January 23, 2013 |
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March 1, 2013 |
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March 22, 2013 |
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0.01 |
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| Schedule of Stock by Class |
The table below presents a summary of perpetual preferred stock previously issued by the Corporation and outstanding at December 31, 2013.
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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 (1)
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Per Annum
Dividend Rate
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Redemption Period |
Series B (2)
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7% Cumulative Redeemable |
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June
1997 |
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7,571 |
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$ |
100 |
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$ |
1 |
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7.00 |
% |
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n/a |
Series D (3, 4)
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6.204% Non-Cumulative |
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September
2006 |
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26,174 |
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25,000 |
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654 |
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6.204 |
% |
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On or after
September 14, 2011 |
Series E (3, 4)
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Floating Rate Non-Cumulative |
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November
2006 |
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12,691 |
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25,000 |
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317 |
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3-mo. LIBOR + 35 bps (5)
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On or after
November 15, 2011 |
Series F (3, 4)
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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. LIBOR + 40 bps (5)
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On or after
March 15, 2012 |
Series G (3, 4)
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Adjustable Rate Non-Cumulative |
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March
2012 |
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4,926 |
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100,000 |
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493 |
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3-mo. LIBOR + 40 bps (5)
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On or after
March 15, 2012 |
Series I (3, 4)
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6.625% Non-Cumulative |
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September
2007 |
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14,584 |
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25,000 |
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365 |
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6.625 |
% |
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On or after
October 1, 2017 |
Series K (3, 6)
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Fixed-to-Floating Rate Non-Cumulative |
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January
2008 |
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61,773 |
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25,000 |
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1,544 |
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8.00% through 1/29/18; 3-mo. LIBOR + 363 bps thereafter |
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On or after
January 30, 2018 |
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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n/a |
Series M (3, 6)
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Fixed-to-Floating Rate Non-Cumulative |
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April
2008 |
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52,399 |
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25,000 |
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1,310 |
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8.125% through 5/14/18;
3-mo. LIBOR + 364 bps thereafter |
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On or after
May 15, 2018 |
Series T |
6% Cumulative |
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September
2011 |
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50,000 |
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100,000 |
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2,918 |
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6.00 |
% |
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See description in Preferred Stock in this Note |
Series U |
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% through 6/1/23;
3-mo. LIBOR + 313.5 bps thereafter |
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On or after
June 1, 2023 |
Series 1 (3, 7)
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Floating Rate Non-Cumulative |
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November
2004 |
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3,275 |
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30,000 |
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98 |
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3-mo. LIBOR + 75 bps (8)
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On or after
November 28, 2009 |
Series 2 (3, 7)
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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. LIBOR + 65 bps (8)
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On or after
November 28, 2009 |
Series 3 (3, 7)
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6.375% Non-Cumulative |
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November
2005 |
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21,773 |
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30,000 |
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653 |
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6.375 |
% |
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On or after
November 28, 2010 |
Series 4 (3, 7)
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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. LIBOR + 75 bps (5)
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On or after
November 28, 2010 |
Series 5 (3, 7)
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Floating Rate Non-Cumulative |
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March
2007 |
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14,056 |
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30,000 |
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422 |
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3-mo. LIBOR + 50 bps (5)
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On or after
May 21, 2012 |
Total |
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3,407,790 |
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$ |
13,505 |
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(1) |
Amounts shown are before certain GAAP accounting adjustments of $153 million.
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(2) |
Series B Preferred Stock does not have early redemption/call rights. |
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(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. |
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(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. |
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(5) |
Subject to 4.00% minimum rate per annum.
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(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. |
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(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. |
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(8) |
Subject to 3.00% minimum rate per annum.
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n/a = not applicable
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