Note 8 Preferred Stock

At June 30, 2011 and December 31, 2010, the Company had authority to issue 50 million shares of preferred stock. The number of shares issued and outstanding and the carrying amount of each outstanding series of the Company’s preferred stock was as follows:


	June 30, 2011								December 31, 2010
	Shares								Shares
	Issued and		Liquidation				Carrying		Issued and		Liquidation				Carrying
(Dollars in Millions)	Outstanding		Preference		Discount		Amount		Outstanding		Preference		Discount		Amount
Series A		12,510	$	1,251	$	145	$	1,106		5,746	$	575	$	145	$	430
Series B		40,000		1,000		–		1,000		40,000		1,000		–		1,000
Series D		20,000		500		–		500		20,000		500		–		500

Total preferred stock (a)		72,510	$	2,751	$	145	$	2,606		65,746	$	2,075	$	145	$	1,930


(a)		The par value of all shares issued and outstanding at June 30, 2011 and December 31, 2010, was $1.00 a share.

On April 15, 2011, the Company issued depositary shares representing an ownership interest in 6,764 shares of Series A Non-Cumulative Perpetual Preferred Stock with a liquidation preference of $100,000 per share (the “Series A Preferred Stock”). The Series A Preferred Stock has no stated maturity and will not be subject to any sinking fund or other obligation of the Company. Dividends, if declared, will accrue and be payable quarterly, in arrears, at a rate per annum equal to the greater of three-month LIBOR plus 1.02 percent or 3.50 percent. The Series A Preferred Stock is redeemable at the Company’s option, subject to prior approval by the Federal Reserve Board.

For further information on preferred stock, refer to Note 15 in the Company’s Annual Report on Form 10-K for the year ended December 31, 2010.