Prospectus excerpt: The 5.25% Non-Cumulative First Preferred Shares, Series E (the “Series E First Preferred Shares”) will be entitled to fixed noncumulative preferential cash dividends, if, as and when declared by the Board of Directors, at a rate equal to $1.3125 per share per annum. The initial dividend, if declared, will be payable January 31, 2002 and will be $0.22654 per share, based upon an anticipated issue date of November 29, 2001. Thereafter, dividends will be payable quarterly at a rate of $0.328125 per share. Certain provisions relating to the Series E First Preferred Shares are summarized under “Details of the Offering”.
On and after November 30, 2006, Power Financial Corporation (“Power Financial” or the “Corporation”) may, on not less than 30 nor more than 60 days' notice, redeem for cash the Series E First Preferred Shares in whole or in part, at the Corporation's option, at $26.00 per share if redeemed prior to November 30, 2007, $25.75 if redeemed on or after November 30, 2007 and prior to November 30, 2008, $25.50 if redeemed on or after November 30, 2008 and prior to November 30, 2009, $25.25 if redeemed on or after November 30, 2009 and prior to November 30, 2010 and $25.00 if redeemed on or after November 30, 2010, in each case together with all declared and unpaid dividends to the date of redemption. See “Details of the Offering”.