Prospectus excerpt: The 5.90% Non-Cumulative First Preferred Shares, Series F (the ‘‘Series F First Preferred Shares’’) will be entitled to fixed non-cumulative preferential cash dividends, if, as and when declared by the Board of Directors, at a rate equal to $1.475 per share per annum. The initial dividend, if declared, will be payable October 31, 2002 and will be $0.43240 per share, based upon an anticipated issue date of July 16, 2002. Thereafter, dividends will be payable quarterly at a rate of $0.36875 per share. Certain provisions relating to the Series F First Preferred Shares are summarized under ‘‘Details of the Offering’’.
On and after July 17, 2007, 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 F First Preferred Shares in whole or in part, at the Corporation’s option, at $26.00 per share if redeemed prior to July 17, 2008, $25.75 if redeemed on or after July 17, 2008 and prior to July 17, 2009, $25.50 if redeemed on or after July 17, 2009 and prior to July 17, 2010, $25.25 if redeemed on or after July 17, 2010 and prior to July 17, 2011 and $25.00 if redeemed on or after July 17, 2011, in each case together with all declared and unpaid dividends to the date of redemption. See ‘‘Details of the Offering’’.