Prospectus excerpt: The 5.75% Non-Cumulative First Preferred Shares, Series H (the ‘‘Series H 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 $1.437500 per share per annum. The initial dividend, if declared, will be payable January 31, 2003, and will be $0.208733 per share, based upon an anticipated issue date of December 9, 2002. Thereafter, dividends will be payable quarterly at a rate of $0.359375 per share. Certain provisions relating to the Series H First Preferred Shares are summarized under ‘‘Details of the Offering’’.
On and after December 10, 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 H First Preferred Shares in whole or in part, at the Corporation’s option, at $26.00 per share if redeemed prior to December 10, 2008, $25.75 if redeemed on or after December 10, 2008 and prior to December 10, 2009, $25.50 if redeemed on or after December 10, 2009 and prior to December 10, 2010, $25.25 if redeemed on or after December 10, 2010 and prior to December 10, 2011 and $25.00 if redeemed on or after December 10, 2011, in each case together with all declared and unpaid dividends to the date ofredemption. See ‘‘Details of the Offering’’.