Dividends on the Series C Preferred Stock will accrue from the original issue date and will be payable, when, as and if declared by our board of directors or a duly authorized committee of the board, on a non-cumulative basis, quarterly in arrears on the 15th day of February, May, August and November of each year, commencing on August 15, 2006, at a rate equal to 7.30% per annum. If our board of directors or a duly authorized committee of the board has not declared a dividend on the Series C Preferred Stock before the dividend payment date for any dividend period, such dividend shall not be cumulative and shall cease to accrue and be payable, and we will have no obligation to pay dividends accrued for such dividend period, whether or not dividends on the Series C Preferred Stock are declared for any future dividend period.
The Series C Preferred Stock is not redeemable prior to May 15, 2011. On and after that date, the Series C Preferred Stock will be redeemable at our option, subject to the prior approval of the Office of Thrift Supervision (the ÙOTSˆ) (or any successor bank regulatory agency having jurisdiction over Sovereign), in whole at any time or in part from time to time, at a redemption price equal to $25,000 per share (equivalent to $25 per depositary share), plus any declared and unpaid dividends, without accumulation of any undeclared dividends. The Series C Preferred Stock will not have any voting rights, except as set forth under ÙDescription of Series C Preferred Stock ? Voting Rightsˆ in this prospectus supplement.
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Banco Santander is engaged in all kinds of activities, operations and services inherent to the banking business in general and permitted by existing legislation, and the acquisition, holding, enjoyment and disposal of all kinds of securities. Co.'s operating areas include: Europe, North America, and South America. Co.'s secondary segments include: Retail Banking, which covers all customer banking businesses; Wealth Management and Insurance, which includes the asset management business; and Santander Global Platform, which is comprised of its global digital services under a single business unit, as well as 50% of the results generated by these services in the commercial network. Preferreds: SAN.PRI, SOV.PRC, SAN.PRA, SAN.PRC, SAN.PRB, SAN.PRE, SAN.PRF Open the SAN Information Page » |
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