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Redemption
So long as full dividends on all outstanding shares of Series J Preferred Stock for the then-current Dividend Period have been paid or declared and a sum sufficient for the payment thereof set aside, we, at the option of our board of directors, may redeem the Series J Preferred Stock in whole or in part
on any Dividend Payment Dateon or after December 15, 2017. Any such redemption shall be at the redemption price of $1,000 per share plus dividends that have been declared but not paid to the redemption date, without interest. Our right to redeem the Series J Preferred Stock is subject to the prior approval of the Federal Reserve under its risk-based capital guidelines, as applicable to bank holding companies. We anticipate that the factors that the Federal Reserve may consider in evaluating a proposed redemption include our capital position after giving effect to the redemption and whether the Series J Preferred Stock will be replaced by or redeemed with the proceeds of a like amount of a capital instrument that is of equal or higher quality with respect to its terms and permanence. If fewer than all of the outstanding shares of Series J Preferred Stock are to be redeemed, the Series J Preferred Stock to be redeemed will be selected either pro rata from the holders of record of the Series J Preferred Stock in proportion to the number of Series J Preferred Stock held by such holders or by lot or in such other manner as our board of directors may determine to be fair and equitable.
Subject to this section, our board of directors will have the full power and authority to prescribe the terms and conditions upon which Series J Preferred Stock will be redeemed from time to time. We will mail notice of any redemption of Series J Preferred Stock by first class mail, postage prepaid, addressed to the holders of record of the Series J Preferred Stock to be redeemed at their respective last addresses appearing on our books.
Such mailing will be at least 30 days and not more than 60 days before the date fixed for redemption.