Red Flags Detected

• ⚠ Dividends On the Series L Preferred Stock Will Not Be Cumulative and Will Not Be Mandatory. (new) — Non-cumulative dividends mean investors permanently lose any undeclared dividends, a significant income risk.
• ⚠ We Do Not Intend to List the Depositary Shares On Any National Securities Exchange or Quotation System. (new) — No listing may severely limit liquidity and make it difficult for investors to sell their shares.
• ⚠ The Depositary Shares Will Effectively Be Subordinated to All Existing and Future Liabilities and Obligations of Our Subsidiaries, Including State Street Bank. (new) — Structural subordination means the preferred stock is junior to all subsidiary debt, increasing risk to dividend payments.
• ⚠ Upon Our Determination In Good Faith That an Event Has Occurred That Would Constitute a 'regulatory Capital Treatment Event,' We May, At Our Option, Subject to the Approval of the Federal Reserve, Redeem All (but Not Less Than All) of the Shares of Series L Preferred Stock. (new) — Early redemption at a regulatory capital event could force investors to reinvest at less favorable terms.