The aggregate principal amount of trust preferred securities outstanding is approximately $498 million.
The determination to redeem the trust preferred securities follows a notice of proposed rulemaking, approved for publication in the Federal Register by the Board of Governors of the Federal Reserve System (the "Federal Reserve") on June 7, 2012, which would phase-out the Tier 1 capital treatment of the trust preferred securities. Regions has determined that the Federal Reserve’s approval for publication of the notice of proposed rulemaking constituted a "capital treatment event" (as defined in the indenture related to the trust preferred securities), which allows Regions to redeem the trust preferred securities pursuant to the terms of such securities.
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The redemption price will be $1,000 per trust preferred security, together with any accrued and unpaid interest to the redemption date. The complete terms and conditions of the redemption are set forth in Regions’ notice to the holders of the trust preferred securities. The redemption is expected to be funded with cash on hand.
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