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Preferred Stock and Trust Preferred Securities Summary

Wells Fargo capital issuances include preferred stock, depositary shares (representing interests in shares of preferred stock) and trust preferred securities, some of which are listed on the New York Stock Exchange, as well as private transactions. The following summarizes certain terms of these depositary shares and trust preferred securities and includes links to the relevant prospectus supplements for these securities, if available. A potential investor should carefully read the relevant prospectus supplement and accompanying prospectus to understand fully the terms of these securities, as well as the tax and other considerations that are important in making a decision about whether to invest in one of these securities.

Overview

Preferred Stock
Note: Dividends for each of the Preferred Stock issuances listed below are non-cumulative, with the exception of the DEPs shares, which no longer pay a dividend.
 Announcement Date Callable Date Coupon Final Maturity Payment Dates Record Dates
Non-Cumulative Convertible Perpetual Preferred Series L (WFC L) (PDF)*
CUSIP: 949746804
Amount: $4,025 million
4/14/2008Optionally convertible – currently to 6.3814 common shares1 7.5%Perpetual3/15, 6/15, 9/15, 12/15Last day of month preceding payment date
Non-Cumulative Perpetual Preferred Series K (PDF)*
CUSIP: 949746PM7
Amount: $3,500 million
2/5/20083/15/2018Fixed to Floating (7.98% to 3/18; 3mL+377bps thereafter)Perpetual3/15, 9/15 until 3/15/2018; then 3/15, 6/15, 9/15,12/15Last day of month preceding payment date
Non-Cumulative Perpetual Preferred Series J (WFC J) (PDF)*
CUSIP: 949746879
Amount: $2,300 million
12/18/200712/15/20178%Perpetual3/15, 6/15, 9/15,12/15Last day of month preceding payment date
Non-Cumulative Perpetual Preferred Series I
CUSIP: N/A2
Amount: $2,501 million
3/15/20113/15/2011greater of (i) 3mL+93 bps, and (ii) 5.56975%Perpetual3/15, 6/15, 9/15, 12/15Last day of month preceding payment date
Non-Cumulative Perpetual Preferred Series N (PDF)*
CUSIP: 949746747
Amount: $750 million
8/9/20129/15/20175.20%Perpetual3/15, 6/15, 9/15, 12/15Last business day of month preceding payment date
Non-Cumulative Perpetual Preferred Series O (PDF)*
CUSIP: 949746721
Amount: $650 million
11/13/201212/15/20175.125%Perpetual3/15, 6/15, 9/15, 12/15Last business day of month preceding payment date
Non-Cumulative Perpetual Preferred Series P (PDF)*
CUSIP: 949746655
Amount: $625 million
3/15/20136/15/20185.25%Perpetual3/15, 6/15, 9/15, 12/15Last business day of month preceding payment date
Non-Cumulative Perpetual Preferred Series Q (PDF)*
CUSIP: 949746556
Amount: $1,725 million
7/15/20139/15/20235.85%Perpetual3/15, 6/15, 9/15, 12/15Last business day of month preceding payment date
Non-Cumulative Perpetual Preferred Series R (PDF)*
CUSIP: 949746465
Amount: $840 million
12/11/20133/15/20246.625%Perpetual3/15, 6/15, 9/15, 12/15Last business day of month preceding payment date
Dividend Equalization Preferred Shares (see more information below) (WFCNP)
CUSIP: 949746887
Amount: 97,000 shares
9/1/20011/1/2022Not applicablePerpetualNot applicableNot applicable
Trust Preferred Security Backed by Preferred Stock
Note: Dividends for the issuance listed below are non-cumulative.
 Announcement Date Callable Date Coupon Final Maturity Payment Dates Record Dates
Wachovia Capital Trust III (PDF)*
CUSIP: 92978AAA0
Amount: $2,500 million
1/24/20063/15/20113 Greater of 3mL+93bps or 5.56975% Perpetual3/15, 6/15, 9/15, 12/15Last day of month preceding payment date
Trust Preferred
Note: Dividends for each of the Trust Preferred issuances listed below are cumulative.
 Announcement Date Callable Date Coupon Final Maturity Payment Dates Record Dates
Wells Fargo Capital X (PDF)*
CUSIP: 94978SAA7
Amount: $750 million
11/27/200612/15/20363 Fixed to Floating (5.95% to 12/36; 1mL+185bps thereafter)12/1/20866/15, 12/15One business day prior to payment date
First Union Capital II (PDF)*
CUSIP: 33735YAA6
Amount: $300 million
11/9/1999N/A7.95%11/15/20295/15, 11/1515th calendar day before payment date
Central Fidelity Capital I (PDF)*
CUSIP: 15346WAB6
Amount: $100 million
4/17/19974/15/2007Floating Rate (3mL+100bps)4/15/20271/15, 4/15, 7/15, 10/15One business day prior to payment date
Wachovia Capital Trust II (PDF)*
CUSIP: 929768AA7
Amount: $300 million
1/28/19971/15/2007Floating Rate (3mL+50bps)1/15/20271/15, 4/15, 7/15, 10/15One business day prior to payment date
Corestates Capital III (PDF)*
CUSIP: 21869MAA5
Amount: $300 million
1/27/19972/15/2007Floating Rate (3mL+57bps)2/15/20272/15, 5/15, 8/15, 11/15First day of the month of payment date
Wells Fargo Capital II (PDF)*
CUSIP: 94974PAA7
Amount: $150 million
1/23/19971/30/2007 Floating Rate (3mL+50bps)1/30/20271/30, 4/30, 7/30, 10/30One business day prior to payment date
Corestates Capital II (PDF)*
ISIN: USU20660AA18
Amount: $150 million
1/9/19971/15/2007Floating Rate (3mL+65bps)1/15/20271/15, 4/15, 7/15, 10/15First day of the month of payment date

Further information on Dividend Equalization Preferred Shares

What are Dividend Equalization Preferred Shares?

Dividend Equalization Preferred Shares, or DEPs, are preferred shares that were issued in connection with the September 1, 2001, merger between First Union and the former Wachovia to shareholders of the former Wachovia who elected to receive the DEPs rather than a one-time cash payment of 48 cents per share. This new class of preferred shares was intended to ensure that a holder received dividends equal to the difference between the last dividend paid by the former Wachovia (equivalent to 30 cents per share) and the common stock dividend that was declared in 2001 by the combined company.

Dividend rights of the DEPs ceased following the fourth quarter of 2003 common stock dividend payment, when Wachovia’s total dividends paid to common stockholders for four consecutive quarters equaled at least $1.20 per common share. Dividend Equalization Preferred Shares (DEPs) are not listed on a stock exchange. Wells Fargo issued DEP shares in the merger to former holders of Wachovia DEPs.
Do Wells Fargo DEP Shares have any value now that the dividend rights have ceased?

The Wells Fargo DEP Shares have little or no economic value. Please contact your broker regarding the market value of your Wells Fargo DEP Shares. The market value is likely to be affected by liquidity issues since very few, if any, brokers are making a market in the Wells Fargo DEP Shares.
Rank. With regard to distributions upon liquidation or dissolution, the Wells Fargo DEP Shares will rank junior to any other class or series of Wells Fargo preferred stock issued in exchange for preferred stock established by the Wachovia board of directors after September 1, 2001, and each class or series of preferred stock established by the Wells Fargo board of directors following the issuance of the Wells Fargo DEP Shares, and will rank senior to the common stock for the $10.00 liquidation preference described below.

Dividends. Holders of Wells Fargo DEP Shares will not be entitled to receive any dividends.

Redemption. The Wells Fargo DEP Shares will not be convertible or exchangeable. The Wells Fargo DEP Shares will be redeemable, in whole or in part, at Wells Fargo's option after December 31, 2021, for an amount equal to $10.00 per Wells Fargo DEP Share (or $0.01 per one one-thousandth of a Wells Fargo DEP Share, which is equivalent to the redemption price for the Wachovia DEP Shares). Wells Fargo must provide no less than 30 and no more than 60 days notice prior to any date specified for redemption of Wells Fargo DEP Shares. If Wells Fargo redeems less than all outstanding Wells Fargo DEP Shares, then Wells Fargo must redeem all shares held by holders of fewer than one-tenth of a share, or by holders that would hold fewer than one-tenth of a share following the redemption.

Rights Upon Liquidation. In the event of liquidation, holders of Wells Fargo DEP Shares will be entitled to receive, before any distribution is made to the holders of common stock or any other junior stock, but after any distribution to any other class or series of Wells Fargo preferred stock issued in exchange for preferred stock established by the Wachovia board of directors after September 1, 2001, an amount equal to $10.00 per Wells Fargo DEP Share. The holders of Wells Fargo DEP Shares will have no other right or claim to any of the remaining assets of the company. Each one one-thousandth of a Wells Fargo DEP Share will have a corresponding liquidation preference of $0.01, which is equivalent to the liquidation preference of the Wachovia DEP Shares.

Voting. Holders of Wells Fargo DEP Shares do not have voting rights, except those required by applicable law or the rules of a securities exchange on which the Wells Fargo DEP Shares may be listed. The Wells Fargo DEP Shares are not currently listed on any securities exchange, but are traded on the over-the-counter Bulletin Board.
 
1 Non-redeemable at company option; optionally convertible at any time by holder; mandatorily convertible at company option after 3/15/13 if minimum market price. Currently converts to 6.3814 common shares (Wachovia-Wells Fargo merger conversion rate of 0.1991 times 32.0513 common shares noted in prospectus.)
2 This issuance has one owner, Wachovia Capital Trust III. It is not eligible for listing and no CUSIP was obtained.
3 The notes' redemptions are subject to their respective Replacement Capital Covenants.
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