That means the common underlying each new preferred share is worth $24.68.

At the other hand, associate members hold preferred shares but are not entitled to vote.

The current yield is those same payments divided by the preferred share's market price.

The preferred shares will carry no voting rights, and the company has at least 10 years to issue them.

The current market value of all outstanding preferred shares is about $150 million.

For tax reasons, investors could select either common or preferred shares through 1990.

The new preferred shares can be converted in about three and a half years to $75 a share.

At that time, the government gave about $78 billion to the banks in return for preferred shares.

The rest is a blend of common and preferred shares.

Dividends would be paid to the government on the preferred shares.