EX-25 5 d485898dex25.htm STATEMENT OF ELIGIBILITY OF CITIBANK, N.A. Statement of Eligibility of Citibank, N.A.

Exhibit 25

 

 

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM T-1

STATEMENT OF ELIGIBILITY

UNDER THE TRUST INDENTURE ACT OF 1939 OF A

CORPORATION DESIGNATED TO ACT AS TRUSTEE

Check if an Application to Determine Eligibility of a Trustee

Pursuant to Section 305 (b)(2)      

 

 

CITIBANK, N.A.

(Exact name of Trustee as specified in its charter)

 

A National Banking Association

(Jurisdiction of incorporation or organization

if not a U.S. national bank)

   

13-5266470

(I.R.S. Employer

Identification No. )

399 Park Avenue,

New York, New York

(Address of principal executive office)

   

10043

(Zip Code)

Citibank, N.A.

388 Greenwich Street, 14th floor

New York, N.Y. 10013

(212) 816-5805

(Name, address, and telephone number of agent for service)

 

 

WELLS FARGO & COMPANY

(Exact name of obligor as specified in its charter)

 

Delaware

(State or other jurisdiction of

incorporation or organization)

   

41-0449260

(I.R.S. employer

identification no.)

420 Montgomery Street

San Francisco, California

(Address of principal executive offices)

   

94104

(Zip Code)

 

 

SENIOR DEBT SECURITIES

(Title of Indenture Securities)

Item 1. General Information.

Furnish the following information as to the trustee:

 

  (a) Name and address of each examining or supervising authority to which it is subject.

 

Name

   

Address

Comptroller of the Currency    Washington, D.C.
Federal Reserve Bank of New York    33 Liberty Street, New York, NY
Federal Deposit Insurance Corporation    Washington, D.C.

 

  (b) Whether it is authorized to exercise corporate trust powers.

Yes.

Item 2. Affiliations with Obligor.

If the obligor is an affiliate of the trustee, describe each such affiliation.

None.

 

Items 3-15. Not Applicable.

 

Item 16. List of Exhibits.

List below all exhibits filed as a part of this Statement of Eligibility.

Exhibits identified in parentheses below, on file with the Commission, are incorporated herein by reference as exhibits hereto.

Exhibit 1 - Copy of Articles of Association of the Trustee, as now in effect.

(Exhibit 1 to T-1 filed as exhibit to the Filing 305B2 dated October 5, 2012 under File No. 333-183223).

Exhibit 2 - Copy of certificate of authority of the Trustee to commence business. (Exhibit 2 to T-1 filed May 5, 2014 under File No. 333-195697).

Exhibit 3 - Copy of authorization of the Trustee to exercise corporate trust powers. (Exhibit 3 to T-1 filed May 5, 2014 under File No. 333-195697).

Exhibit 4 - Copy of existing By-Laws of the Trustee. (Exhibit 4 to T-1 filed as exhibit to the Filing 305B2 dated October 5, 2012 under File No. 333-183223).

Exhibit 5 - Not applicable.

Exhibit 6 - The consent of the Trustee required by Section 321(b) of the Trust Indenture Act of 1939. (Exhibit 6 to T-1 filed May 5, 2014 under File No. 333-195697).

Exhibit 7 - Copy of the latest Report of Condition of Citibank, N.A. (as of June 30, 2017- attached)

Exhibit 8 - Not applicable.

Exhibit 9 - Not applicable.

 

 

SIGNATURE

Pursuant to the requirements of the Trust Indenture Act of 1939, the Trustee, Citibank, N.A., a national banking association organized and existing under the laws of the United States of America, has duly caused this statement of eligibility to be signed on its behalf by the undersigned, thereunto duly authorized, all in The City of New York and State of New York, on the 26th day of October, 2017.

 

CITIBANK, N.A.
By  

/s/ Cirino Emanuele

  Cirino Emanuele
  Vice President

Exhibit 7

 

CONSOLIDATED BALANCE SHEET    Citigroup Inc. and Subsidiaries

 

In millions of dollars

   

June 30,

2017

(Unaudited)

    

December 31,

2016

  

Assets

     

Cash and due from banks (including segregated cash and other deposits)

    $ 20,940     $ 23,043  

Deposits with banks

      165,142       137,451  

Federal funds sold and securities borrowed or purchased under agreements to resell (including $142,831 and $133,204 as of June 30, 2017 and December 31, 2016, respectively, at fair value)

      234,065       236,813  

Brokerage receivables

      40,487       28,887  

Trading account assets (including $98,974 and $80,986 pledged to creditors at June 30, 2017 and December 31, 2016, respectively)

      259,606       243,925  

Investments:

     

Available for sale (including $8,512 and $8,239 pledged to creditors as of June 30, 2017 and December 31, 2016, respectively)

      293,629       299,424  

Held to maturity (including $311 and $843 pledged to creditors as of June 30, 2017 and December 31, 2016, respectively)

      50,175       45,667  

Non-marketable equity securities (including $1,384 and $1,774 at fair value as of June 30, 2017 and December 31, 2016, respectively)

      7,906       8,213  

Total investments

    $ 351,710     $ 353,304  

Loans:

     

Consumer (including $27 and $29 as of June 30, 2017 and December 31, 2016, respectively, at fair value)

      325,261       325,063  

Corporate (including $4,189 and $3,457 as of June 30, 2017 and December 31, 2016, respectively, at fair value)

      319,434       299,306  

Loans, net of unearned income

    $ 644,695     $ 624,369  

Allowance for loan losses

      (12,025 )      (12,060 ) 

Total loans, net

    $ 632,670     $ 612,309  

Goodwill

      22,349       21,659  

Intangible assets (other than MSRs)

      4,887       5,114  

Mortgage servicing rights (MSRs)

      560       1,564  

Other assets (including $18,993 and $15,729 as of June 30, 2017 and December 31, 2016, respectively, at fair value)

      131,647       128,008  

Total assets

    $           1,864,063     $           1,792,077  

The following table presents certain assets of consolidated variable interest entities (VIEs), which are included in the Consolidated Balance Sheet above. The assets in the table below include those assets that can only be used to settle obligations of consolidated VIEs, presented on the following page, and are in excess of those obligations. Additionally, the assets in the table below include third-party assets of consolidated VIEs only and exclude intercompany balances that eliminate in consolidation.

 

In millions of dollars   

June 30,

2017
(Unaudited)

     December 31,
2016		  

Assets of consolidated VIEs to be used to settle obligations of consolidated VIEs

     

Cash and due from banks

    $ 86     $ 142  

Trading account assets

      1,236       602  

Investments

      2,932       3,636  

Loans, net of unearned income

     

Consumer

      53,816       53,401  

Corporate

      19,241       20,121  

Loans, net of unearned income

    $ 73,057     $ 73,522  

Allowance for loan losses

      (1,863 )      (1,769 ) 

Total loans, net

    $ 71,194     $ 71,753  

Other assets

      154       158  

Total assets of consolidated VIEs to be used to settle obligations of consolidated VIEs

    $                75,602     $                76,291  

Statement continues on the next page.

CONSOLIDATED BALANCE SHEET    Citigroup Inc. and Subsidiaries
(Continued)   

 

In millions of dollars, except shares and per share amounts   

June 30,

2017

(Unaudited)

    

December 31,

2016

  

Liabilities

     

Non-interest-bearing deposits in U.S. offices

    $ 126,253     $ 136,698  

Interest-bearing deposits in U.S. offices (including $334 and $434 as of June 30, 2017 and December 31, 2016, respectively, at fair value)

      311,361       300,972  

Non-interest-bearing deposits in offices outside the U.S.

      83,046       77,616  

Interest-bearing deposits in offices outside the U.S. (including $1,006 and $778 as of June 30, 2017 and December 31, 2016, respectively, at fair value)

      438,083       414,120  

Total deposits

    $ 958,743     $ 929,406  

Federal funds purchased and securities loaned or sold under agreements to repurchase (including $44,881 and $33,663 as of June 30, 2017 and December 31, 2016, respectively, at fair value)

      154,780       141,821  

Brokerage payables

      62,947       57,152  

Trading account liabilities

      136,745       139,045  

Short-term borrowings (including $4,833 and $2,700 as of June 30, 2017 and December 31, 2016, respectively, at fair value)

      36,519       30,701  

Long-term debt (including $29,001 and $26,254 as of June 30, 2017 and December 31, 2016, respectively, at fair value)

      225,179       206,178  

Other liabilities (including $14,335 and $10,796 as of June 30, 2017 and December 31, 2016, respectively, at fair value)

      58,043       61,631  

Total liabilities

    $ 1,632,956     $ 1,565,934  

Stockholders’ equity

     

Preferred stock ($1.00 par value; authorized shares: 30 million), issued shares: 770,120 as of June 30, 2017 and as of December 31, 2016, at aggregate liquidation value

    $ 19,253     $ 19,253  

Common stock ($0.01 par value; authorized shares: 6 billion), issued shares: 3,099,523,273 and 3,099,482,042 as of June 30, 2017 and December 31, 2016

      31       31  

Additional paid-in capital

      107,798       108,042  

Retained earnings

      152,178       146,477  

Treasury stock, at cost: June 30, 2017—374,967,178 shares and December 31, 2016—327,090,192 shares

      (19,342 )      (16,302 ) 

Accumulated other comprehensive income (loss) (AOCI)

      (29,899 )      (32,381 ) 

Total Citigroup stockholders’ equity

    $ 230,019     $ 225,120  

Noncontrolling interest

      1,088       1,023  

Total equity

    $ 231,107     $ 226,143  

Total liabilities and equity

    $           1,864,063     $           1,792,077  

The following table presents certain liabilities of consolidated VIEs, which are included in the Consolidated Balance Sheet above. The liabilities in the table below include third-party liabilities of consolidated VIEs only and exclude intercompany balances that eliminate in consolidation. The liabilities also exclude amounts where creditors or beneficial interest holders have recourse to the general credit of Citigroup.

 

In millions of dollars   

June 30,

2017

(Unaudited)

     

December 31,

2016

  

Liabilities of consolidated VIEs for which creditors or beneficial interest holders do not have recourse to the general credit of Citigroup

      

Short-term borrowings

    $ 10,317      $ 10,697  

Long-term debt

      28,265        23,919  

Other liabilities

      456        1,275  

Total liabilities of consolidated VIEs for which creditors or beneficial interest holders do not have recourse to the general credit of Citigroup

    $                39,038      $                35,891  

The Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements.

CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY

      Citigroup Inc. and Subsidiaries  

(UNAUDITED)

   

 

     Six Months Ended June 30,  
In millions of dollars, except shares in thousands    2017     2016  

Preferred stock at aggregate liquidation value

     

Balance, beginning of period

    $ 19,253     $ 16,718  

Issuance of new preferred stock

      —       2,535  

Balance, end of period

    $ 19,253     $ 19,253  

Common stock and additional paid-in capital

     

Balance, beginning of period

    $ 108,073     $ 108,319  

Employee benefit plans

      (239 )      (516 ) 

Preferred stock issuance expense

      —       (37 ) 

Other

      (5 )      (5 ) 

Balance, end of period

    $ 107,829     $ 107,761  

Retained earnings

     

Balance, beginning of period

    $ 146,477     $ 133,841  

Adjustment to opening balance, net of taxes(1)

     (660 )      15  

Adjusted balance, beginning of period

    $ 145,817     $ 133,856  

Citigroup’s net income

      7,962       7,499  

Common dividends(2)

     (890 )      (296 ) 

Preferred dividends

      (621 )      (532 ) 

Other(3)

     (90 )      —  

Balance, end of period

    $ 152,178     $ 140,527  

Treasury stock, at cost

     

Balance, beginning of period

    $ (16,302 )    $ (7,677 ) 

Employee benefit plans(4)

     523       773  

Treasury stock acquired(5)

     (3,563 )      (2,634 ) 

Balance, end of period

    $ (19,342 )    $ (9,538 ) 

Citigroup’s accumulated other comprehensive income (loss)

     

Balance, beginning of period

    $ (32,381 )    $ (29,344 ) 

Adjustment to opening balance, net of taxes(1)

     504       (15 ) 

Adjusted balance, beginning of period

    $ (31,877 )    $ (29,359 ) 

Citigroup’s total other comprehensive income (loss)

      1,978       3,244  

Balance, end of period

    $ (29,899 )    $ (26,115 ) 

Total Citigroup common stockholders’ equity

    $ 210,766     $ 212,635  

Total Citigroup stockholders’ equity

    $ 230,019     $ 231,888  

Noncontrolling interests

     

Balance, beginning of period

    $ 1,023     $ 1,235  

Transactions between noncontrolling-interest shareholders and the related consolidated subsidiary

      —       (11 ) 

Transactions between Citigroup and the noncontrolling-interest shareholders

      6       (73 ) 

Net income attributable to noncontrolling-interest shareholders

      42       31  

Dividends paid to noncontrolling-interest shareholders

      —       (1 ) 

Other comprehensive income (loss) attributable to noncontrolling-interest shareholders

      70       (23 ) 

Other

      (53 )      (25 ) 

Net change in noncontrolling interests

    $ 65     $ (102 ) 

Balance, end of period

    $ 1,088     $ 1,133  

Total equity

    $              231,107     $              233,021  

 

(1) See Note 1 to the Consolidated Financial Statements for additional details.
(2) Common dividends declared were $0.16 per share in the first and second quarter of 2017 and $0.05 per share in the first and second quarter of 2016.
(3) Includes the impact of ASU 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. See Note 1 to the Consolidated Financial Statements.
(4) Includes treasury stock related to (i) certain activity on employee stock option program exercises where the employee delivers existing shares to cover the option exercise, or (ii) under Citi’s employee restricted or deferred stock programs where shares are withheld to satisfy tax requirements.
(5) For the six months ended June 30, 2017 and 2016, primarily consists of open market purchases under Citi’s Board of Directors-approved common stock repurchase program.

The Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements.