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SUBSEQUENT EVENTS
6 Months Ended
Jun. 30, 2016
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS
The Company has evaluated the impacts of events that have occurred subsequent to June 30, 2016 through the date the Consolidated Financial Statements were filed with the SEC. Based on this evaluation, the Company has determined none of these events were required to be recognized or disclosed in the Consolidated Financial Statements and related Notes, except as follows:
On July 19, 2016, the Company completed the sale of consumer real estate-secured loans classified as TDRs (the “TDR Transaction”). The TDR Transaction will result in a third quarter 2016 pre-tax gain of approximately $70 million on the sale of $310 million of loans held for sale.
On July 20, 2016, the Company declared a quarterly common stock dividend of $0.12 per share, or $63 million, payable on August 17, 2016 to stockholders of record at the close of business on August 3, 2016.
On July 28, 2016, the Company issued $350 million of 2.375% fixed-rate senior notes due 2021, and used the net proceeds and available cash to repurchase $500 million of its subordinated notes held by RBS. Specifically, the Company retired $334 million of its 4.082% subordinated notes due 2025 and $166 million of its 4.023% subordinated notes due 2024 that were held by RBS.