EXHIBIT 12.1

Earning to Fixed Charges and Preferred Dividends



|                                                                     |  |                          |          |   |      |   |          |      |  |   |          |   |  |      |         |  |  |   |         | 
|-------------------------------------------------------------------- |  | ------------------------ | -------- | - | ---- | - | -------- | ---- |  | - | -------- | - |  | ---- | ------- |  |  | - | ------- | 
|                                                                     |  | Years Ended December 31, |         
|                                                                     |  | 2010                     |          |   | 2009 |   |          | 2008 |  |   | 2007     |   |  | 2006 |        
|                                                                     |  | (Dollars in thousands)   |         
|EXCLUDING INTEREST ON DEPOSITS:                                      |  |                          |          |   |      |   |          |      |  |   |          |   |  |      |         |  |  |   |         | 
|Pre-tax income                                                       |  | $                        | (224,282 | ) |      | $ | (811,112 | )    |  | $ | (411,432 | ) |  | $    | 138,213 |  |  | $ | 108,176 | 
|Preferred stock dividend                                             |  |                          | (11,598  | ) |      |   | (17,369  | )    |  |   | (1,208   | ) |  |      | 0       |  |  |   | 0       | 
|Other shareholder allocations                                        |  |                          | (520,263 | ) |      |   | 0        |      |  |   | 0        |   |  |      | 0       |  |  |   | 0       | 
|                                                                     |  |                          |          |   |      |   |          |      |  |   |          |   |  |      |         |  |  |   |         | 
|Pre-tax income available to common shareholders                      |  |                          | (756,143 | ) |      |   | (828,481 | )    |  |   | (412,640 | ) |  |      | 138,213 |  |  |   | 108,176 | 
|Fixed charges                                                        |  |                          | 81,180   |   |      |   | 109,128  |      |  |   | 129,282  |   |  |      | 140,816 |  |  |   | 105,838 | 
|                                                                     |  |                          |          |   |      |   |          |      |  |   |          |   |  |      |         |  |  |   |         | 
|Earnings                                                             |  | $                        | (674,963 | ) |      | $ | (719,353 | )    |  | $ | (283,358 | ) |  | $    | 279,029 |  |  | $ | 214,014 | 
|                                                                     |  |                          |          |   |      |   |          |      |  |   |          |   |  |      |         |  |  |   |         | 
|                                                                     |  |                          |          |   |     
|Interest expense-short term borrowings                               |  | $                        | 6,517    |   |      | $ | 16,476   |      |  | $ | 20,820   |   |  | $    | 29,956  |  |  | $ | 35,979  | 
|Interest expense-long term borrowings                                |  |                          | 59,882   |   |      |   | 69,633   |      |  |   | 100,353  |   |  |      | 104,048 |  |  |   | 65,691  | 
|Preferred stock dividend                                             |  |                          | 11,598   |   |      |   | 17,369   |      |  |   | 1,208    |   |  |      | 0       |  |  |   | 0       | 
|Portion of long-term leases representative of the interest factor ** |  |                          | 3,183    |   |      |   | 5,650    |      |  |   | 6,901    |   |  |      | 6,812   |  |  |   | 4,168   | 
|                                                                     |  |                          |          |   |      |   |          |      |  |   |          |   |  |      |         |  |  |   |         | 
|Fixed charges                                                        |  | $                        | 81,180   |   |      | $ | 109,128  |      |  | $ | 129,282  |   |  | $    | 140,816 |  |  | $ | 105,838 | 
|                                                                     |  |                          |          |   |      |   |          |      |  |   |          |   |  |      |         |  |  |   |         | 
|                                                                     |  |                          |          |   |     
|Earnings to fixed charges, excluding interest on deposits            |  |                          | *        |   |      |   | *        |      |  |   | *        |   |  |      | 1.98    |  |  |   | 2.02    | 
|                                                                     |  |                          |          |   |      |   |          |      |  |   |          |   |  |      |         |  |  |   |         | 
|                                                                     |  |                          |          |   |     
|INCLUDING INTEREST ON DEPOSITS:                                      |  |                          |          |   |      |   |          |      |  |   |          |   |  |      |         |  |  |   |         | 
|Pre-tax income                                                       |  | $                        | (224,282 | ) |      | $ | (811,112 | )    |  | $ | (411,432 | ) |  | $    | 138,213 |  |  | $ | 108,176 | 
|Preferred stock dividend                                             |  |                          | (11,598  | ) |      |   | (17,369  | )    |  |   | (1,208   | ) |  |      | 0       |  |  |   | 0       | 
|Benefit to common shareholders                                       |  |                          | (520,263 | ) |      |   | 0        |      |  |   | 0        |   |  |      | 0       |  |  |   | 0       | 
|                                                                     |  |                          |          |   |      |   |          |      |  |   |          |   |  |      |         |  |  |   |         | 
|Pre-tax income available to common shareholders                      |  |                          | (756,143 | ) |      |   | (828,481 | )    |  |   | (412,640 | ) |  |      | 138,213 |  |  |   | 108,176 | 
|Fixed charges                                                        |  |                          | 175,887  |   |      |   | 278,389  |      |  |   | 363,619  |   |  |      | 418,430 |  |  |   | 291,111 | 
|                                                                     |  |                          |          |   |      |   |          |      |  |   |          |   |  |      |         |  |  |   |         | 
|Earnings                                                             |  | $                        | (580,256 | ) |      | $ | (550,092 | )    |  | $ | (49,021  | ) |  | $    | 556,643 |  |  | $ | 399,287 | 
|                                                                     |  |                          |          |   |      |   |          |      |  |   |          |   |  |      |         |  |  |   |         | 
|                                                                     |  |                          |          |   |     
|Interest expense-short term borrowings                               |  | $                        | 101,224  |   |      | $ | 185,737  |      |  | $ | 255,157  |   |  | $    | 307,570 |  |  | $ | 221,252 | 
|Interest expense-long term borrowings                                |  |                          | 59,882   |   |      |   | 69,633   |      |  |   | 100,353  |   |  |      | 104,048 |  |  |   | 65,691  | 
|Preferred stock dividend                                             |  |                          | 11,598   |   |      |   | 17,369   |      |  |   | 1,208    |   |  |      | 0       |  |  |   | 0       | 
|Portion of long-term leases representative of the interest factor ** |  |                          | 3,183    |   |      |   | 5,650    |      |  |   | 6,901    |   |  |      | 6,812   |  |  |   | 4,168   | 
|                                                                     |  |                          |          |   |      |   |          |      |  |   |          |   |  |      |         |  |  |   |         | 
|Fixed charges                                                        |  | $                        | 175,887  |   |      | $ | 278,389  |      |  | $ | 363,619  |   |  | $    | 418,430 |  |  | $ | 291,111 | 
|                                                                     |  |                          |          |   |      |   |          |      |  |   |          |   |  |      |         |  |  |   |         | 
|                                                                     |  |                          |          |   |     
|Earnings to fixed charges, including interest on deposits            |  |                          | *        |   |      |   | *        |      |  |   | *        |   |  |      | 1.33    |  |  |   | 1.37    | 
|                                                                     |  |                          |          |   |      |   |          |      |  |   |          |   |  |      |         |  |  |   |         | 



|* | Earnings to fixed charges and preferred dividends were a deficiency of $756.1 million, $828.5 million and $412.6 million for the years ended December 31, 2010,
2009 and 2008, respectively.
|- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|** | The interest factor on long-term operating leases represented a reasonable approximation of the appropriate portion of operating lease expense considered to be
representative of interest.
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