BB&T and Regions Financial: Earnings per share

BB&T Corporation and Regions Financial Corporation are large regional banking companies. The net income and average common shares outstanding for both companies were reported in recent financial reports as follows (in millions):

		BB&T		Regions Financial
Net income		$2,151		$1,090
Average number of common shares outstanding		718		1,375

In addition, BB&T had $2,603,000,000 in par value preferred stock outstanding during the period. The preferred stock had an average dividend rate of 5.7%. Regions Financial did not pay any preferred cash dividends.

a. Determine the preferred dividend for BB&T. Round your answer to the nearest million dollars.

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