I have Zion Bank E preffies. They just announced they are buying them back and they also just issued new preffies with a lower yield. And my fifth third bankcorp got called maybe half a year or a year ago. Those one's were yielding like 10% - 11% so it's understandable why they called them.
I get the feeling that sooner or later the banks that issued all those preffies in the 2008 - 2010 period with high yields will just buy them back.
Like in BofA's case, I don't see why they would want to keep paying out an 8.6% yield unless the major owner of BML.Q is their board of directors or some other insider who enjoys the yield. : )