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Hmmmm, I guess it's best to research details before taking as gospel things you read on the internet. Google Is Your Friend.

I had been assuming that the crucial date was mid-2012, but this is what google found:
TRUPS issued before May 19, 2010, by larger bank and thrift holding companies will continue to be treated as Tier 1 capital until January 2013. At that time, the Tier 1 capital treatment will be phased out over a three-year period ending in January 2016. The specifics of this phaseout of Tier 1 capital treatment are to be determined.

So it appears that the strong incentives for large banks to refinance their TRUPS's won't happen until some time between Jan'13 and Jan'16.

Guess I'd best stick to my basic strategy: Don't sell a preferred until after the call date and if the price gets to par + 3-5 quarters of dividends. For FBF-M that would be 26.80.
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