Schwab issues 1.5M depositary shares of 6.1% Series L preferred stock, netting ~$1.48B

SCHWAB CHARLES CORP

Issued 1,500,000 depositary shares each representing 1/100th of a share of 6.100% fixed-rate reset non-cumulative perpetual preferred stock, Series L.
Net proceeds of approximately $1.48 billion after underwriting discounts and estimated expenses.
Preferred stock has liquidation preference of $100,000 per share ($1,000 per depositary share).
Underwriters include Citigroup, Goldman Sachs, J.P. Morgan, Morgan Stanley, TD Securities, and Wells Fargo.
Dividend restrictions on common and junior preferred stock apply if Series L dividends are not declared and paid.

item 3.03 item 5.03 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Equity Issuances SEC 8-K Item 3.02/3.03 confidence 0.9

SCHWAB CHARLES CORP issued preferred stock.

Security: preferred stock

Exact text from the filing

CSC filed a Certificate of Designations (the “Certificate of Designations”) with the Secretary of State of the State of Delaware, establishing the voting rights, powers, preferences and privileges, and the relative, participating, optional or other rights, and the qualifications, limitations or restrictions thereof, of the Series L Preferred Stock on April 22, 2026.

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Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

SCHWAB CHARLES CORP: Filed Certificate of Designations establishing Series L Preferred Stock (effective 2026-04-22).

Change: charter amendment
Effective: 2026-04-22

Exact text from the filing

the Certificate of Designations became effective upon filing with the Secretary of State of the State of Delaware

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SCHWAB CHARLES CORP filing history →

Source: SEC EDGAR

accession 0001193125-26-170805

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