secwatch.observer — SEC 8-K summary
======================================

Issuer:     SCHWAB CHARLES CORP (SCHW)
CIK:        0000316709
Form:       8-K
Filed at:   2026-04-22T23:59:59+00:00
Accession:  0001193125-26-170805
Event type: debt
Sentiment:  neutral
Materiality: 0.60
Item codes: 3.03, 5.03, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/316709/000119312526170805/0001193125-26-170805-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/316709/000119312526170805/d157689d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-26-170805

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer