Schwab Repurchases $1 Billion of Shares Held by TD Bank Group
August 01 2022 - 9:59PM
Business Wire
The Charles Schwab Corporation (“Schwab” or the “Company”)
announced today that it has purchased approximately 15 million
shares of its nonvoting common stock directly from TD Bank Group
(“TD Bank") for $1 billion. The shares are being acquired pursuant
to Schwab’s recent repurchase authorization. Under the terms of a
Repurchase Agreement entered into with a subsidiary of TD Bank, the
purchase price paid by Schwab is equal to the lowest price per
share that TD Bank received in a contemporaneous share sale
facilitated with a third-party market maker, which resulted in a
purchase price lower than today’s closing price.
Commentary from the CFO
Peter Crawford, Chief Financial Officer, provides additional
perspective on this repurchase agreement at
www.aboutschwab.com/cfo-commentary.
About Charles Schwab
The Charles Schwab Corporation (NYSE: SCHW) is a leading
provider of financial services, with 33.9 million active brokerage
accounts, 2.3 million corporate retirement plan participants, 1.7
million banking accounts, and $6.83 trillion in client assets.
Through its operating subsidiaries, the company provides a full
range of wealth management, securities brokerage, banking, asset
management, custody, and financial advisory services to individual
investors and independent investment advisors. Its broker-dealer
subsidiaries, Charles Schwab & Co., Inc., TD Ameritrade, Inc.,
and TD Ameritrade Clearing, Inc., (members SIPC, www.sipc.org), and
their affiliates offer a complete range of investment services and
products including an extensive selection of mutual funds;
financial planning and investment advice; retirement plan and
equity compensation plan services; referrals to independent,
fee-based investment advisors; and custodial, operational and
trading support for independent, fee-based investment advisors
through Schwab Advisor Services. Its primary banking subsidiary,
Charles Schwab Bank, SSB (member FDIC and an Equal Housing Lender),
provides banking and lending services and products. More
information is available at www.aboutschwab.com.
TD Ameritrade, Inc. and TD Ameritrade Clearing, Inc. are
separate but affiliated companies and subsidiaries of TD Ameritrade
Holding Corporation. TD Ameritrade Holding Corporation is a wholly
owned subsidiary of The Charles Schwab Corporation. TD Ameritrade
is a trademark jointly owned by TD Ameritrade IP Company, Inc. and
The Toronto Dominion Bank.
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version on businesswire.com: https://www.businesswire.com/news/home/20220801005876/en/
MEDIA: Mayura Hooper Charles Schwab Phone:
415-667-1525
INVESTORS/ANALYSTS: Jeff Edwards Charles Schwab Phone:
415-667-1524
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