BOSTON and DALLAS,
July 31, 2020 /PRNewswire/ --
Santander Holdings USA, Inc.
("SHUSA" or the "Company") and its publicly held subsidiary,
Santander Consumer USA Holdings
Inc. (NYSE: SC) ("SC") announced that SHUSA's request for certain
exceptions to the Federal Reserve Board's ("FRB") interim policy
(the "Policy") related to the Dodd-Frank Act Stress Test and
Comprehensive Capital Analysis and Review ("CCAR") has been
approved.
The approval by the FRB of the exceptions to the Policy permits
SC's Board of Directors to consider whether to declare a dividend
of $0.22 per share in the third
quarter. SC's Board of Directors has declared a quarterly
cash dividend of $0.22 per share of
common stock payable to shareholders of record as of August 13, 2020. The dividend will be
payable to shareholders of record on August
24, 2020.
The FRB's approval also permits the Company to authorize SC to
continue its share repurchase program of SC's outstanding common
stock through the end of the third quarter of 2020.
The FRB's approval of the Policy exceptions request is specific
to the third quarter of 2020. The FRB previously announced
that the Policy, which due to the economic uncertainty resulting
from the coronavirus, requires all CCAR banks, including SHUSA, to
update and resubmit their capital plans under new scenarios in the
fourth quarter of 2020.
The timing and amount of any dividends, stock repurchases and
any other capital actions will depend on a variety of factors,
including the business plans and financial performance of the
Company and its subsidiaries, general market and economic
conditions, and are subject to applicable regulatory requirements
and approval by the required governing bodies.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. Any statements about our expectations, beliefs, plans, or
future events are not historical facts and may be forward-looking.
These statements are often, but not always, made through the use of
words or phrases such as "anticipates," "believes," "can," "could,"
"may," "predicts," "potential," "should," "will," "looking
forward," "would," "hopes," "assumes," "estimates," "plans,"
"projects," "continuing," "ongoing," "expects," "intends," and
similar words or phrases. Although we believe that the expectations
reflected in these forward-looking statements are reasonable as of
the date on which the statements are made, these statements are not
guarantees of future performance and involve risks and
uncertainties that are subject to change based on various important
factors and assumptions, some of which are beyond our control.
Among the factors that could cause actual results to differ from
those reflected in forward-looking statements include, without
limitation, the risks and uncertainties described in the Company's
filings with the Securities and Exchange Commission. New risks and
uncertainties emerge from time to time, and it is not possible for
the Company to predict all risks and uncertainties that could have
an impact on the forward-looking statements contained in this press
release. In light of the significant uncertainties inherent in the
forward-looking information included herein, the inclusion of such
information should not be regarded as a representation by the
Company or any other person that the Company's expectations,
objectives or plans will be achieved in the timeframe anticipated
or at all. Readers are cautioned not to place undue reliance on the
Company's forward-looking statements, and the Company undertakes no
obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, except as required by law. Any forward-looking
statements only speak as of the date of this press release, and we
undertake no obligation to update any forward-looking information
or statements, whether written or oral, to reflect any change,
except as required by law. All forward-looking statements
attributable to us are expressly qualified by these cautionary
statements.
Santander Holdings USA, Inc.
(SHUSA) is a wholly-owned subsidiary of Madrid-based Banco
Santander, S.A. (NYSE: SAN) (Santander), a global banking
group with more than 145 million customers in the
U.S., Europe and Latin America. As the intermediate
holding company for Santander's U.S. businesses, SHUSA is the
parent organization of six financial companies with approximately
17,000 employees, 5.2 million customers and assets of
over $150 billion as of March 31,
2020. These include Santander Bank, N.A., Santander
Consumer USA Holdings Inc. (NYSE: SC), Banco Santander
International of Miami, Banco Santander Puerto Rico, Santander
Securities LLC of Boston, Santander Investment Securities Inc.
of New York, and several other subsidiaries.
Santander Consumer USA
Holdings Inc. (NYSE: SC) ("SC") is a full-service consumer
finance company focused on vehicle finance, third-party servicing
and delivering superior service to our more than 2.9 million
customers across the full credit spectrum. SC, which began
originating retail installment contracts in 1997, had an average
managed asset portfolio of approximately $60
billion (for the first quarter ended March 31, 2020), and is headquartered in
Dallas.
(www.santanderconsumerusa.com)
Investor Relations:
Evan
Black
800.493.8219
InvestorRelations@santanderconsumerusa.com
Media Contact:
Laurie Kight
214.801.6455
laurie.kight@santander.us
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SOURCE Santander Consumer USA
Holdings Inc.