State Street Corp. Announces Additional Capital Action with Full Redemption of Non-Cumulative Perpetual Preferred Stock Serie...
February 12 2020 - 4:11PM
Business Wire
State Street Corporation (NYSE:STT) today announced that it will
redeem all of its outstanding shares of non-cumulative perpetual
preferred stock Series C (represented by depositary shares, each
representing a 1/4000th interest in a share of Series C preferred
stock) (the “Redemption”) for cash at a redemption price (the
“Redemption Price”) of $100,000 per share (equivalent to $25.00 per
depositary share) plus all declared and unpaid dividends. The
Redemption Price will be payable on March 16, 2020.
State Street also announced today that a quarterly cash dividend
in the amount of $1,312.50 per share of Series C preferred stock
(resulting in a distribution of approximately $0.3281 per
depositary share) has been declared and will be paid separately on
March 16, 2020 to the holders of record of the Series C preferred
stock at the close of business on March 2, 2020, in the customary
manner. Accordingly, there will not be any declared and unpaid
dividends included in the Redemption Price.
Following the Redemption, no shares of Series C preferred stock
will be deemed outstanding and the only remaining rights of holders
of the Series C preferred stock will be to receive payment of the
Redemption Price. There are currently 5,000 shares of Series C
preferred stock outstanding, represented by 20,000,000 depositary
shares.
The Redemption is in addition to State Street’s original capital
plan, submitted as part of the 2019 Comprehensive Capital Analysis
and Review (CCAR) cycle and previously announced on June 27, 2019,
and has received approval from the Federal Reserve.
About State Street Corporation State Street Corporation
(NYSE: STT) is one of the world's leading providers of financial
services to institutional investors including investment servicing,
investment management and investment research and trading. With
$34.36 trillion in assets under custody and/or administration and
$3.12 trillion* in assets under management as of December 31, 2019,
State Street operates globally in more than 100 geographic markets
and employs approximately 39,000 worldwide. For more information,
visit State Street's website at www.statestreet.com.
*Assets under management as of December 31, 2019 includes
approximately $45 billion of assets with respect to which State
Street Global Advisors Funds Distributors, LLC (SSGA FD) serves as
marketing agent; SSGA FD and State Street Global Advisors are
affiliated.
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Ilene Fiszel Bieler +1 617-664-3477 Marc Hazelton +1
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