Charles Schwab Corporation
Charles Schwab Issues New Series L Preferred Stock
Summary
On April 22, 2026, The Charles Schwab Corporation issued 1,500,000 depositary shares of 6.100% fixed-rate reset non-cumulative perpetual preferred stock, Series L, raising approximately $1.48 billion in net proceeds. This issuance is subject to restrictions on the company's ability to pay dividends or make distributions on its common stock and other preferred stock. The issuance also involved the filing of a Certificate of Designations with the Delaware Secretary of State, which established the rights and preferences of the Series L Preferred Stock. The offering was made under an Underwriting Agreement with several major financial institutions.
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About Charles Schwab Corporation
Charles Schwab Corporation operates as a financial services company, catering to individual investors, investment advisors, and institutions. Primarily, the company provides brokerage services, banking products, and related financial advisory services to its clients. It is well-known for its innovative approach to investment services, having pioneered discount brokerage in the 1970s. Today, Charles Schwab offers a comprehensive range of services, including wealth management, securities brokerage, banking, asset management, and financial advisory. The corporation holds a strong presence in automated investment management solutions, reflected in its offerings of robo-advisory services. With a robust client network across multiple financial sectors, Charles Schwab plays a significant role in democratizing investment access, allowing clients to manage finances through both physical branches and digital platforms. Established in 1971 and headquartered in Westlake, Texas, the corporation continues to influence the financial landscape with extensive research, financial planning tools, and client-centric services, standing as a pillar in the brokerage and banking industries.
Official SEC Documents
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