State Street (NYSE: STT) sells $495.7M in Series L preferred depositary shares
Rhea-AI Filing Summary
State Street Corporation reported that on August 12, 2026 it issued and sold 500,000 depositary shares in a public offering under an effective shelf registration. Each Depositary Share represents a 1/100th interest in a share of its Fixed Rate Reset Non-Cumulative Perpetual Preferred Stock, Series L, which has a liquidation preference of $100,000 per share, equivalent to $1,000 per Depositary Share.
The Series L Preferred Stock was created through Articles of Amendment filed on August 6, 2026. The offering was made under an underwriting agreement dated August 5, 2026 with Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC as representatives of the underwriters. State Street expects to receive net proceeds of approximately $495.7 million. In connection with the issuance, it entered into a Deposit Agreement with Equiniti Trust Company, LLC as depositary, and filed related contracts and a legal opinion as exhibits.
Positive
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Negative
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8-K Event Classification
2 items: 8.01, 9.01
2 items
Item 8.01
Other Events
Other
Voluntary disclosure of events the company deems important to shareholders but not covered by other items.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Depositary Shares Issued: 500,000 depositary shares
Ownership per Depositary Share: 1/100th interest
Liquidation Preference per Preferred Share: $100,000 per share
+5 more
8 metrics
Depositary Shares Issued
500,000 depositary shares
Public offering of Series L Depositary Shares completed on August 12, 2026
Ownership per Depositary Share
1/100th interest
Each Depositary Share represents a 1/100th ownership interest in a share of Series L Preferred Stock
Liquidation Preference per Preferred Share
$100,000 per share
Liquidation preference of the Series L Preferred Stock
Liquidation Preference per Depositary Share
$1,000 per Depositary Share
Equivalent liquidation preference based on 1/100th interest per Depositary Share
Expected Net Proceeds
$495.7 million
Net proceeds from the offering after underwriting discount and estimated expenses
Articles of Amendment Filing Date
August 6, 2026
Date Articles of Amendment creating Series L Preferred Stock were filed
Underwriting Agreement Date
August 5, 2026
Date of underwriting agreement with Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC
Deposit Agreement Date
August 12, 2026
Date of Deposit Agreement with Equiniti Trust Company, LLC
Key Terms
Fixed Rate Reset Non-Cumulative Perpetual Preferred Stock, Depositary Shares, Articles of Amendment, Underwriting Agreement, +2 more
6 terms
Fixed Rate Reset Non-Cumulative Perpetual Preferred Stock financial
"State Street’s Fixed Rate Reset Non-Cumulative Perpetual Preferred Stock, Series L"
Articles of Amendment regulatory
"The Series L Preferred Stock was created pursuant to the filing of Articles of Amendment"
Articles of amendment are official documents a corporation files with the government to record changes to its foundational details, such as its name, share structure, authorized capital, or bylaws. Think of them like updating a company’s recipe or blueprint so everyone knows the new ingredients and rules; investors use them to track structural shifts that can affect ownership, voting power, dilution risk, or a company’s strategic flexibility.
Underwriting Agreement financial
"The sale of the Depositary Shares was made pursuant to the terms of an underwriting agreement"
An underwriting agreement is a contract where a company selling new stocks or bonds hires financial firms to buy those securities and resell them to investors. It matters because the agreement sets the offering price, number of securities, fees and which party bears the risk if sales fall short—think of it as a promise that the sale will happen and a roadmap investors can use to understand how the new securities reach the market.
Deposit Agreement financial
"State Street entered into a deposit agreement dated August 12, 2026"
A deposit agreement is a written contract between a customer and a financial institution that outlines the terms for opening and maintaining a deposit account, such as a savings or checking account. It explains important details like how funds can be accessed, any fees involved, and the institution’s responsibilities. For investors, understanding this agreement is important because it clarifies their rights and the rules governing their deposited funds.
liquidation preference financial
"with a liquidation preference of $100,000 per share (equivalent to $1,000 per Depositary Share)"
A liquidation preference is a rule that determines who gets paid first and how much they receive when a company is sold, goes bankrupt, or distributes its assets. It gives certain investors a priority claim—often returning their original investment plus any agreed multiple—before other owners receive money, which shapes how much common shareholders and founders ultimately get; think of it as a front-of-the-line pass that affects payout order and investor returns.
FAQ
What securities did State Street (STT) issue on August 12, 2026?
State Street issued 500,000 depositary shares, each representing a 1/100th interest in a share of its Fixed Rate Reset Non-Cumulative Perpetual Preferred Stock, Series L, in a public offering under an existing shelf registration.
What is the liquidation preference of State Street’s Series L preferred stock (STT)?
The Series L preferred stock carries a liquidation preference of $100,000 per share, which is equivalent to $1,000 per Depositary Share, since each Depositary Share represents a 1/100th ownership interest in a preferred share.
AI-generated analysis. How Rhea-AI works. Not financial advice.
