State Street Corp Files Amendment, Offers Series L Preferred via Depositary Shares

What Happened

• State Street Corporation filed Articles of Amendment on August 6, 2026, to create Fixed Rate Reset Non‑Cumulative Perpetual Preferred Stock, Series L, with a liquidation preference of $100,000 per preferred share.
• On August 5, 2026, State Street entered into an underwriting agreement with Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC (as representatives) to issue and sell 500,000 depositary shares, each representing a 1/100th interest in one share of the Series L preferred stock.

Key Details

• Articles of Amendment filed: August 6, 2026.
• Underwriting agreement signed: August 5, 2026 (representatives: Goldman Sachs & Co. LLC; Morgan Stanley & Co. LLC).
• Preferred terms disclosed: Fixed rate reset, non‑cumulative, perpetual; liquidation preference of $100,000 per preferred share.
• Depositary shares to be sold: 500,000 depositary shares; each depositary share equals 1/100th of a Series L preferred share (implying each depositary share represents a $1,000 liquidation preference of the underlying preferred share).

Why It Matters

• This filing establishes a new series of high‑denomination preferred stock (Series L) and launches a public offering of depositary shares, which is a way for State Street to raise capital.
• Preferred shares rank ahead of common stock for dividends and liquidation, so issuing Series L affects the company’s capital structure and priority of claims (but does not represent common‑share dilution).
• The depositary‑share structure lets investors buy tradable, smaller units (1/100th) of a large‑face‑value preferred share, and the fixed‑rate reset and non‑cumulative features determine dividend payment mechanics and investor return characteristics.