State Street Corp Issues $500M Series L Preferred Depositary Shares

What Happened State Street Corporation announced on August 12, 2026 that it issued and sold 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. Each full preferred share has a $100,000 liquidation preference (equivalent to $1,000 per depositary share). The sale was made in a public offering pursuant to a Form S‑3 registration and an underwriting agreement dated August 5, 2026, with Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC as lead representatives. State Street expects net proceeds of approximately $495.7 million. The Series L preferred was created by Articles of Amendment filed August 6, 2026, and a Deposit Agreement with Equiniti Trust Company, LLC was entered on August 12, 2026. Counsel (WilmerHale) issued an opinion as to legality dated August 12, 2026.

Key Details

• 500,000 depositary shares sold; each depositary share = 1/100th of one Series L preferred share.
• Liquidation preference: $100,000 per full preferred share (equivalent $1,000 per depositary share).
• Net proceeds expected: approximately $495.7 million after underwriting discount and offering expenses.
• Underwriting Agreement dated Aug 5, 2026; Deposit Agreement dated Aug 12, 2026; Series L created via Articles of Amendment filed Aug 6, 2026.

Why It Matters This transaction raises roughly $495.7M of capital for State Street and creates a new series of perpetual preferred securities that sit ahead of common stock in liquidation and priority for distributions. Retail investors should note the issuance increases the number of preferred depositary shares outstanding and may affect the company’s capital structure and payout priorities, though the filing does not state any change to common dividends or earnings guidance. Exhibits filed include the Deposit Agreement and legal opinion confirming the legality of the issued depositary shares.