Santander Holdings USA Announces Redemption of Series I Depositary Shares

What Happened
Santander Holdings USA, Inc. filed an 8-K (Item 8.01) to announce it will redeem all outstanding Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series I, and the corresponding depositary shares. The redemption date is October 15, 2026; the company will redeem 5,400,000 depositary shares (each representing a 1/40th interest in a Series I preferred share) at $25.00 per depositary share. The regular quarterly dividend that was previously declared will be paid separately on October 15, 2026 to holders of record as of the close of business on September 30, 2026. A press release describing the redemption is attached as Exhibit 99.1.

Key Details

• Redemption date: October 15, 2026.
• Securities affected: 135,000 shares of Series I Preferred Stock and 5,400,000 depositary shares (1/40 interest each).
• Redemption price: $25.00 per depositary share.
• Dividend: Previously-declared quarterly dividend will be paid on October 15, 2026 to holders of record as of September 30, 2026.

Why It Matters
This action affects holders of the Series I depositary shares: they will receive $25.00 per depositary share on the redemption date and those depositary shares will be retired. The separately paid quarterly dividend covers income accrued prior to redemption. For most common-stock investors, this is not a direct operational change, but it removes this layer of preferred capital from Santander Holdings USA’s outstanding securities. Investors holding the depositary shares should review the payment and record dates and expect the shares to cease trading after redemption.