Schwab Sells 1.5 Million Depositary Shares of Series L Preferred Stock in New Offering
Charles Schwab filed paperwork for a new Series L preferred stock offering, with a Delaware certificate of designations effective April 22, 2026. Under the underwriting agreement dated April 20, 2026, the company agreed to sell 1,500,000 depositary shares, each representing a 1/100th interest in a share of Series L preferred stock. The filing does not state the offering proceeds, and the preferred terms limit common stock dividends and buybacks if preferred dividends are not paid.
Key points
- Underwriting agreement dated April 20, 2026 covers 1,500,000 depositary shares, each a 1/100th interest in a Series L preferred share
- Series L is a 6.100% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, with the certificate of designations effective April 22, 2026
- Dividends on common and other junior or parity stock are restricted if Series L dividends are not declared and paid or set aside for the prior period
- Deposit agreement with Equiniti Trust Company, LLC, as depositary, is dated April 22, 2026
The filing
Written by AI on Nov 8, 2026, 2:16 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on April 22, 2026.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.