State Street Issues 750,000 Depositary Shares Representing Ownership Interest in Series K Preferred Stock

On February 6, 2025, State Street Corporation (NYSE: STT) announced the issuance and sale of 750,000 depositary shares, each representing a 1/100th ownership interest in a share of State Street’s Fixed Rate Reset Non-Cumulative Perpetual Preferred Stock, Series K. The offering was made through a public offering under a registration statement on Form S-3 and a related prospectus supplement filed with the Securities and Exchange Commission (SEC).

The Series K Preferred Stock was established following the filing of Articles of Amendment with the Secretary of the Commonwealth of Massachusetts on January 31, 2025. The sale of the Depositary Shares was conducted under an underwriting agreement dated January 30, 2025, with BofA Securities, Inc. and Morgan Stanley & Co. LLC acting as representatives of the underwriters.

State Street anticipates net proceeds of approximately $743.1 million from the offering of the Depositary Shares after deducting the underwriting discount and estimated offering expenses. A deposit agreement was entered into on February 6, 2025, with Equiniti Trust Company, LLC, and holders of depositary receipts for the Depositary Shares.

Various documents related to the offering, including the Underwriting Agreement, Articles of Amendment, and the form of certificate of the Series K Preferred Stock, have been submitted as exhibits in State Street’s Current Report on Form 8-K filed with the SEC on February 5, 2025. Wilmer Cutler Pickering Hale and Dorr LLP, serving as State Street’s counsel, issued an opinion regarding the legality of the Depositary Shares issued in the offering.

The offering underscores State Street’s strategic financial direction and its commitment to capital raising initiatives.

This article is based on the 8-K SEC Filing submitted by State Street Corporation on February 6, 2025.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read State Street’s 8K filing here.

State Street Company Profile

State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. The company offers investment servicing products and services, including custody, accounting, regulatory reporting, investor, and performance and analytics; middle office products, such as IBOR, transaction management, loans, cash, derivatives and collateral, record keeping, and client reporting and investment analytics; finance leasing; foreign exchange, and brokerage and other trading services; securities finance and enhanced custody products; deposit and short-term investment facilities; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.