The Charles Schwab Corporation Reports Elimination of Series I Preferred Stock
Summary
On June 1, 2026, The Charles Schwab Corporation filed a Certificate of Elimination with the Secretary of State of Delaware for its 4.000% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series I (via Ex. 3.1). This action, effective upon filing, eliminated all matters related to the Series I Preferred Stock from the Company's Fifth Restated Certificate of Incorporation. The Board of Directors had authorized the redemption of the Series I Preferred Stock and the filing of this certificate on January 29, 2026. Previously, 22,500 shares of this preferred stock were authorized for issuance.
Why It Matters
This action signifies the elimination of the Series I Preferred Stock from the company's capital structure, likely following its redemption. This reduces future preferred dividend obligations and simplifies the company's equity structure, which can be viewed positively by investors.
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Key Quote
“On June 1, 2026, The Charles Schwab Corporation (the "Company") filed a Certificate of Elimination with the Secretary of State of the State of Delaware with respect to the Company's 4.000% Fixed-Rate Reset.”
— From Item 5.03
Filing Details
Reported Items
Additional Information
- CIK Number
- 0000316709
- Filing Date
- Monday, June 1, 2026
- Filing Time
- 12:00 AM UTC
- Form Type
- 8-K
- Materiality Level
- medium
- Sentiment
- neutral