Santander Holdings USA, Inc. filed a Current Report on November 13, 2026, recasting three years of consolidated financial statements to reflect a segment reporting change that combined its Commercial & Industrial and Commercial Real Estate reportable segments into a single Commercial Banking segment.

Key Highlights

  • Segment consolidation: Santander Holdings USA combined its Commercial & Industrial and Commercial Real Estate reportable segments into a single Commercial Banking segment during the third quarter of 2026.
  • Recast scope: The filing recasts consolidated financial statements for each of the three years in the period ended December 31, 2025.
  • Not a restatement: According to the filing, "The updates do not represent a restatement of previously issued financial statements."
  • Effective date of change: The new segment structure was reflected in reporting beginning with the quarter ended September 30, 2026, and was publicly announced in November 2026.
  • Recast detail in Exhibit 99.1: Updated information covers Part I Item 1 (Business), Part II Item 7 (MD&A), and Part II Item 8 (Financial Statements) from the 2025 Annual Report.
  • Registered security: The company's Depositary Shares, each representing a 1/1,000th interest in a share of Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series H, trade on the NYSE under the symbol SNUS PF H (NYSE:SNUSPFH).

Santander Holdings USA Restructures Segment Reporting to Reflect Revised Internal Management Structure

Santander Holdings USA, Inc., a Virginia-incorporated financial holding company headquartered at 75 State Street, Boston, Massachusetts, filed this Current Report to recast previously reported financial data following changes to its internal management reporting structure. According to the filing, during the third quarter of 2026, the company combined its Commercial & Industrial and Commercial Real Estate reportable segments into a single Commercial Banking segment, aligning its external disclosures with how its chief operating decision maker assesses performance and allocates resources.

The company disclosed that Securities and Exchange Commission rules require a registrant to recast prior-period financial statements when it prepares a new registration, proxy, or information statement that includes or incorporates by reference financial statements, once a reporting change such as this segment consolidation has been reported. Accordingly, the recast covers each of the three years in the period ended December 31, 2025, with the updated figures presented in Exhibit 99.1, which also incorporates the consent of an independent registered public accounting firm (Exhibit 23.1).

The filing states explicitly that it "does not amend or restate our audited consolidated financial statements" and "does not reflect events occurring after we filed our 2025 Form 10-K." The company directed readers to its Quarterly Report for the quarter ended September 30, 2026, for developments subsequent to the original annual filing. The report was signed by Gerard A. Chamberlain, Senior Deputy General Counsel and Executive Vice President, on behalf of the registrant.

What Was Disclosed

Santander Holdings USA disclosed a segment reporting recast combining its Commercial & Industrial and Commercial Real Estate segments into a single Commercial Banking segment, covering three years of consolidated financial data through December 31, 2025, without amending or restating previously audited financial statements.