State Street Corporation filed a Form 8-K with the SEC on August 12, 2026, disclosing the issuance and sale of 500,000 depositary shares representing interests in its newly created Fixed Rate Reset Non-Cumulative Perpetual Preferred Stock, Series L.

Key Highlights

  • 500,000 depositary shares sold: Each depositary share represents a 1/100th ownership interest in a share of Series L Preferred Stock.
  • Liquidation preference: $100,000 per share of Series L Preferred Stock, equivalent to $1,000 per depositary share.
  • Expected net proceeds: Approximately $495.7 million, after deducting the underwriting discount and estimated offering expenses.
  • Underwriters: Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC served as representatives of the underwriters under an agreement dated August 5, 2026.
  • Depositary: Equiniti Trust Company, LLC is named as depositary under a deposit agreement dated August 12, 2026.
  • Series L created August 6, 2026: Articles of Amendment were filed with the Secretary of the Commonwealth of Massachusetts on that date.

State Street Completes Series L Preferred Depositary Share Offering

According to the filing, State Street Corporation (NYSE:STT) issued and sold 500,000 depositary shares on August 12, 2026, each representing a 1/100th ownership interest in a share of its Fixed Rate Reset Non-Cumulative Perpetual Preferred Stock, Series L, without par value per share. The offering was made pursuant to a registration statement on Form S-3 (File No. 333-288196) and a related prospectus supplement filed with the SEC. The liquidation preference of the Series L Preferred Stock is $100,000 per share, which the filing states is equivalent to $1,000 per depositary share.

The company disclosed that it expects to receive net proceeds of approximately $495.7 million from the offering, after deducting the underwriting discount and estimated offering expenses. The sale was conducted under an underwriting agreement dated August 5, 2026, entered into among State Street and Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC, acting as representatives of the underwriters named in that agreement. The Series L Preferred Stock was created through Articles of Amendment filed with the Secretary of the Commonwealth of Massachusetts on August 6, 2026.

In connection with the issuance, the filing states that State Street entered into a deposit agreement dated August 12, 2026, with Equiniti Trust Company, LLC as depositary and the holders from time to time of depositary receipts evidencing the depositary shares. Wilmer Cutler Pickering Hale and Dorr LLP, described in the filing as counsel to State Street, issued a legal opinion dated August 12, 2026, regarding the legality of the depositary shares upon issuance and sale. The filing was signed by C. Jack Read, identified as Executive Vice President, Global Controller and Chief Accounting Officer.

What Was Disclosed

State Street disclosed the completion of a public offering of 500,000 depositary shares tied to its new Series L Preferred Stock, with expected net proceeds of approximately $495.7 million, along with the related deposit agreement, Articles of Amendment, and a legal opinion from outside counsel.