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State Street Corp. | Non-Cumulative Perpetual Preferred Stock, Series C (STT.PRC)

Prospectus excerpt:  State Street Corporation is offering 20,000,000 depositary shares, each representing a 1/4,000th ownership interest in a share of our Non-Cumulative Perpetual Preferred Stock, Series C, without par value per share, with a liquidation preference of $100,000 per share (equivalent to $25 per depositary share) (the “Series C Preferred Stock”). As a holder of depositary shares, you will be entitled to all proportional rights, preferences and other provisions of the Series C Preferred Stock (including those related to dividends, voting, redemption and liquidation). You must exercise such rights through the depositary.

Dividends on the Series C Preferred Stock, when, as and if declared by our board of directors or any duly authorized committee of the board, will accrue and be payable on the liquidation preference amount, on a non-cumulative basis, quarterly in arrears on the 15th day of March, June, September and December of each year, commencing on December 15, 2012, at a rate per annum equal to 5.25%. If our board of directors or any duly authorized committee of the board has not declared a dividend on the Series C Preferred Stock before the dividend payment date for any dividend period, such dividend shall not be cumulative and shall not accrue or be payable for such dividend period, and we will have no obligation to pay dividends for such dividend period, whether or not dividends on the Series C Preferred Stock are declared for any future dividend period.

The Series C Preferred Stock may be redeemed at our option, in whole or in part on September 15, 2017, or any dividend payment date thereafter, at a redemption price equal to $100,000 per share (equivalent to $25 per depositary share), plus any declared and unpaid dividends, without accumulation of any undeclared dividends. The Series C Preferred Stock may be redeemed at our option, in whole, but not in part, prior to September 15, 2017, upon the occurrence of a “regulatory capital treatment event,” as described herein, at a redemption price equal to $100,000 per share (equivalent to $25 per depositary share), plus any declared and unpaid dividends, without accumulation of any undeclared dividends. The Series C Preferred Stock will not have any voting rights, except as set forth under “Description of Series C Preferred Stock—Voting Rights” on page S-25.

We intend to apply to list the depositary shares on The New York Stock Exchange (“NYSE”) under the symbol “STT PrC.” If the application is approved, we expect trading of the depositary shares on the NYSE to begin within the 30-day period after the initial delivery of the depositary shares.

Full Prospectus PDF », STT Page »

Series:C
Alternate symbology:STT-C, STT-PC, STTprC
Redeemable?:Yes
Call Date:9/15/2017 (Now Trading Post Call Date)
Perpetual?:Yes
Cumulative?:No
Shares Offered:20,000,000
Liquidation Preference:$25
Recent Market Price:$25.64
Premium to Liquidation Preference:
(More Preferreds Trading at a Premium »)
$0.64 (2.56%)
Annualized Dividend:1.3124
Recent Ex-Date:8/30/2019
Current Yield:5.12%
Original Coupon:5.25%
Pay Period:Quarterly
Pay Dates:15-Mar, 15-Jun, 15-Sep, 15-Dec
State Street is a financial holding company. Through its subsidiaries, Co. provides financial products and services to institutional investors. Co. has two lines of business: Investment Servicing, which provides, among others, custody, product and participant level accounting, daily pricing and administration, master trust and master custody, depotbank services, record-keeping, cash management, foreign exchange, brokerage and other trading services; and Investment Management, which provides a range of services and solutions, including environmental, social and governance investing, defined benefit and defined contribution and Outsourced Chief Investment Officer.

Preferreds: STT.PRC, STT.PRD, STT.PRE, STT.PRG


Open the STT Information Page »
Name:  State Street Corp.
Website:  www.statestreet.com
Sector:  Banking & Savings
Number of ETFs Holding STT:  102 (see which ones)
Total Market Value Held by ETFs:  $2,169,735,397
Total Market Capitalization:  $18,186,000,000
% of Market Cap. Held by ETFs:  11.93%

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