The company said it launched a public offering of depositary shares, each representing 1/25 interest in a share of its Fixed Rate Reset Non-Cumulative Preferred Stock, Series Y 1, on September 19, 2024. Pricing has not yet occurred.

1. 01

   The company said it launched a public offering of depositary shares, each representing 1/25 interest in a share of its Fixed Rate Reset Non-Cumulative Preferred Stock, Series Y 1, on September 19, 2024. Pricing has not yet occurred.

2. 02

   The company said that if the offering is priced and closes, it intends to use the net proceeds from the sale of the depositary shares to redeem all of its outstanding 5.00% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series P. The liquidation preference of Series P is $25,000 per share.

3. 03

   The company said that pricing of the offering, and therefore whether any redemption occurs, depends on market conditions and other factors. It said there is no assurance that the offering will price and close or that it will decide to redeem Series P. If it decides to redeem Series P, it intends to announce the decision by press release and a notice of redemption.

4. 04

   The company said the offering is described in its preliminary prospectus supplement dated September 19, 2024, which it filed with the SEC the same day. It stated that this Form 8-K does not constitute an offer to sell depositary shares.

Analysis scope · Filing bodyWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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