Holders of SNUS PF I should tender shares by the October 15, 2026 redemption date to receive $25.00 per depositary share plus the final quarterly dividend. Post-redemption, the security will be delisted; traders should close positions and redeploy capital. The redemption is a credit-positive signal for the issuer's other preferred series (SNUS PF H), as it demonstrates the parent's ability to refinance or retire preferred equity.
Price Chart
Executive Summary
Santander Holdings USA, Inc. announced the full redemption of its Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series I (SNUS PF I), with all 5,400,000 depositary shares to be redeemed on October 15, 2026 at $25.00 per share. This is a credit-positive event for the preferred security being redeemed, as holders will receive par value plus the previously declared quarterly dividend, but it eliminates the perpetual income stream for current holders of SNUS PF I. The redemption signals issuer financial health and the ability to retire higher-cost capital, though no financial details on the issuer's earnings or leverage were provided in this filing.
Key Facts
- Santander Holdings USA will redeem all 135,000 outstanding shares of Series I Preferred Stock and the corresponding 5,400,000 depositary shares (SNUS PF I) on October 15, 2026.
- Redemption price is $25.00 per depositary share, totaling $135,000,000 in cash returned to holders.
- The regular quarterly dividend previously declared will be paid separately on October 15, 2026 to holders of record as of September 30, 2026.
- The press release notes Santander closed its acquisition of Webster Financial Corporation in August 2026, creating a leading retail and commercial bank in the U.S.
Financial Impact
Total redemption amount of $135,000,000 (5,400,000 depositary shares × $25.00) plus the final quarterly dividend payment.
Risk Factors
- Holders who fail to tender by the redemption date may face illiquid post-redemption trading.
- The redemption eliminates a perpetual income stream for income-focused preferred holders.
- No information on whether the issuer will replace this capital with new preferred issuance or debt.
Market Snapshot
Documents Analyzed
This report is based on 10 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (SNUS-PH) — Batch item 1 | 0001193125-26-391406 |
| Document: d120702dex991.htm | 0001193125-26-391406 |
| Document: 0001193125-26-391406-index-headers.html | 0001193125-26-391406 |
| Document: 0001193125-26-391406-index.html | 0001193125-26-391406 |
| Document: 0001193125-26-391406.txt | 0001193125-26-391406 |
| 8-K Filing (SNUS-PH) — Batch item 6 | 0001193125-26-391406 |
| Document: d120702dex991.htm | 0001193125-26-391406 |
| Document: 0001193125-26-391406-index-headers.html | 0001193125-26-391406 |
| Document: 0001193125-26-391406-index.html | 0001193125-26-391406 |
| Document: 0001193125-26-391406.txt | 0001193125-26-391406 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 26, 2026 1d ago | 15-12G | $20.84 | awaiting T+20 | — | $20.74 (−0.48%) |
Sep 15, 2026 6w ago | 8-K | $20.93 $20.75 | ▼ −0.86% | ▼ −3.84% | $20.74 (−0.91%) |
US Market Status
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