BOSTON, July 2, 2018 /PRNewswire/ -- Santander Holdings USA, Inc. (SHUSA), parent company of Santander Bank, N.A., announced today that its Board of Directors declared a dividend on SHUSA's Series C Non-Cumulative Perpetual Preferred Stock (the "Series C Preferred Stock") (NYSE:SOVPRC).
Also, today SHUSA announced that its Board of Directors approved the redemption of all outstanding shares of the Series C Preferred Stock, and all outstanding shares of the related depositary shares, each representing a 1/1000th ownership interest in a share of Series C Preferred Stock ("Depositary Share").
A dividend payment of $0.45625 per Depositary Share is payable on August 15, 2018 to holders of record on August 1, 2018.
The Series C Preferred Stock will be redeemed on August 15, 2018. The redemption price will be $25.00 per Depositary Share, equivalent to $25,000.00 per share of Series C Preferred Stock. Thereafter, the Series C Preferred Stock and the related Depositary Shares will no longer be deemed outstanding, and the only remaining right of the holders will be to receive payment of the respective redemption amount, without interest.
All shares of the Series C Preferred Stock and the related Depositary Shares are held in book-entry form through The Depositary Trust Company ("DTC") and will be redeemed in accordance with the applicable procedures of DTC. Notice of the redemption and payment of the aggregate redemption price will be made to DTC on SHUSA's behalf by Computershare Trust Company, N.A.
Santander Holdings USA, Inc. (SHUSA) is a wholly-owned subsidiary of Madrid-based Banco Santander, S.A. (NYSE: SAN) (Santander), one of the most respected banking groups in the world with more than 125 million customers in the U.S., Europe and Latin America. As the intermediate holding company for Santander's U.S. businesses, SHUSA includes six financial companies with approximately 17,000 employees, 5.2 million customers and assets of over $129.2 billion as of March 31, 2018. These include Santander Bank, N.A., one of the country's largest retail and commercial banks by deposits; Santander Consumer USA Holdings Inc. (SC), an auto finance and consumer lending company; Banco Santander International of Miami; Banco Santander Puerto Rico; Santander Securities LLC of Boston; and Santander Investment Securities Inc. of New York.
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