What happened to the Series B Preferred Stock?

All outstanding shares of the Series B Preferred Stock were redeemed by Capital One on March 2, 2020, and the provisions related to this stock were eliminated from the company's Restated Certificate of Incorporation.

What is the impact of this action on Capital One's financial structure?

This action reduces the amount of preferred equity on Capital One's balance sheet and simplifies its capital structure by removing a specific class of preferred stock.

Does this affect common stockholders?

This action directly affects holders of the Series B Preferred Stock by redeeming their shares. For common stockholders, the impact is indirect, potentially leading to a slightly simplified capital structure and a reduction in preferred dividend obligations.

CAPITAL ONE FINANCIAL CORP 8-K: Corporate Changes

Q: What is the primary purpose of this 8-K filing?

The primary purpose of this 8-K filing is to report the elimination of Capital One's Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series B, from its corporate charter and the redemption of all outstanding shares of this preferred stock.

Summary

Capital One Financial Corporation (COF) filed an 8-K report on March 2, 2020, detailing the elimination of its Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series B. This action involved filing a Certificate of Elimination with the Delaware Secretary of State, which effectively removed all provisions related to this specific series of preferred stock from the company's Restated Certificate of Incorporation. Crucially for investors, all outstanding shares of this Series B Preferred Stock were redeemed on March 2, 2020. This move signifies a change in the company's capital structure and reduces the outstanding preferred equity. Investors holding this specific series of preferred stock would have seen their holdings redeemed, and this action simplifies the company's outstanding securities.

Key Highlights

1Capital One Financial Corporation filed an 8-K on March 2, 2020.
2The company filed a Certificate of Elimination for its Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series B.
3This filing eliminates provisions related to the Series B Preferred Stock from the Restated Certificate of Incorporation.
4All outstanding shares of the Series B Preferred Stock were redeemed on March 2, 2020.
5The redemption of preferred stock affects the company's capital structure.
6This action simplifies the company's outstanding securities.

CAPITAL ONE FINANCIAL CORP 8-K Report, Bylaw Amendment (Mar 2, 2020)

Summary

Key Highlights

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