Charles Schwab (SCHW) Completes Secondary Offering of Common Stock

The Charles Schwab Corporation (NYSE: SCHW) (the “Company” or “Charles Schwab”) completed the previously announced secondary offering by TD Group US Holdings LLC, an affiliate of The Toronto-Dominion Bank (“TD”), of 165,443,530 shares of the Company’s common stock at $79.25 per share, for an aggregate purchase amount of $13.1 billion.

Following the completion of the secondary offering and the previously announced $1.5 billion share repurchase by the Company from TD, TD has disposed of all of its shares. Charles Schwab did not receive any of the proceeds from the sale of shares of its common stock.

The secondary offering was led by TD Securities and Goldman Sachs & Co. LLC. Piper Sandler & Co. acted as financial and capital markets advisor to the Company.

In connection with the TD disposition, Brian M. Levitt and Bharat B. Masrani have resigned from Charles Schwab’s board of directors.

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