Current Report Filing (8-k)
September 08 2015 - 8:31AM
Edgar (US Regulatory)
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM 8-K
CURRENT
REPORT
Pursuant to Section 13 or 15(d) of
The
Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): September 1, 2015
E*TRADE
Financial Corporation
(Exact
name of registrant as specified in its charter)
Delaware
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1-11921
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94-2844166
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(State or other jurisdiction of incorporation)
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(Commission File Number)
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(I.R.S. Employer Identification No.)
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1271 Avenue of the Americas, 14th Floor, New York,
New York 10020
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(Address
of principal executive offices and Zip Code)
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(646) 521-4300
(Registrant’s
telephone number, including area code)
Not
Applicable
(Former name or former address, if changed since
last report)
Check the
appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions:
⃞
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
⃞
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
⃞
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
⃞
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item 7.01 REGULATION FD DISCLOSURE
E*TRADE Financial Corporation (the “Company”) today announced that it
has terminated $4.4 billion of legacy wholesale funding obligations at
its wholly owned subsidiary E*TRADE Bank (the “Bank”). In connection
with the transaction, the Company will record a pre-tax charge of
approximately $410 million in the third quarter of 2015. The Company has
commensurately decreased the size of the Bank’s balance sheet and
utilized excess capital at the Bank, along with $110 million of
corporate cash contributed to the Bank in order to maintain its target
capital levels at the Bank.
The Company may continue utilizing wholesale funding sources for short
term liquidity and contingency funding requirements.
Additionally, the Company announced that the Bank received regulatory
and Bank Board approval for, and completed the distribution of, a $114
million dividend to the Company in August 2015. The Company also
announced that it does not intend to seek a dividend from the Bank
during the fourth quarter of 2015, but intends to resume Bank dividend
requests in the first quarter of 2016.
SIGNATURE
Pursuant to
the requirements of the Securities Exchange Act of 1934, the registrant
has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Dated:
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September 8, 2015
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E*TRADE FINANCIAL CORPORATION
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By:
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/s/ Karl A. Roessner
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Karl A. Roessner
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Corporate Secretary
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