The Bank of New York Mellon Corporation (NYSE: BNY) priced an underwritten public offering of 500,000 depositary shares on July 16, 2026, each representing a 1/100th interest in a share of its Series N Noncumulative Perpetual Preferred Stock, at $1,000 per depositary share, for a total of $500,000,000.

The preferred stock carries a liquidation preference of $100,000 per share, equivalent to $1,000 per depositary share. Dividends will accrue at a fixed rate of 6.150% per annum from the original issue date through September 20, 2031. After that date, the rate will reset to the five-year treasury rate plus 1.868%. Dividends will be paid only when declared by BNY's board of directors and subject to legally available funds.

BNY retains the option to redeem the Series N preferred stock on September 20, 2031, or any dividend payment date thereafter, at $100,000 per share plus any declared and unpaid dividends.

The offering is expected to close on July 23, 2026. BNY said it intends to use the net proceeds for general corporate purposes.

Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, RBC Capital Markets LLC, UBS Securities LLC, and BNY Mellon Capital Markets LLC served as joint book-running managers for the offering.