E*TRADE Reports Approval to Distribute $100M in Bank Capital to Parent Co.
E*TRADE Financial Corporation (NASDAQ: ETFC) today announced that its subsidiary, E*TRADE Bank, has received regulatory approval to dividend capital to the Company's Parent. The capital distribution will take place during September, in the amount of $100 million. The Company intends to seek approval for similar distributions of $100 million per quarter, over the near term.
“Today's announcement reflects E*TRADE's significant progress on our capital plan, including de-risking and deleveraging the balance sheet, bolstering our enterprise risk management capabilities, and strengthening the Company's overall financial position,” said Matthew Audette, Chief Financial Officer. “While subsequent dividends will be subject to regulatory approvals, we look forward to building on this initial distribution over the coming quarters.”
The Company will provide updates on usage of capital distributions as appropriate, through its regularly scheduled earnings calls and presentations to the investment community.
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.