Charles Schwab Corp
The company said it expects the net proceeds from the offering will be about $480.8 million, part of which it plans to use to move some client balances away from money market funds.
Schwab shares closed at $19.02 on the New York Stock Exchange on Wednesday.
The company announced the stock sale when it reported a 47 percent drop in its quarterly earnings on Tuesday.
The company said it has granted its underwriters a 30-day option to buy up to 3.9 million additional shares of its common stock to cover over-allotments.
UBS Securities is the sole book-running manager of the offering. Citi, J.P. Morgan Securities, Credit Suisse, Wells Fargo, BNY Mellon, Calyon and PNC Capital Markets are co-managers of the offering.
(Reporting by Michael Erman; editing by Carol Bishopric)