PITTSBURGH, Oct. 2, 2023
/PRNewswire/ -- The PNC Financial Services Group, Inc. (NYSE: PNC)
today announced the redemption on Nov. 1,
2023, of $1,000,000,000 of
Depositary Shares (CUSIP: 693475AK1) (the "Depositary Shares")
representing interests in PNC's Fixed-to-Floating Rate
Non-Cumulative Perpetual Preferred Stock, Series O (the "Series O
Preferred Stock"). Each Depositary Share represents a
1/100th interest in a share of the Series O Preferred
Stock. All 1,000,000 Depositary Shares currently outstanding will
be redeemed.
The Depositary Shares will be redeemed at a redemption price of
$1,000 per Depositary Share. Such
redemption price does not include the regular quarterly dividend on
the Depositary Shares that was separately declared and will be paid
separately Nov. 1, 2023, to holders
of record on the record date for such dividend payment in the
customary manner.
The Depositary Shares are held through the Depository Trust
Company ("DTC") and will be redeemed in accordance with the
procedures of DTC. Payment to DTC will be made by Computershare
Trust Company, N.A., the Depositary, in accordance with the Deposit
Agreement governing the Depositary Shares. The address for
Computershare Trust Company, N.A. is P.O. Box 43078, Providence, RI 02940 or, for courier delivery,
150 Royall Street, Canton, MA
02021.
The PNC Financial Services Group, Inc. is one of the largest
diversified financial services institutions in the United States, organized around its
customers and communities for strong relationships and local
delivery of retail and business banking including a full range of
lending products; specialized services for corporations and
government entities, including corporate banking, real estate
finance and asset-based lending; wealth management and asset
management. For information about PNC, visit www.pnc.com.
CONTACTS:
MEDIA:
Timothy
Miller
(412) 762-4550
media.relations@pnc.com
INVESTORS:
Bryan
Gill
(412) 768-4143
investor.relations@pnc.com
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SOURCE The PNC Financial Services Group, Inc.