PITTSBURGH, Jan. 30, 2017 /PRNewswire/ -- The PNC Financial
Services Group, Inc. (NYSE: PNC) announced a $300 million increase in its common stock share
repurchase programs for the four-quarter period ending June 30, 2017. This amount is in addition to the
share repurchase programs of up to $2.0
billion during this period authorized as part of PNC's 2016
capital plan under the Federal Reserve's Comprehensive Capital
Analysis and Review, which included up to $200 million related to employee benefit plans.
PNC's board of directors authorized the increase and the
Board of Governors of the Federal Reserve System did not object to
the additional amount of share repurchases.
"Today's announcement reflects our commitment to return more
capital to shareholders," said William S.
Demchak, PNC chairman, president and chief executive
officer. "Our capital levels and consistent performance have
allowed us to support the growth of our businesses while delivering
strong capital returns and creating long-term value."
PNC's common share repurchases may be executed through the open
market or in privately negotiated transactions, including under
Rule 10b5-1 plans. The timing and exact amount of repurchases will
be based on market conditions and other factors.
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; residential mortgage
banking; 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:
Marcey
Zwiebel
(412) 762-4550
corporate.communications@pnc.com
INVESTORS:
Bryan K.
Gill
(412) 768-4143
investor.relations@pnc.com
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/pnc-announces-300-million-increase-to-planned-share-repurchases-300398959.html
SOURCE PNC Financial Services Group, Inc.