PITTSBURGH, Feb. 3, 2017 /PRNewswire/ -- The PNC Financial
Services Group, Inc. (NYSE: PNC) today announced that it has
submitted a redemption notice to the property trustee for
redemption on March 15, 2017 of all
of the Fixed-to-Floating Rate Non-cumulative Exchangeable Perpetual
Trust Securities (CUSIP NO. 69350JAA7) of PNC Preferred
Funding Trust I and of all of the Fixed-to-Floating Rate
Non-cumulative Exchangeable Perpetual Trust Securities (CUSIP NO.
69350KAA4) of PNC Preferred Funding Trust II (the "REIT
Preferred Securities"), at a redemption price equal to $100,000 per REIT Preferred Security (the
"Redemption Price"), with an aggregate liquidation amount of
$1,000,000,000 in REIT Preferred
Securities outstanding. The previously declared regular first
quarter distribution on the REIT Preferred Securities is payable on
March 15, 2017 to holders of record
on March 1, 2017.
![](https://mma.prnewswire.com/media/364550/pnc_rgb_logo_Logo.jpg)
The REIT Preferred Securities of PNC Preferred Funding Trust I
have a current distribution rate of 2.61344 percent and the REIT
Preferred Securities of PNC Preferred Funding Trust II have a
current distribution rate of 2.18594 percent. The redemption is
consistent with the 2016 capital plan submitted to the Board of
Governors of the Federal Reserve.
The paying agent for the REIT Preferred Securities is Wilmington
Trust Company, Rodney Square North,
1100 North Market Street, 5th Floor, Wilmington, DE 19890. Payment of
the Redemption Price will be made through the facilities of The
Depository Trust Company.
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) 762-1693
corporate.communications@pnc.com
INVESTORS:
Bryan K.
Gill
(412) 768-4143
investor.relations@pnc.com
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SOURCE The PNC Financial Services Group, Inc.