PITTSBURGH, Sept. 30,
2022 /PRNewswire/ -- The PNC Financial Services
Group, Inc. (NYSE: PNC) today announced the redemption on
Nov. 1, 2022, of $1,500,000,000 of Depositary Shares (CUSIP:
693475857) (the "Depositary Shares") representing interests in
PNC's Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred
Stock, Series P (the "Series P Preferred Stock"). Each Depositary
Share represents a 1/4,000th interest in a share of the
Series P Preferred Stock. All 60,000,000 Depositary Shares
currently outstanding will be redeemed.
The Depositary Shares will be redeemed at a redemption price of
$25.00 per Depositary Share plus
declared and unpaid dividends of $0.43763 per Depositary Share, representing the
dividend for the period from Aug. 1,
2022 to, but excluding, Nov. 1,
2022.
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 462 South 4th Street, Suite
1600, Louisville, KY 40202.
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.