PITTSBURGH, March 19, 2013 /PRNewswire/ -- The PNC Financial Services Group, Inc. (NYSE: PNC) today announced the redemption on April 19, 2013 of $150,000,000 of Depositary Shares (NYSE: PNC PRL) (CUSIP: 693475881) (the "Depositary Shares") representing interests in PNC's 9.875% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series L (the "Series L Preferred Stock"). Each Depositary Share represents a 1/4,000 interest in a share of the Series L Preferred Stock. All 6,000,000 Depositary Shares currently outstanding will be redeemed.
The Depositary Shares will be redeemed at a redemption price of $25 per Depositary Share plus declared and unpaid dividends of $0.3544406 per Depositary Share, representing the dividend for the period from Feb. 1, 2013 through but excluding April 19, 2013.
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 Wilmington Trust Company, the Depositary, in accordance with the Deposit Agreement governing the Depositary Shares.
The PNC Financial Services Group, Inc. ( www.pnc.com) is one of the nation's largest diversified financial services organizations providing 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.CONTACTS: MEDIA: Fred Solomon (412) 762-4550 email@example.com INVESTORS: William H. Callihan(412) 762-8257 firstname.lastname@example.org SOURCE The PNC Financial Services Group, Inc.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV