Financing ·
PNC Financial Services redeems all Series S preferred shares for $525M
PNCPNC Financial Services Group, Inc.
The PNC Financial Services Group, Inc. announced the redemption of all 525,000 outstanding Depositary Shares representing interests in its Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series S. The redemption price is $1,000 per Depositary Share, totaling $525,000,000. The effective date of the redemption is November 2, 2026, shifted from November 1 due to a non-business day. Any declared but unpaid semiannual dividends will be paid on the redemption date to holders of record as set by the board. PNC operates in the diversified financial services industry, providing retail and business banking, lending, wealth management, and asset management.