News Release Details
Financial Press Release
PNC Announces Redemption of Series C and D Preferred Stock
PITTSBURGH, Aug 09, 2010 /PRNewswire via COMTEX/ --
The PNC Financial Services Group, Inc. (NYSE: PNC) today announced the redemption of all its $1.60 Cumulative Convertible Preferred Stock, Series C and $1.80 Cumulative Convertible Preferred Stock, Series D on the following terms:
- Series C - The redemption date will be Oct. 1, 2010 with a redemption price of $20.00 per share. The previously announced dividend payment of 40 cents per share is payable Oct. 1, 2010 to shareholders of record at the close of business Sept. 3, 2010.
- Series D - The redemption date will be Oct. 1, 2010 with a redemption price of $20.00 per share. The previously announced dividend payment of 45 cents per share is payable Oct. 1, 2010 to shareholders of record at the close of business Sept. 3, 2010.
Shareholders of the Series C and Series D Preferred Stock will receive official notice of the redemption in accordance with the provisions of The PNC Financial Services Group, Inc. Amended and Restated Articles of Incorporation. Shareholders of the Series C and Series D Preferred Stock who do not want to have their shares redeemed may exercise their right to convert their shares into shares of PNC's common stock, par value $5.00 per share, prior to 5:00 p.m. New York City time on the redemption date of Oct. 1, 2010.
Computershare Trust Company, N.A. is the conversion agent and redemption agent. For more information, registered shareholders of the securities may contact Computershare at (800) 546-5141 or write to Computershare at P.O. Box 43011, Providence, RI 02940-3011. Shareholders owning shares through a broker, bank or other nominee should contact that party for information. Funds for the redemption will be deposited with Computershare on or before the redemption date.
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. Follow @PNCNews on Twitter for breaking news, updates and announcements from PNC.
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SOURCE PNC Financial Services Group