PNC Announces Redemption of all Depositary Shares Representing Interests in Series S Preferred Stock

The redemption will retire the entire outstanding depositary-share issue, with any declared but unpaid dividends paid separately.

Rhea-AI Summary

PNC Financial Services Group (PNC) will redeem all 525,000 outstanding depositary shares representing its Series S preferred stock on November 2, 2026.

The $525 million redemption was originally scheduled for November 1 but shifts because that date is a non-business day. PNC will pay $1,000 per depositary share; each represents a 1/100th interest in a Series S preferred share. The redemption price excludes declared but unpaid dividends. Any semiannual dividend declared but unpaid before redemption will be paid on the redemption date.

1 point · 0 major

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0 major · 2 points

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Positive

• Moderate point. Forward-looking: it has not happened yet and may not happen.All 525,000 outstanding depositary shares representing Series S preferred stock will be redeemed.

Negative

• Moderate point. Forward-looking: it has not happened yet and may not happen.$525 million redemption requires PNC to pay $1,000 per depositary share.
• Minor point. Forward-looking: it has not happened yet and may not happen.Declared but unpaid semiannual dividends, if any, will be paid in addition to the redemption price.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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PITTSBURGH, Sept. 29, 2026 /PRNewswire/ -- The PNC Financial Services Group, Inc. (NYSE: PNC) today announced the redemption on Nov. 1, 2026 (which, due to the occurrence of a non-business day, will shift to Nov. 2, 2026), of $525,000,000 of Depositary Shares (CUSIP: 693475 AQ8) (the "Depositary Shares") representing interests in PNC's Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series S (the "Series S Preferred Stock"). Each Depositary Share represents a 1/100th interest in a share of the Series S Preferred Stock. All 525,000 Depositary Shares currently outstanding will be redeemed.

The Depositary Shares will be redeemed at a redemption price of $1,000 per Depositary Share. Such redemption price does not include any declared but unpaid dividends. Any semiannual dividend declared but not paid prior to the redemption date will be paid on the redemption date to holders of record on a date prior to the redemption set by the board of directors of PNC.

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 P.O. Box 43078, Providence, RI, 02940 or, for courier delivery, 150 Royall Street, Canton, MA 02021.

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:
Anne Pace
(631) 338-3268
anne.pace@pnc.com

INVESTORS:
Bryan Gill
(412) 768-4143
investor.relations@pnc.com

 

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SOURCE The PNC Financial Services Group, Inc.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

When will PNC redeem its Series S depositary shares, and at what price?

PNC will redeem the shares on November 2, 2026, at $1,000 per depositary share. The date shifts from November 1 because it is a non-business day. The price excludes declared but unpaid dividends.

Who receives any unpaid Series S dividends when PNC redeems the depositary shares?

Any semiannual dividend declared but unpaid before redemption will be paid on the redemption date to holders of record on a date set by PNC’s board of directors before the redemption.