The redemption is scheduled for November 2, 2026, shifting from the original November 1 date due to the weekend. Each depositary share, representing a 1/100th interest in the Series S preferred stock, carries a redemption price of $1,000. This figure excludes any declared but unpaid dividends, which the company intends to distribute to shareholders of record on the date set by the board of directors.
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PNC Financial to Redeem $525 Million in Series S Preferred Stock
The PNC Financial Services Group will retire all outstanding depositary shares linked to its Series S preferred stock this November. The redemption, valued at $525 million, marks a significant shift in the Pittsburgh-based institution’s capital structure as it prepares to clear the remaining 525,000 shares from its balance sheet.
Computershare Trust Company, N.A. will manage the payment process through the Depository Trust Company, following standard procedures for such financial instruments. This move by PNC comes as the bank continues to manage its diversified financial services portfolio, which encompasses retail banking, corporate lending, and asset management across the United States.
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