PNC Financial Services Group announced $525,000,000 Series S share redemption
PNC Financial Services Group announced it would redeem all 525,000 outstanding Series S depositary shares at $1,000 per share, covering $525,000,000 of securities.
What happened
PNC Financial Services Group announced the redemption of all Depositary Shares Representing Interests in Series S Preferred Stock. According to the company, it filed Form 8-K with the SEC on 2026-09-29 to report the move.
The redemption covered $525,000,000 of Depositary Shares. All 525,000 Depositary Shares currently outstanding were to be redeemed at a redemption price of $1,000 per Depositary Share.
Fixed redemption price showed what the move meant for holders
The stated redemption price did not include any declared but unpaid dividends. Any semiannual dividend declared but not paid prior to the redemption date was to 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.
Redemption, the repurchase and retirement of the shares by the company, made the fixed price central for holders of this preferred stock, a class of shares with preset payment terms. The distinction between redemption price and dividend mattered because only dividends that had been declared could still be paid alongside the redemption amount.
Security terms described a fixed-to-floating preferred interest
The Depositary Shares represented interests in PNC’s Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series S. Each Depositary Share represented a 1/100th interest in a share of the Series S Preferred Stock.
The Depositary Shares were held through the Depository Trust Company (“DTC”) and were to be redeemed in accordance with the procedures of DTC. Payment to DTC was to be made by Computershare Trust Company, N.A., the Depositary, in accordance with the Deposit Agreement governing the Depositary Shares.
