PNC to redeem all $525 million of Series S preferred depositary shares

The PNC Financial Services Group said it will redeem all 525,000 outstanding depositary shares representing interests in its Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series S, totaling $525 million. Each depositary share represents a 1/100th interest in a share of the Series S preferred stock.

The company said the redemption was originally scheduled for November 1, 2026. Because that date is not a business day, it said the redemption will take place on November 2, 2026.

The company said the redemption price is $1,000 per depositary share and does not include declared but unpaid dividends. It said any semiannual dividend declared but not paid before the redemption date will be paid on that date to holders of record on a date set by its board of directors before the redemption.

The company said the depositary shares are held through the Depository Trust Company and will be redeemed under its procedures. Computershare Trust Company, N.A., the depositary, is to make payment to DTC under the deposit agreement governing the depositary shares.