PNC · 8-K · 20260929PR063770

Preferred Stock Redemption

PNC FINANCIAL SERVICES GROUP, INC. · 2026-09-29 · Importance 41 · Surprise 42 · In source text

PNC will redeem all 525,000 outstanding Series S depositary shares, representing $525 million of preferred stock, on November 1, 2026, with the date shifting to November 2 because November 1 is a non-business day. The redemption price is $1,000 per depositary share, excluding any declared but unpaid dividends. 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.

Key facts

• The redemption covers $525,000,000 of Depositary Shares, CUSIP 693475 AQ8. source
• All 525,000 Depositary Shares currently outstanding will be redeemed. source
• The redemption price is $1,000 per Depositary Share and excludes any declared but unpaid dividends. source
• On Sept. 29, 2026, PNC announced redemption of all Depositary Shares representing interests in its Series S Preferred Stock, scheduled for Nov. 1, 2026, shifting to Nov. 2, 2026 because Nov. 1 is a non-business day. source
• Any semiannual dividend declared but unpaid before the redemption date will be paid on the redemption date to holders of record on a date set by PNC's board of directors before the redemption. source
• The Depositary Shares are held through DTC and will be redeemed in accordance with DTC procedures. source
• Computershare Trust Company, N.A., as Depositary, will make payment to DTC under the Deposit Agreement governing the Depositary Shares. source
• Each Depositary Share represents a 1/100th interest in a share of PNC's Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series S. source

Impact estimates