Item 8.01 Other Events.
On September 30, 2022, The PNC Financial Services Group, Inc. ("PNC") issued a
press release announcing the redemption on November 1, 2022 of $1,500,000,000 of
Depositary Shares (CUSIP: 693475857) (the "Depositary Shares") representing
interests in PNC's Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred
Stock, Series P (the "Series P Preferred Stock"). Each Depositary Share
represents a 1/4,000th interest in a share of the Series P Preferred Stock. All
60,000,000 Depositary Shares currently outstanding will be redeemed. The
Depositary Shares will be redeemed at a redemption price of $25.00 per
Depositary Share plus declared and unpaid dividends of $0.43763 per Depositary
Share, representing the dividend for the period from August 1, 2022 to but
excluding November 1, 2022.
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.
A copy of the press release is attached hereto as Exhibit 99.1 and is
incorporated by reference herein.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Number Description Method of Filing
99.1 Press Release dated September 30, 2022 Filed herewith
104 The cover page of this Current Report on Form
8-K, formatted as an inline XBRL.
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