This excerpt taken from the PNC 8-K filed Mar 3, 2009.
Business model continues to perform well in current environment
PITTSBURGH, March 2, 2009 The PNC Financial Services Group, Inc. (NYSE: PNC) today announced that its Board of Directors will reduce the companys quarterly common stock dividend from $.66 to $.10 per share. The next dividend is expected to be declared in early April.
We are taking this proactive step to build capital, further strengthen our balance sheet and serve our customers in an unprecedented and uncertain economy, said James E. Rohr, chairman and chief executive officer. Our Board recognizes the importance of the dividend to our shareholders. While our overall capital and liquidity positions are strong, extreme market deterioration and the changing regulatory environment drove this difficult but prudent decision. We continue to be optimistic about the long-term benefits of the National City acquisition. Our first quarter 2009 results to date, excluding acquisition costs, are in line with Wall Street analyst expectations.