This excerpt taken from the PNC 8-K filed May 27, 2009.
THROUGH AT-THE-MARKET ISSUANCE
PITTSBURGH, May 27, 2009 The PNC Financial Services Group, Inc. (NYSE: PNC) today announced that it has raised in excess of $600 million in common equity through the issuance of 15 million shares of common stock through an at the market offering launched on May 14, 2009. The offering was related to PNCs plan for increasing its common equity following the results of the Supervisory Capital Assessment Program of the U.S. Department of the Treasury, the Board of Governors of the Federal Reserve System and the Office of the Comptroller of the Currency.
Given the ongoing uncertainty in the market, capital strength and liquidity are key drivers of success, said James E. Rohr, chairman and chief executive officer. I am pleased that we were able to raise the required $600 million of common equity at market prices and in a relatively short time frame.
PNC expects to continue to increase its common equity as a proportion of total capital through growth in retained earnings and will consider other capital opportunities as appropriate.
The company has no plans to convert preferred shares issued under the U.S. Treasury Departments Capital Purchase Program. Further, PNC plans to redeem Treasurys $7.6 billion investment in preferred shares as soon as appropriate, subject to approval by its primary banking regulators.
The PNC Financial Services Group, Inc. (www.pnc.com) is one of the nations largest diversified financial services organizations providing retail and business banking; residential mortgage banking; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management; asset management and global fund services.
PNC Raises More Than $600 Million In Common Equity
Through At-The-Market Issuance Page 2