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

PNC Financial Services is calling in a slice of its preferred capital. In a Tuesday 8-K and press release, the Pittsburgh bank said it will redeem all $525 million of depositary shares tied to its Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series S. Shares closed Monday at $223.67, down about 0.9% on the session and up roughly 5.8% year to date.

The redemption covers CUSIP 693475 AQ8—525,000 depositary shares, each representing a 1/100th interest in a share of Series S preferred. Every outstanding depositary share will be redeemed. The stated redemption date is November 1, 2026, which shifts to November 2, 2026 because November 1 falls on a non-business day.

Holders will receive $1,000 per depositary share. That cash price does not include any declared but unpaid dividends. Any semiannual dividend that has been declared but not paid before the redemption date will be paid on the redemption date to holders of record set by PNC’s board ahead of the call.

The depositary shares sit at The Depository Trust Company and will be redeemed under DTC’s procedures. Computershare Trust Company, N.A., as depositary, will make payment to DTC under the deposit agreement.

The filing does not announce a replacement preferred issuance. The redemption price is $1,000 per depositary share, and any semiannual dividend declared but unpaid before the redemption date will be paid on that date to the board-set record holders.

By the numbers

• Depositary shares to be redeemed: 525,000 (all outstanding)
• Aggregate face: $525 million
• Redemption price: $1,000 per depositary share
• Redemption date: November 2, 2026 (Nov. 1 shifted for non-business day)
• CUSIP: 693475 AQ8
• Each depositary share: 1/100th interest in one Series S preferred share

Sources

1. The PNC Financial Services Group, Inc., Form 8-K (Items 8.01, 9.01), filed September 29, 2026, accession 0001628280-26-063770
2. PNC Exhibit 99.1 press release, “PNC Announces Redemption of all Depositary Shares Representing Interests in Series S Preferred Stock,” September 29, 2026

This article is for informational and educational purposes only and is not investment advice. It is not a recommendation to buy or sell any security.

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