PNC FINANCIAL SERVICES GROUP INC
For the period ended Dec 31, 2024. Filed Feb 21, 2025.
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FY2024 · Filed Feb 21, 2025
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Terms of Outstanding Preferred Stock
The following table discloses information related to the preferred stock outstanding as of December 31, 2024:
Table 81: Terms of Outstanding Preferred Stock
| Preferred Stock | IssueDate | Number ofDepositaryShares Issued and Outstanding | Fractional Interest in a Share of Preferred Stock Represented by Each Depositary Share | Dividend Dates (a) | Annual Per Share Dividend Rate | OptionalRedemptionDate (b) |
|---|---|---|---|---|---|---|
| Series B (c) | (c) | N/A | N/A | Quarterly | $1.80 | None |
| Series S (d) | November 1, 2016 | 525,000 | 1/100th | Semi-annuallyuntil November 1, 2026 Quarterly beginning on February 1, 2027 | 5.00% until November 1, 2026 3 Mo. CME Term SOFR plus 0.26161% plus 3.30% beginning November 1, 2026 | November 1, 2026 |
| Series T (d) | September 13, 2021 | 1.5 million | 1/100th | Quarterly | 3.40% until September 15, 2026 5 Yr. U.S. Treasury plus 2.595% per annum beginning September 15, 2026 | September 15, 2026 |
| Series U (d) | April 26, 2022 | 1 million | 1/100th | Quarterly | 6.00% until May 15, 2027 5 Yr. U.S. Treasury plus 3.00% per annum beginning May 15, 2027 | May 15, 2027 |
| Series V (d) | August 19, 2022 | 1.25 million | 1/100th | Quarterly | 6.20% until September 15, 2027 5 Yr. U.S. Treasury plus 3.238% per annum beginning September 15, 2027 | September 15, 2027 |
| Series W (d) | February 7, 2023 | 1.5 million | 1/100th | Quarterly | 6.25% until March 15, 20307 Yr. U.S. Treasury plus 2.808% per annum beginning March 15, 2030 | March 15, 2030 |
(a)Dividends are payable when, as, and if declared by our Board of Directors or an authorized committee of our Board of Directors.
(b)Redeemable at our option on or after the date stated. With the exception of the Series B preferred stock, also redeemable at our option within 90 days of a regulatory capital treatment event as defined in the designations.
(c)Cumulative preferred stock. Holders of Series B preferred stock are entitled to 8 votes per share, which is equal to the number of full shares of common stock into which the Series B preferred stock is convertible. The Series B preferred stock was issued in connection with the consolidation of Pittsburgh National Corporation and Provident National Corporation in 1983.
(d)Non-Cumulative preferred stock.
Each outstanding series of preferred stock, other than Series B, contains restrictions on our ability to pay dividends and make other shareholder payments. Subject to limited exceptions, if dividends are not paid on any such series of preferred stock, we cannot declare dividends on or repurchase shares of our common stock. In addition, if we would like to repurchase shares of preferred stock, such repurchases must be on a pro rata basis with respect to all such series of preferred stock.
144 The PNC Financial Services Group, Inc. –2024 Form 10-K
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