PNC to redeem $525 million in Series S preferred shares

The PNC Financial Services Group announced on Sept. 29, 2026, that it will redeem all $525,000,000 of its depositary shares representing interests in its Series S Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock. Because the scheduled Nov. 1, 2026 redemption date falls on a non-business day, the redemption will take place on Nov. 2, 2026.

The redemption covers all 525,000 depositary shares currently outstanding. Each depositary share represents a 1/100th interest in a share of the Series S preferred stock and will be redeemed at a cash price of $1,000 per share.

The $1,000 redemption price does not include declared but unpaid dividends. Any semiannual dividend declared before the redemption date will be paid on Nov. 2, 2026, to holders of record selected by the board of directors of PNC.

The shares are held through The Depository Trust Company and will be processed under its procedures. Computershare Trust Company, N.A., serving as depositary, will handle payment to DTC under the governing deposit agreement.