PNC Financial Services Announces Redemption of Series S Preferred

What Happened
PNC Financial Services Group, Inc. filed an 8-K on September 29, 2026 announcing that it will redeem all outstanding Depositary Shares representing its Fixed-to-Floating Rate Non‑Cumulative Perpetual Preferred Stock, Series S. All 525,000 Depositary Shares (CUSIP: 693475 AQ8), representing a total of $525,000,000, will be redeemed at $1,000 per Depositary Share. The redemption was scheduled for November 1, 2026 but will shift to November 2, 2026 because November 1 is a non‑business day. Payment will be made through Computershare Trust Company, N.A., to holders through the Depository Trust Company (DTC) in accordance with DTC procedures. Any semiannual dividend declared but unpaid prior to redemption will be paid on the redemption date to holders of record as determined by PNC’s board.

Key Details

• Total redeemed: $525,000,000 (525,000 Depositary Shares)
• Redemption price: $1,000 per Depositary Share (excludes declared but unpaid dividends)
• Redemption date: Scheduled Nov 1, 2026, shifted to Nov 2, 2026 due to a non‑business day
• Mechanics: Shares held via DTC; payment made by Computershare per the Deposit Agreement

Why It Matters
For holders of the Series S Depositary Shares, this notice means their shares will be redeemed for cash at $1,000 each (plus any declared unpaid semiannual dividend paid on the redemption date), ending their holdings in these securities. For PNC, the transaction removes $525 million of Series S preferred from outstanding capital. Retail investors should note the direct impact is to holders of the depositary shares; common shareholders are not directly affected by the redemption announcement itself.