PNC Financial Services to redeem $88 million of capital securities

By Tali David

Minneapolis, May 1 -PNC Financial Services Group, Inc., plans to redeem $88 million of its outstanding capital securities in full, according to an 8-K filed with the Securities and Exchange Commission.

The following will be redeemed at $1,000 per security plus accrued distributions on June 17:

• $15 million of fixed/floating-rate capital securities issued by Sterling Financial Statutory Trust III;

• $15 million of fixed/floating-rate capital securities issued by Sterling Financial Statutory Trust IV;

• $20 million of floating-rate capital securities issued by Sterling Financial Statutory Trust V; and

• $30 million of floating-rate capital securities issued by MAF Bancorp Capital Trust I.

In addition, $8 million of capital securities issued by James Monroe Statutory Trust III will be redeemed at $1,000 plus accrued distributions on June 15.

PNC is a Pittsburgh-based bank and holding company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.