PNC Receives No Objection From Regulators to Raise Common Stock Dividend
PITTSBURGH, March 13, 2012 /PRNewswire/ -- The PNC Financial Services Group, Inc. (NYSE: PNC) announced today that the Board of Governors of the Federal Reserve System accepted its capital plan and did not object to the capital actions, which included recommendations to increase the quarterly common stock dividend in the second quarter of 2012 and a modest share repurchase program under PNC's existing common stock repurchase authorization. PNC's capital plan reflects continued investments in its businesses, which is expected to deliver long-term value to its shareholders. PNC submitted the plan, approved by its board of directors, to the Federal Reserve and its primary bank regulators in January 2012 as part of the Comprehensive Capital Analysis and Review program. The board of directors is expected to consider an increase in the company's quarterly common stock dividend at its next scheduled meeting on April 5, 2012.
The PNC Financial Services Group, Inc. (www.pnc.com) is one of the nation's largest diversified financial services organizations providing retail and business banking; residential mortgage banking; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management.
William H. Callihan
SOURCE The PNC Financial Services Group, Inc.