PNC Announces Redemption Of Trust Preferred Securities

            PNC Announces Redemption Of Trust Preferred Securities

PR Newswire

PITTSBURGH, June 28, 2012

PITTSBURGH, June 28, 2012 /PRNewswire/ --The PNC Financial Services Group,
Inc. (NYSE: PNC) ("PNC") today announced that it has submitted redemption
notices to the property trustees for redemption on July 30, 2012, of all of
the outstanding of the following trust preferred securities: a) $450,000,000
of trust preferred securities issued by PNC Capital Trust E (NYSE: PNH) (CUSIP
69350S 208) (the "PNC E TPS") and b) $517,500,000 of enhanced trust preferred
securities issued by National City Capital Trust IV (NYSE: NCCPRC) (CUSIP
63540U207) (the "NCCT IV TPS" and together with the PNC E TPS, the "Trust
Preferred Securities").

The PNC E TPS have a current distribution rate of 7.750 percent and a
scheduled redemption date of March 15, 2038. The NCCT IV TPS have a current
distribution rate of 8.000 percent and a scheduled maturity date of Sept. 15,
2047. In each case, the redemption price will be $25 per security, which
reflects 100 percent of the liquidation amount, plus accrued and unpaid
distributions to the redemption date. The redemptions will be funded with
available cash.

Pursuant to the terms of the Trust Preferred Securities, PNC may redeem these
Trust Preferred Securities within 90 days of a "Capital Treatment Event" or
"Regulatory Capital Event" (as defined in the documents governing those
securities), as the case may be. PNC has determined that a Capital Treatment
Event or Regulatory Capital Event, as the case may be, occurred upon approval
by the Board of Governors of the Federal Reserve System on June 7, 2012 of a
joint notice of proposed rulemaking with the Federal Deposit Insurance
Corporation and the Office of the Comptroller of the Currency addressing,
among other matters, Section 171 of the Dodd-Frank Wall Street Reform and
Consumer Protection Act of 2010, and providing detailed information regarding
the cessation of Tier 1 capital treatment for outstanding trust preferred
securities.

As a result of these redemptions and assuming the redemption of other trust
preferred securities redeemable at par in the fourth quarter of 2012, PNC
expects its total second half noncash charges to be $162 million rather than
$150 million, as disclosed in PNC's first quarter 2012 Form 10-Q.

The Bank of New York Mellon is the paying agent for the PNC E TPS and The Bank
of New York Mellon Trust Company, N. A. is the paying agent for the NCCT IV
TPS. The address for each paying agent is 525 William Penn Place, Suite
153-3800, Pittsburgh, PA 15259.

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.

CONTACTS:
MEDIA:                           INVESTOR RELATIONS:
Fred Solomon                     William H. Callihan
(412) 762-4550                   (412) 762-8257
corporate.communications@pnc.com investor.relations@pnc.com

SOURCE The PNC Financial Services Group, Inc.

Website: http://www.pnc.com
 
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