The PNC Financial Services Group, Inc. (NYSE: PNC - News) today announced plans to sell up to 15 million shares of its common stock, par value $5.00 per share, from time to time through an "at the market" offering with Morgan Stanley & Co. Incorporated ("Morgan Stanley") as its sales agent. PNC has filed a prospectus supplement to its existing automatic shelf registration statement on file with the Securities and Exchange Commission (Commission File No. 333-139912) in connection with this offering.
Today's announcement is related to PNC's capital plan for increasing its Tier 1 common equity capital by $600 million following the results of the Supervisory Capital Assessment Program of the U.S. Department of the Treasury, the Board of Governors of the Federal Reserve System and the Office of the Comptroller of the Currency. PNC expects to further enhance its Tier 1 common equity through growth in retained earnings, the at-the-market offering and other capital raising alternatives
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