PNC raises $3 billion with stock sale

Business Courier of Cincinnati – by Patty Tascarella Courier Contributor

PNC Financial Services Group Inc. on Monday said it completed a public offering of 55.5 million shares of common stock, raising approximately $3 billion. Equity underwriters were JP Morgan Securities Inc. and Morgan Stanley & Co. Inc.

Additionally, PNC (NYSE: PNC) subsidiary PNC Funding Corp. completed the public offering and sale of senior notes that raised $2 billion.

PNC had announced plans for the sale of common stock and senior notes last week to help pay back the Treasury Department’s $7.6 billion TARP infusion.

Also funding the payback was the Feb. 2 sale of PNC Global Investment Services to BNY Mellon for $2.3 billion in cash. That transaction is expected to be completed in the third quarter.

Pittsburgh-based PNC is the Tri-State’s third-largest bank with about $5.6 billion in local deposits, according to June 2009 figures from the Federal Deposit Insurance Corp.