PR Newswire
PITTSBURGH, April 3, 2023
PITTSBURGH, April 3, 2023 /PRNewswire/ -- The board of directors of The PNC Financial Services Group, Inc. (NYSE: PNC) declared a quarterly cash dividend on the common stock of $1.50 per share. The dividend will be payable May 5, 2023, to shareholders of record at the close of business April 18, 2023.
The board also declared a cash dividend on the following series of preferred stocks:
With respect to the Series O, Series R and Series S preferred stock, PNC is also announcing that, after cessation of three-month U.S. Dollar LIBOR following June 30, 2023, in accordance with the Adjustable Interest Rate (LIBOR) Act (the "LIBOR Act") and the regulation issued by the Board of Governors of the Federal Reserve System implementing the LIBOR Act, three-month CME Term SOFR, administered by CME Group Benchmark Administration, Ltd., plus a tenor spread adjustment of 0.26161% per annum, will be the replacement reference rate (the "replacement rate") for three-month U.S. Dollar LIBOR currently used as the reference rate to calculate dividends payable. The replacement rate will be used with respect to applicable floating-rate dividend periods with dividend determination dates occurring after June 30, 2023.
The PNC Financial Services Group, Inc. is one of the largest diversified financial services institutions in the United States, organized around its customers and communities for strong relationships and local delivery of retail and business banking including a full range of lending products; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management. For information about PNC, visit www.pnc.com.
CONTACTS
MEDIA:
Timothy Miller
(412) 762-4550
[email protected]
INVESTORS:
Bryan Gill
(412) 768-4143
[email protected]
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SOURCE The PNC Financial Services Group, Inc.
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