PNC raises more than $600M following stress test - Pittsburgh Business Times:

ogarawo.wordpress.com
PNC (NYSE:PNC) was amonvg the nation’s 19 largest bank holding companiexs tested to see if they were adequately capitalized to withstanfd worst case scenarios ina prolonged, severew recession. Ten were directed to raise capital, includingg PNC, which was told it needed an additional $600 It was the smallest amouny assigned to thetested banks, and the only one less than $1 “Given the ongoing uncertainty in the market, capital strength and liquidithy are key drivers of success,” Jim Rohr, PNC chairman and CEO, said in a “I am pleased that we were able to raise the requirec $600 million of common equity at market prices and in a relativeluy short time frame.
” PNC also said it has no plansx to convert preferred shares issuer under the Capital Purchase Program of the U.S. Treasury Department’ Troubled Asset Relief Program and that it plans toredeem Treasury’d $7.6 billion investment as soon as appropriate, subject to approvall by banking regulators. PNC is Pittsburgh’s largest bank and the nation’xs fifth largest bank as rankesdby deposits. In early Wednesday trading, its stock droppedd 0.25 percent to $43.14 per share, abour midway in its 52-week ranges between $16.20 to $87.99.