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SOURCE PNC Financial Services Group, Inc.
PITTSBURGH, March 14, 2013 /PRNewswire/ -- The PNC Financial Services Group, Inc. (NYSE: PNC) announced today that the Board of Governors of the Federal Reserve System accepted its capital plan and did not object to its proposed capital actions, which included a recommendation to increase the quarterly common stock dividend in the second quarter of 2013. A share repurchase program for 2013 was not included in the capital plan primarily as a result of PNC's 2012 acquisition of RBC Bank (USA) and expansion into Southeastern markets. PNC submitted its capital plan, approved by its board of directors, to the Federal Reserve and its primary bank regulators in January 2013 as part of the Comprehensive Capital Analysis and Review of 18 bank holding companies. PNC's board of directors is expected to consider an increase in the company's quarterly common stock dividend at its next scheduled meeting on April 4, 2013.
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.
William H. Callihan
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