Key Developments: PNC Financial Services Group Inc (PNC)
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20 May 2013
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Latest Key Developments (Source: Significant Developments)
PNC Financial Services Group Inc Announces Management Change
PNC Financial Services Group Inc announced that William S. Demchak has assumed the position of President and Chief Executive Officer(CEO). Former CEO James E. Rohr took the new position of Executive Chairman. The changes became effective April 23, 2013 at PNC's Annual Meeting of Shareholders. Rohr announced in February that he will retire in 2014. He will serve in the new position for one year to ensure a smooth transition. Full Article
PNC Financial Services Group Inc Raises Common Stock Dividend By 10% To $0.44 Per Share
PNC Financial Services Group Inc announced that it declared a quarterly cash dividend on the common stock of $0.44 per share, an increase of 0$.04 per share, or 10%, from the prior quarterly dividend of $0.40 per share. The new dividend payment date is May 5, 2013, payable the next business day, to shareholders of record at the close of business April 16, 2013. Full Article
PNC Financial Services Group Inc Names Robert Q. Reilly Next As Chief Financial Officer
PNC Financial Services Group Inc announced that Robert Q. Reilly will succeed Richard J. Johnson as Chief Financial Officer (CFO). Reilly will assume his new position upon the retirement of Johnson, who has announced his plan to leave PNC in the third quarter. Full Article
PNC Financial Services Group Inc Announces Management Change
PNC Financial Services Group Inc announced that the Board of Directors elected President William S. Demchak as director and announced that he will succeed Chairman James E. Rohr as Chief Executive Officer. PNC expects Demchak to become president and chief executive officer and Rohr to assume the new position of Executive Chairman effective at the Annual Meeting of Shareholders on April 23, 2013. Full Article
PNC Financial Services Group Inc And Other US Banks To Pay $8.5 Billion To End Foreclosure Reviews-Reuters
Reuters reported that a group of 10 mortgage servicers agreed on Monday to pay a total of $8.5 billion to end a U.S. government-mandated case-by-case review of housing crisis foreclosures in an acknowledgement the program had proven too cumbersome and expensive. The reviews followed the 'robo-signing' scandal that emerged in 2010 involving allegations banks pursued faulty foreclosures by using defective or fraudulent documents. Bank of America Corp, Citigroup Inc, JPMorgan Chase & Co, Wells Fargo & Co, Metlife Inc, and five others will pay $3.3 billion directly to eligible borrowers, and $5.2 billion in loan modifications and forgiveness. The OCC and the Federal Reserve Board said they accepted the agreement to get relief to consumers more quickly than through the reviews. In April 2011, the government required the servicers to review foreclosure actions from 2009 and 2010 to determine whether borrowers had been unlawfully foreclosed on or suffered some other financial harm due to errors in the foreclosure process. The other banks involved in the settlement are Aurora, PNC Financial Services Group Inc, Sovereign, Suntrust Banks Inc, and U.S. Bancorp. Regulators are continuing negotiations whether four other servicers, and are also expected to enter into similar settlements with them. Full Article
PNC Financial Services Group Inc Declares Dividend Of $0.40 On Common Stock
PNC Financial Services Group Inc announced that it has declared a quarterly cash dividend on the common stock of $.040 per share. The dividend is payable on Feb. 5, 2013 to shareholders of record as of the close of business Jan. 15, 2013. The board also declared a quarterly cash dividend on the following series of preferred stocks: Series B: a dividend of 45 cents per share, with a payment date of March 10, 2013, will be payable the next business day to shareholders of record as of the close of business Feb. 14, 2013. Series L: a dividend of $2,468.75 per share ($.6171875 per each depositary share, 4,000 of which represent one share of Series L preferred stock), will be payable on Feb. 1, 2013 to shareholders of record as of the close of business Jan. 15, 2013. Series O: a dividend of $3,375.00 per share, will be payable on Feb. 1, 2013 to shareholders of record as of the close of business Jan. 15, 2013. Series P: a dividend of $1,531.25 per share ($.3828125 per each depositary share, 4,000 of which represent one share of Series P preferred stock), will be payable on Feb. 1, 2013 to shareholders of record as of the close of business Jan. 15, 2013. Series Q: a dividend of $1,343.75 per share ($.3359375 per each depository share, 4,000 of which represent one share of Series Q preferred stock), will be payable on March 1, 2013 to shareholders of record as of the close of business Feb. 14, 2013. Full Article
PNC Financial Services Group Inc Declares Dividend Of $0.40 On Common Stock
PNC Financial Services Group Inc announced that it has declared a quarterly cash dividend on the common stock of $0.40 per share. The dividend is payable on Nov. 5, 2012 to shareholders of record at the close of business Oct. 16, 2012. The board also declared a quarterly cash dividend on the following series of preferred stocks: Series B: a dividend of 45 cents per share will be payable on Dec. 10, 2012 to shareholders of record at the close of business Nov. 15, 2012. Series K: a dividend of $412.50 per share, ($41.25 per each depositary share representing one-tenth of a share of the Series K preferred stock), will be payable on Nov. 21, 2012 to shareholders of record at the close of business Oct. 31, 2012. Series L: a dividend of $2,468.75 per share ($.6171875 per each depositary share, 4,000 of which represent one share of Series L preferred stock), will be payable on Nov. 1, 2012 to shareholders of record as of the close of business Oct. 16, 2012. Series P: a dividend of $1,531.25 per share ($.3828125 per each depositary share, 4,000 of which represent one share of Series P preferred stock), will be payable on Nov. 1, 2012 to shareholders of record as of the close of business Oct. 16, 2012. Series Q: a dividend of $1,045.14 per share ($.261284722 per each depository share, 4,000 of which represent one share of Series Q preferred stock), with a payment date of Dec. 1, 2012, payable the next business day, to shareholders of record as of the close of business Nov. 15, 2012. Full Article
PNC Financial Services Group Inc Declares Dividend
PNC Financial Services Group Inc announced that it declared a quarterly cash dividend on the common stock of $0.40 per share. The dividend payment date is August. 5, 2012, payable the next business day, to shareholders of record at the close of business July 17, 2012. The Board also declared a quarterly cash dividend on the following series of preferred stocks: Series B - a dividend of $0.45 per share will be payable on September 10, 2012 to shareholders of record at the close of business August 16, 2012; Series L - a dividend of $2,468.75 per share ($.6171875 per each depositary share, 4,000 of which represent one share of Series L preferred stock), will be payable on August 1, 2012 to shareholders of record as of the close of business July 17, 2012; Series O - a dividend of $3,375 per share ($33.75 per each depositary share, 100 of which represent one share of Series O preferred stock), will be payable on August 1, 2012 to shareholders of record as of the close of business July 17, 2012; Series P - a dividend of approximately $1,650.35 per share ($.4125868 per each depositary share, 4,000 of which represent one share of Series P preferred stock), will be payable on August 1, 2012 to shareholders of record as of the close of business July 17, 2012. Full Article
PNC Financial Services Group Inc Settles Overdraft Fee Case For $90 Million-Reuters
Reuters reported that PNC Financial Services Group Inc has agreed to pay $90 million to settle lawsuits accusing it of charging excessive overdraft fees. The Company made public on June 26, 2012, would resolve lawsuits brought on behalf of hundreds of thousands of customers. Overdraft fees are often assessed when customers overdraw their checking accounts by using debit cards. PNC's settlement requires approval by U.S. District Judge James Lawrence King in Miami. He oversees nationwide litigation regarding the fees, which was consolidated before him in 2009. Full Article
PNC Financial Services Group Inc Reaffirms FY 2012 Revenue Guidance-Conference Call
PNC Financial Services Group Inc announced that for fiscal 2012, it continues to expect total revenue to increase in the high single digits. The Company reported revenues of $14.326 billion in fiscal 2011. According to I/B/E/S Estimates, analysts on average are expecting the Company the report the revenues of $15.252 billion for fiscal 2012. Full Article
Fitch: PNC's 1Q'13 Earnings Performance Improvement, Though Based on Lower Expenses
(The following statement was released by the rating agency) CHICAGO, April 17 (Fitch) PNC Financial Services Group, Inc. (PNC) reported a decline in total revenues for 1Q'13, similar to other banks reporting to date according to Fitch Ratings. Expenses fell considerably on a sequential basis, given the lack of several one-time expense items. Bottom line results were also aided by a healthy decline in provision expenses. PNC's ROA of 1.34% is considered good, especially in light of the chall
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