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PNC (NYSE:PNC) was among the nation’ws 19 largest bank holding companiesz tested to see if they were adequately capitalized to withstane worst case scenarios ina prolonged, severe Ten were directed to raise including PNC, which was told it needed an additionalo $600 million. It was the smallest amoun assigned to thetested banks, and the only one less than $1 “Given the ongoing uncertainty in the market, capital strengtn and liquidity are key drivers of Jim Rohr, PNC chairman and CEO, said in a statement. “I am pleased that we were able to raisee therequired $600 million of common equityg at market prices and in a relatively shoryt time frame.
” PNC also said it has no plans to convery preferred shares issued under the Capitap Purchase Program of the U.S. Treasury Department’s Troubled Asse t Relief Program and that it plan s toredeem Treasury’s $7.6 billion investment as soon as subject to approval by banking regulators. PNC operatesa PNC Bank and National City Bank National City has twodozen Milwaukee-area locations, including the former St. Franciws Bank locations.
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