---
schema_version: "secwatch.filing_event.v1"
accession: "0000713676-23-000015"
form_type: "8-K"
ticker: "PNC"
cik: "0000713676"
company_name: "PNC FINANCIAL SERVICES GROUP, INC."
filed_at: "2023-02-07T23:59:59+00:00"
generated_at: "2026-06-19T23:22:07.449448+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.5
calibrated_materiality_score: 0.5
confidence: "high"
source: SEC EDGAR
---

# PNC closes $1.5B issuance of 6.250% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series W

## Summary
- Issued 1,500,000 depositary shares (each representing 1/100th interest in Series W) at $1,000 per share, raising $1.5B.
- Dividend rate fixed at 6.250% through March 15, 2030, then resets to 7-yr UST + 2.808% quarterly thereafter.
- Series W preferred stock has liquidation preference of $100,000 per share; non-cumulative; no maturity; redeemable at PNC's option on or after first reset date.
- Offering closed Feb 7, 2023; underwriters included BofA, Citigroup, J.P. Morgan, Morgan Stanley, and PNC Capital Markets.

## SEC filing metadata
- accession: 0000713676-23-000015
- form_type: 8-K
- ticker: PNC
- cik: 0000713676
- company_name: PNC FINANCIAL SERVICES GROUP, INC.
- filed_at: 2023-02-07T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.5
- calibrated_materiality_score: 0.5
- confidence: high
- sec_items: 3.03, 5.03, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/713676/000071367623000015/0000713676-23-000015-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/713676/000071367623000015/pnc-20230202.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000713676-23-000015
- JSON: https://secwatch.observer/filing/0000713676-23-000015.json
- Plain text: https://secwatch.observer/filing/0000713676-23-000015.txt

## Key facts
- Governance Changes
  PNC FINANCIAL SERVICES GROUP, INC.: Amended Articles of Incorporation to establish Series W Preferred Stock (effective 2023-02-06).
  - Change: charter amendment
  - Effective: 2023-02-06
  source text: On February 6, 2023, the Corporation filed the Statement with the Secretary of State of the Commonwealth of Pennsylvania, which became effective upon filing, amending its Amended and Restated Articles of Incorporation to establish the newly authorized Series W Preferred Stock of the Corporation consisting of 15,000 authorized shares.
  evidence_url: https://www.sec.gov/Archives/edgar/data/713676/000071367623000015/0000713676-23-000015-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.