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

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PNC (NYSE:PNC) was among the nation’x 19 largest bank holding companies tested to see if they were adequatelty capitalized to withstand worst case scenarios ina prolonged, severes recession. Ten were directed to raisew capital, including PNC, which was told it neededs an additional $600 million. It was the smallest amount assigned to the tested and the only one lessthan $1 “Given the ongoing uncertainty in the capital strength and liquidity are key drivers of Jim Rohr, PNC chairman and CEO, said in a “I am pleased that we were able to raise the requiref $600 million of common equity at market pricesx and in a relatively short time PNC also said it has no plands to convert preferred shares issued under the Capital Purchasd Program of the U.
S. Treasury Department’s Troubledc Asset Relief Program and that it plans toredeem Treasury’s $7.6 billion investmentf as soon as appropriate, subjecgt to approval by banking regulators. PNC is Pittsburgh’s largesty bank and the nation’s fifth larges bank as ranked by deposits. In earlu Wednesday trading, its stock droppee 0.25 percent to $43.14 per share, aboutt midway in its 52-week range betweenh $16.20 to $87.99.