PNC Bank 2009 Annual Report Download - page 138

Download and view the complete annual report

Please find page 138 of the 2009 PNC Bank annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 196

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161
  • 162
  • 163
  • 164
  • 165
  • 166
  • 167
  • 168
  • 169
  • 170
  • 171
  • 172
  • 173
  • 174
  • 175
  • 176
  • 177
  • 178
  • 179
  • 180
  • 181
  • 182
  • 183
  • 184
  • 185
  • 186
  • 187
  • 188
  • 189
  • 190
  • 191
  • 192
  • 193
  • 194
  • 195
  • 196

N
OTE
14 C
APITAL
S
ECURITIES OF
S
UBSIDIARY
T
RUSTS
At December 31, 2009, capital securities totaling $3.5 billion represented non-voting preferred beneficial interests in the assets of
the following Trusts exclusive of those acquired as part of the National City acquisition:
Trust Date Formed Description of Capital Securities Redeemable
PNC Capital Trust C June 1998 $200 million due June 1, 2028, bearing
interest at a floating rate per annum equal to
3-month LIBOR plus 57 basis points. The
rate in effect at December 31, 2009 was
.826%.
On or after June 1, 2008 at par.
PNC Capital Trust D December 2003 $300 million of 6.125% capital securities
due December 15, 2033.
On or after December 18, 2008 at par.
PNC Capital Trust E February 2008 $450 million of 7.75% capital securities due
March 15, 2068.
On or after March 15, 2013 at par.*
James Monroe Statutory Trust II July 2003 $4 million due July 31, 2033, bearing an
interest rate equal to 3-month LIBOR plus
310 basis points. The rate in effect at
December 31, 2009 was 3.351%.
On or after July 31, 2008 at par.
James Monroe Statutory Trust III September 2005 $8 million due December 15, 2035 at a
fixed rate of 6.253%. The fixed rate remains
in effect until September 15, 2010 at which
time the securities pay a floating rate of
LIBOR plus 155 basis points.
On or after December 15, 2010.
Yardville Capital Trust II June 2000 $15 million of 9.5% capital securities due
June 22, 2030.
On or after June 23, 2010 at par plus a
premium of up to 4.75%.
Yardville Capital Trust III March 2001 $6 million of 10.18% capital securities due
June 2031.
On or after June 8, 2011 at par plus a
premium of up to 5.09%.
Yardville Capital Trust IV February 2003 $15 million due March 1, 2033, bearing an
interest rate equal to 3-month LIBOR plus
340 basis points. The rate in effect at
December 31, 2009 was 3.656%.
On or after March 1, 2008 at par.
Yardville Capital Trust V September 2003 $10 million due October 8, 2033, bearing an
interest rate equal to 3-month LIBOR plus
300 basis points. The rate in effect at
December 31, 2009 was 3.284%.
On or after October 8, 2008 at par.
Yardville Capital Trust VI June 2004 $15 million due July 23, 2034, bearing an
interest rate equal to 3-month LIBOR plus
270 basis points. The rate in effect at
December 31, 2009 was 2.983%.
On or after July 23, 2009 at par.
Sterling Financial Statutory Trust II June 2003 $35 million due June 26, 2033 at a fixed rate
of 5.55%. The fixed rate remained in effect
until June 26, 2008 at which time the
securities began paying a floating rate of 3-
month LIBOR plus 310 basis points. The
rate in effect at December 31, 2009 was
3.351%.
On or after June 26, 2008 at par.
Sterling Financial Statutory Trust III December 2004 $15 million due December 15, 2034 at a
fixed rate of 6%. The fixed rate remained in
effect until December 15, 2009 at which
time the securities began paying a floating
rate of 3-month LIBOR plus 189 basis
points. The rate in effect at December 31,
2009 was 2.144%.
On or after December 15, 2009 at par.
Sterling Financial Statutory Trust IV February 2005 $15 million due March 15, 2035 at a fixed
rate of 6.19%. The fixed rate remains in
effect until March 15, 2010 at which time
the securities pay a floating rate of 3-month
LIBOR plus 187 basis points.
On or after March 15, 2010 at par.
Sterling Financial Statutory Trust V March 2007 $20 million due March 15, 2037 at a fixed
rate of 7%. The fixed rate remained in effect
until June 15, 2007 at which time the
securities began paying a floating rate of 3-
month LIBOR plus 165 basis points. The
rate in effect at December 31, 2009 was
1.904%.
March 15, 2012 at par.
* We may only redeem or repurchase the trust preferred securities of, and the junior subordinated notes payable to, PNC Capital Trust E prior to and including March 15, 2038 subject
to having received proceeds of the issuance of certain qualified securities and subject to the other terms and conditions set forth in the applicable replacement capital covenant. As of
December 31, 2009, the beneficiaries of this limitation are the holders of our $300 million of 6.125% Junior Subordinated Notes issued in December 2003.
134