PNC Bank 2010 Annual Report Download - page 29
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Please find page 29 of the 2010 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.The Federal Reserve has the power to prohibit us from paying
dividends without its approval. For further information
concerning dividend restrictions and restrictions on loans,
dividends or advances from bank subsidiaries to the parent
company, you may review “Supervision And Regulation” in
Item 1 of this Report, “Funding and Capital Sources” in the
Consolidated Balance Sheet Review section, “Liquidity Risk
Management” in the Risk Management section, “PNC Capital
Trust E Trust Preferred Securities” and “Acquired Entity Trust
Preferred Securities” in the Off-Balance Sheet Arrangements
and VIEs section of Item 7 of this Report, and Note 13 Capital
Securities of Subsidiary Trusts and Perpetual Trust Securities
and Note 21 Regulatory Matters in the Notes To Consolidated
Financial Statements in Item 8 of this Report, which we
include here by reference.
We include here by reference additional information relating
to PNC common stock under the caption “Common Stock
Prices/Dividends Declared” in the Statistical Information
(Unaudited) section of Item 8 of this Report.
We include here by reference the information regarding our
compensation plans under which PNC equity securities are
authorized for issuance as of December 31, 2010 in the table
(with introductory paragraph and notes) that appears under the
caption “Item 3 Approval of 2006 Incentive Award Plan
Terms” in our Proxy Statement to be filed for the 2011 annual
meeting of shareholders and is incorporated by reference
herein and in Item 12 of this Report.
Our registrar, stock transfer agent, and dividend disbursing
agent is:
Computershare Trust Company, N.A.
250 Royall Street
Canton, MA 02021
800-982-7652
We include here by reference the information that appears
under the caption “Common Stock Performance Graph” at the
end of this Item 5.
(a) (2) None.
(b) Not applicable.
(c) Details of our repurchases of PNC common stock during
the fourth quarter of 2010 are included in the following
table:
In thousands, except per share data
2010 period (a)
Total shares
purchased
(b)
Average
price
paid per
share
Total shares
purchased as
part of
publicly
announced
programs (c)
Maximum
number of
shares that
may yet be
purchased
under the
programs (c)
October 1 –
October 31 158 $53.31 24,710
November 1 –
November 30 227 $55.53 24,710
December 1 –
December 31 190 $59.26 24,710
Total 575 $56.16
(a) In addition to the repurchases of PNC common stock during the fourth quarter of
2010 included in the table above, PNC called its $1.60 Cumulative Convertible
Preferred Stock – Series C and its $1.80 Cumulative Convertible Preferred Stock –
Series D for redemption in accordance with their terms effective October 1, 2010.
PNC redeemed 18,118 outstanding shares of the Series C preferred stock at the
redemption price of $20.00 per share and 26,010 outstanding shares of the Series D
preferred stock at the redemption price of $20.00 per share.
(b) Reflects PNC common stock purchased in connection with our various employee
benefit plans. No shares were purchased under the program referred to in note (c) to
this table during the fourth quarter of 2010. Effective January 2011, employer
matching contributions to the PNC Incentive Savings Plan will no longer be made in
PNC common stock, but rather in cash. Note 14 Employee Benefit Plans in the
Notes To Consolidated Financial Statements in Item 8 of this Report includes
additional information regarding our employee benefit plans that use PNC common
stock.
(c) Our current stock repurchase program allows us to purchase up to 25 million shares
on the open market or in privately negotiated transactions. This program was
authorized on October 4, 2007 and will remain in effect until fully utilized or until
modified, superseded or terminated.
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