PNC Bank 2014 Annual Report Download - page 214

N OTE 17 E QUITY
Preferred Stock
The following table provides the number of preferred shares issued and outstanding, the liquidation value per share and the number
of authorized preferred shares that are available for future use.
Table 138: Preferred Stock – Authorized, Issued and Outstanding
Preferred Shares
December 31
Shares in thousands
Liquidation
value per
share 2014 2013
Authorized
$1 par value 16,588 16,588
Issued and outstanding
Series B $40 1 1
Series K 10,000 50 50
Series O 100,000 10 10
Series P 100,000 15 15
Series Q 100,000 5 5
Series R 100,000 5 5
Total issued and outstanding 86 86
The following table discloses information related to the preferred stock outstanding as of December 31, 2014.
Table 139: Terms of Outstanding Preferred Stock
Preferred Stock
Issue
Date
Number of
Depositary
Shares
Issued
Fractional
Interest in a
share of
preferred stock
represented by
each Depositary
Share Dividend Dates (a)
Annual Per Share
Dividend Rate
Optional
Redemption
Date (b)
Series B (c) (c) N/A N/A Quarterly from March 10th $1.80 None
Series K (d) May 21, 2008 500,000 1/10th
Semi-annually beginning
on November 21, 2008
until May 21, 2013
Quarterly beginning on
August 21, 2013
8.25% until May 21, 2013
3 Mo. LIBOR plus 4.22%
per annum beginning on
May 21, 2013
May 21, 2013
Series O (d) July 27, 2011 1 million 1/100th
Semi-annually beginning
on February 1, 2012
until August 1, 2021
Quarterly beginning on
November 1, 2021
6.75% until August 1, 2021
3 Mo. LIBOR plus 3.678%
per annum beginning on
August 1, 2021
August 1, 2021
Series P (d) April 24, 2012 60 million 1/4,000th
Quarterly beginning on
August 1, 2012
6.125% until May 1, 2022
3 Mo. LIBOR plus
4.0675% per annum
beginning on May 1, 2022
May 1, 2022
Series Q (d) September 21, 2012
October 9, 2012
18 million
1.2 million 1/4,000th Quarterly beginning on
December 1, 2012 5.375% December 1, 2017
Series R (d) May 7, 2013 500,000 1/100th
Semi-annually beginning
on December 1, 2013
until June 1, 2023
Quarterly beginning on
September 1, 2023
4.85% until June 1, 2023
3 Mo. LIBOR plus 3.04%
per annum beginning
June 1, 2023
June 1, 2023
(a) Dividends are payable when, as, and if declared by our Board of Directors or an authorized committee of our Board.
(b) Redeemable at PNC’s option on or after the date stated. With the exception of the Series B and Series K preferred stock, redeemable at PNC’s option within 90 days of a regulatory
capital treatment event as defined in the designations.
(c) Cumulative preferred stock. Holders of Series B preferred stock are entitled to 8 votes per share, which is equal to the number of full shares of common stock into which the Series B
preferred stock is convertible. The Series B preferred stock was issued in connection with the consolidation of Pittsburgh National Corporation and Provident National Corporation in
1983.
(d) Non-Cumulative preferred stock.
196 The PNC Financial Services Group, Inc. – Form 10-K