AI English summary of an SEC filing — figures as filed
PNC Financial Services PNCPNC Financial Services said it completed its acquisition of FirstBank Holding Company, including its banking subsidiary FirstBank, on January 5, 2026. The company said the closing followed receipt of all required regulatory approvals and satisfaction of customary closing conditions.
Key points
AI summaryPNC Financial Services said it completed its acquisition of FirstBank Holding Company, including its banking subsidiary FirstBank, on January 5, 2026. The company said the closing followed receipt of all required regulatory approvals and satisfaction of customary closing conditions.
At the effective time of the First Step Merger, PNC issued 115,200 shares of PNC Series X Preferred Stock to former holders of FirstBank Series B Preferred Stock. The company said the preferred stock is 7.250% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock with a par value of $1,000 per share.
PNC said Series X Preferred Stock ranks senior to common stock and on parity with preferred stock expressly providing for pari passu ranking. The company said holders have no conversion rights into other securities, and junior securities dividends are restricted unless dividends on all outstanding Series X Preferred Stock for the most recently completed dividend period have been paid in full or declared and a sum sufficient for payment has been set aside.
PNC declared a quarterly cash dividend on Series X Preferred Stock of $18.13 per share with a record date of January 15, 2026 and a payment date of January 29, 2026. The company said customer conversion is expected to occur in the summer.
Summary
AI-writtenAnalysis scope · Filing body and confirmed press-release exhibitWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.
FirstBank Holding Company Acquisition Completed
PNC Financial Services said it completed its acquisition of FirstBank Holding Company, including its banking subsidiary FirstBank, on January 5, 2026. The company said the closing followed receipt of all required regulatory approvals and satisfaction of customary closing conditions.
Source · Based on the filing body and exhibits
PNC Issues 115,200 Shares of Series X Preferred Stock
At the effective time of the First Step Merger, PNC issued 115,200 shares of PNC Series X Preferred Stock to former holders of FirstBank Series B Preferred Stock. The company said the preferred stock is 7.250% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock with a par value of $1,000 per share.
Source · Based on the filing body and exhibits
Series X Preferred Stock Rights and Terms
PNC said Series X Preferred Stock ranks senior to common stock and on parity with preferred stock expressly providing for pari passu ranking. The company said holders have no conversion rights into other securities, and junior securities dividends are restricted unless dividends on all outstanding Series X Preferred Stock for the most recently completed dividend period have been paid in full or declared and a sum sufficient for payment has been set aside.
Source · Based on the filing body and exhibits
Series X Dividend Declared; Integration Timeline
PNC declared a quarterly cash dividend on Series X Preferred Stock of $18.13 per share with a record date of January 15, 2026 and a payment date of January 29, 2026. The company said customer conversion is expected to occur in the summer.
Source · Based on the filing body and exhibits
AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.
Original filing
The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.
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