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PNC Financial Services Group said on Wednesday it raised more than $600 million of common equity by selling 15 million common shares, plugging a capital shortfall identified by government regulators.
The Pittsburgh-based lender announced the sale less than two weeks after announcing plans for an "at-the-market" offering of the stock.
It said it plans "as soon as appropriate" to pay back the $7.6 billion it took from the Treasury Department's Troubled Asset Relief Program, and has no plans to convert the preferred shares that the government got in that investment.
PNC was among 10 large U.S. banks told to raise $74.6 billion of capital after undergoing government "stress tests" of their ability to handle a deep recession.
Nine other banks that underwent the tests were found not to need more capital.
KeyCorp, a Cleveland-based lender found to have a $1.8 billion shortfall, on Wednesday announced plans to exchange common shares for up to $1.74 billion of trust preferred securities.
It previously said it would sell $750 million of common stock in an at-the-market offering.
PNC [PNC
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] shares closed Tuesday at $43.25. KeyCorp [KEY
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] shares closed Tuesday at $5.20.
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