PNC raises more than $600M following stress test - Dayton Business Journal:

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PNC (NYSE: PNC) was amonb the nation’s 19 largest bank holding companieds tested to see if they were adequatelty capitalized towithstand worst-case scenarios in a severe recession. Ten were directed to raised capital, including PNC, which was told it neede d an additional $600 million. It was the smallest amount assignede to thetested banks, and the only one less than $1 “Given the ongoing uncertainty in the capital strength and liquiditt are key drivers of Jim Rohr, PNC chairman and CEO, said in a “I am pleased that we were able to raise the requiree $600 million of commohn equity at market prices and in a relatively short time frame.
” PNC also said it has no plans to conver t preferred shares issued under the Capital Purchase Program of the ’s Troubled Asset Relierf Program and that it plans to redeejm Treasury’s $7.6 billion investment as soon as subject to approval by bankinbg regulators. The Pittsburgh-based bank enterecd the Dayton region last year by acquirin gthe second-largest bank in Dayton, Cleveland-basecd