PNC Raises Common Stock Dividend by 250% to 35 Cents Per Share

The board of directors of The PNC Financial Services Group, Inc. PNC declared a quarterly cash dividend on the common stock of 35 cents per share, an increase of 25 cents per share, or 250 percent, from the prior quarterly dividend of 10 cents per share. The new dividend is payable May 5, 2011 to shareholders of record at the close of business on April 18, 2011. The board also confirmed that the company may begin to purchase common stock under its existing 25 million share repurchase program in open market or privately negotiated transactions. PNC plans to repurchase up to $500 million of common stock during the remainder of 2011.