PNC Financial Services will repay TARP funds

02/2/2010 | Bloomberg · Wall Street Journal, The

PNC Financial Services Group announced that it will repay the $7.6 billion it received through the Troubled Asset Relief Program. The lender plans to sell $3 billion in common stock and as much as $2 billion in senior notes to help finance the deal. "TARP repayment in general is a signal that banks are in a healing process," said Jennifer Thompson, an analyst with Portales Partners. "The fact regulators and Treasury agreed to it with PNC indicate they're on a good enough footing."

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Bloomberg · Wall Street Journal, The