May 14, 2009 (FinancialWire) — The PNC Financial Services Group, Inc. (NYSE: PNC) said it plans to sell up to 15 million shares of its common stock, par value $5 per share, at an “at the market” offering with Morgan Stanley & Co. (NYSE: MS) as its sales agent.

In an at-the-market offering, a publicly traded issuer sells its listed equity securities directly into the market at other than fixed prices.

The move is related to PNC’s capital plan for increasing its Tier 1 common equity capital by $600 million following the results of the Supervisory Capital Assessment Program of the U.S. Department of the Treasury, the board of governors of the Federal Reserve System and the Office of the Comptroller of the Currency.

PNC said it expects to further enhance its Tier 1 common equity through growth in retained earnings, the at-the-market offering and other capital raising alternatives.

Pittsburgh-based PNC Financial Services provides retail and business banking, residential mortgage banking, and specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending, wealth management, asset management and global fund services.

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