May 27, 2009 (FinancialWire) — The PNC Financial Services Group, Inc. (NYSE: PNC) said that it has raised more than $600 million in common equity through the issuance of 15 million shares of common stock through an “at the market” offering launched on May 14.

The offering was related to PNC’s plan for increasing its common equity 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 plans to continue to increase its common equity as a proportion of total capital through growth in retained earnings and said it will consider other capital opportunities “as appropriate.”

The company said it has no plans to convert preferred shares issued under the U.S. Treasury Department’s Capital Purchase Program. PNC said it plans to redeem Treasury’s $7.6 billion investment in preferred shares, subject to approval by its primary banking regulators.

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

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