v3.26.1
Subsequent Events
3 Months Ended
Mar. 31, 2026
Subsequent Events [Abstract]  
Subsequent Events SUBSEQUENT EVENTS
On April 13, 2026, Visa commenced a second exchange offer that will allow PNC to convert its Visa Class B-2 common shares into approximately equal amounts of Visa Class B-3 common shares and Visa Class C common shares. The exchange period is set to close on or about May 8, 2026. PNC intends to fully participate in the exchange. Subject to certain restrictions, the Class C shares may be sold on the open market, at which point they will be automatically converted into Visa’s Class A common stock at the then-applicable conversion rate. The Visa Class B-3 common shares will remain subject to the same restrictions that were imposed on the Visa Class B-2 common shares. PNC will also be required to agree to a make-whole agreement that subjects PNC to the same indemnity obligations to Visa as prior to participation in this exchange program.

On May 5, 2026, PNC announced the redemption on May 13, 2026 of all outstanding 4.543% senior fixed-to-floating rate notes due May 13, 2027 issued by PNC Bank, National Association in the amount of $1.25 billion. The redemption price will be equal to 100% of the principal amount, plus any accrued and unpaid interest to the redemption date of May 13, 2026 .