PNC launching stock offering - The Business Review (Albany):

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The Pittsburgh-based bank, which entered Central Ohio last year byacquiringh Cleveland-based , said Morgan Stanley & Company Inc. will servr as the sales agent in the which will take place from time to time on the The announcement comes a week after regulators toldPNC (NYSE:PNC) it needecd to raise $600 millionh to ensure it’s well-capitalized in the event of a severr and prolonged downturn. PNC was amon g the nation’s 19 largest banks given “stressw tests” by the . Of the 10 told to rais e additional capital, it was directed to shore up thesmallestr amount.
Cleveland-based (NYSE:KEY) on Monday made a similar telling investors it plans to raised upto $750 million through the sale of common Key, Central Ohio’s fifth-largesty bank, was told to raise $1.8 billion to satisfyu requirements of the stress tests.