PNC says finished repaying U.S. bailout funds

on February 10 2010 8:16 PM

PNC Financial Services Group Inc said on Wednesday that it had completed the repayment of $7.6 billion in bailout funds to the U.S. government.

The large regional bank had announced plans for the repayment of funds from the Troubled Asset Relief Program (TARP) earlier in the month following an agreement to sell its investment servicing unit to Bank of New York Mellon .

Pittsburgh-based PNC is the latest in a series of large banks that have repaid TARP funds as a way of getting free of government restrictions on dividend payments, share repurchases and compensation that came with the money.

(Reporting by Christian Plumb, editing by Leslie Gevirtz)

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