Yesterday, The PNC Financial Services Group, Inc. (PNC) announced that it redeemed $7.6 billion of Series N preferred shares held by the United States Treasury under the Troubled Asset Relief Program's Capital Purchase Program. The repayment by PNC comes a week after the bank announced it had intended to use the proceeds from its sale of Global Investment Servicing, Inc. to Bank of New York Mellon to repurchase the preferred shares. According to Treasury, PNC's repayment brings the total amount of repaid TARP funds to more than $173 billion and Treasury now estimates that "total bank repayments and proceeds from sales of its common stock in banks should exceed $185 billion by the end of 2010, cutting total taxpayer exposure to the banks by three-quarters."