PNC Financial Services Group Inc.'s bailout warrants sold for $324.2 million in the third-biggest auction linked to the Troubled Asset Relief Program, helping defray the costs of rescuing the banking system.

The 16.9 million warrants from the Pittsburgh banking company fetched $19.20 each, compared with the $15 minimum bid, and netted $320.3 million after commissions and fees, the Treasury Department said Friday. The PNC warrants give holders an option to buy an equal number of common shares at $67.63 apiece until December 2018.

PNC, the sixth-biggest U.S. bank by assets, granted the warrants and preferred shares to the Treasury in exchange for a $7.58 billion bailout, which it repaid in February.

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