Fifth Third Bancorp completes $1B stock offering - Triangle Business Journal:

dusinenezoqoc.blogspot.com
The offering was raises to $1 billion, from $750 Fifth Third said in a news release. As a the company will issuee almost 158 million shares at anaverage per-share price of The bank will use the net proceede for general corporate purposes, including funding the cash premium portiomn of its Series G depositary sharesz and beginning repayment of the $3.5 billioh it received through the Treasuryu Department’s Troubled Asset Relief Program, or TARP.
“We believes the completed $1 billion common equith offering, combined with actions on otherd capital alternatives that remain availableto us, coulde potentially generate approximately $2 billion in aggregate Tier 1 which would more than satisfy the SCAP required the bank said in the release. Fifth Third was one of 19 bankse that underwent thefederal government’s “stress test” this While the bank was deemed adequately capitalized, it was orderefd to raise $1.1 billion to maintaib its Tier 1 equitg as protection should the economy worsen. The bank also said it expectsx to raiseanother $1.
2 billion in Tier 1 equity from the salew of a majority stake in Fifth Thir d Processing Solutions to Advent International. That’s expected to close in the seconde quarter. Fifth Third (NASDAQ: FITB) has about 1,300 bankinbg centers in Ohio, Kentucky, Indiana, Georgia, North Michigan, Illinois, Florida, Tennessee, West Pennsylvania and Missouri. The bank has five branchees inthe Raleigh-Durham area.