Fifth Third Submits Notice to Redeem Certain Trust Preferred Securities
May 18 2011 - 12:24PM
Business Wire
Fifth Third Bancorp (the “Company”) (Nasdaq: FITB) has submitted
redemption notices to the trustee to redeem the trust preferred
securities related to each trust listed below, which will result in
the redemption of the securities identified below on the date
specified for each security. Under applicable regulatory capital
guidelines issued by bank regulatory agencies, upon notice of
redemption, the trust preferred securities will no longer qualify
as Tier 1 capital for the Company. As previously announced by the
Company on March 18, 2011, the Federal Reserve Board did not object
to the potential redemption of certain such securities as proposed
potential capital actions in the Company’s capital plan submitted
under the Federal Reserve’s Comprehensive Capital Analysis and
Review. The redemptions will be funded with excess cash currently
available to the Company.
Trust Security Principal Amount
Redemption date
Fifth ThirdCapital Trust VII
8.875%Trust PreferredSecurities
$400,000,000 6/15/2011
First National BanksharesStatutory Trust
I
Floating RateCapital Securities
$40,000,000 6/30/2011
R&GCapital Trust II, LLT
Floating RateCapital Securities
$10,000,000 6/26/2011
Additional details relating to the redemption of Fifth Third
Capital Trust VII: The cash redemption price for the trust
preferred securities is $25, plus accrued and unpaid distributions
to the redemption date of $.1848958 per security. Information
pertaining to the redemption or paying agent for Fifth Third
Capital Trust VII is as follows:
Wilmington Trust1100 N. Market StreetMail Drop 1615Wilmington,
DE 19890
Fifth Third Bancorp is a diversified financial services company
headquartered in Cincinnati, Ohio. The Company has $110 billion in
assets and operates 15 affiliates with 1,313 full-service Banking
Centers, including 102 Bank Mart(R) locations open seven days a
week inside select grocery stores and 2,448 ATMs in Ohio, Kentucky,
Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia,
Pennsylvania, Missouri, Georgia and North Carolina. Fifth Third
operates four main businesses: Commercial Banking, Branch Banking,
Consumer Lending, and Investment Advisors. Fifth Third also has a
49% interest in Fifth Third Processing Solutions, LLC. Fifth Third
is among the largest money managers in the Midwest and, as of March
31, 2011, had $274 billion in assets under care, of which it
managed $26 billion for individuals, corporations and
not-for-profit organizations. Investor information and press
releases can be viewed at www.53.com. Fifth Third's common stock is
traded on the NASDAQ® National Global Select Market under the
symbol "FITB."
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