Fifth Third Submits Notice to Redeem Certain Trust Preferred Securities
September 01 2011 - 4:02PM
Business Wire
On September 1, 2011, Fifth Third Bancorp (the “Company”)
submitted a redemption notice to the trustee for the trust listed
below, which will result in the redemption of the trust preferred
securities on the date specified pursuant to the call provisions in
the indenture. The R&G Capital Trust I securities have been
callable at any time on or after April 22, 2007. 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. These redemptions will be funded with
excess cash currently available to the Company.
Trust Security Principal Amount
Redemption date R&G Capital Trust I Floating Rate
Securities $25,000,000 10/24/2011
General Information
Fifth Third Bancorp is a diversified financial services company
headquartered in Cincinnati, Ohio. The Company has $111 billion in
assets and operates 15 affiliates with 1,314 full-service Banking
Centers, including 103 Bank Mart® locations open seven days a week
inside select grocery stores and 2,440 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 Vantiv, LLC, formerly Fifth Third Processing
Solutions, LLC. Fifth Third is among the largest money managers in
the Midwest and, as of June 30, 2011, had $276 billion in assets
under care, of which it managed $25 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® Global Select Market under
the symbol "FITB."
Forward-Looking Statements
This news release contains statements that we believe are
"forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Rule 175 promulgated
thereunder, and Section 21E of the Securities Exchange Act of 1934,
as amended, and Rule 3b-6 promulgated thereunder. These statements
relate to our financial condition, results of operations, plans,
objectives, future performance or business. They usually can be
identified by the use of forward-looking language such as "will
likely result," "may," "are expected to," "is anticipated,"
"estimate," "forecast," "projected," "intends to," or may include
other similar words or phrases such as "believes," "plans,"
"trend," "objective," "continue," "remain," or similar expressions,
or future or conditional verbs such as "will," "would," "should,"
"could," "might," "can," or similar verbs. You should not place
undue reliance on these statements, as they are subject to risks
and uncertainties, including but not limited to the risk factors
set forth in our most recent Annual Report on Form 10-K. When
considering these forward-looking statements, you should keep in
mind these risks and uncertainties, as well as any cautionary
statements we may make. Moreover, you should treat these statements
as speaking only as of the date they are made and based only on
information then actually known to us.
You should refer to our periodic and current reports filed with
the Securities and Exchange Commission, or "SEC," for further
information on other factors, which could cause actual results to
be significantly different from those expressed or implied by these
forward-looking statements.
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