Fifth Third Announces Capital Distribution Projections
June 27 2019 - 4:55PM
Business Wire
Fifth Third Bancorp (NASDAQ: FITB) announced today its capital
distribution projections for the third quarter of 2019 through the
second quarter of 2020. Fifth Third’s current projections include
the ability to distribute approximately $2 billion in capital
through common share repurchases1 and increased common dividends.
These distributions will be governed under the Federal Reserve
Board’s 2019 extended stress test process for bank holding
companies with less than $250 billion of total consolidated
assets.
All future capital actions are subject to evaluation of Fifth
Third’s performance, the state of the economic environment, market
conditions, regulatory factors, other risks and uncertainties, and
approval by the Board of Directors at any given time.
1Consistent with Fifth Third’s 2018 Comprehensive Capital
Analysis and Review (“CCAR”) capital plan disclosure process,
capital distribution estimates include repurchases related to
common share issuances under employee benefit plans (approximately
$75 million) and excludes any potential additional repurchases of
common shares related to after-tax gains from the previous sale of
Worldpay, Inc. common stock.
About Fifth Third
Fifth Third Bancorp is a diversified financial services company
headquartered in Cincinnati, Ohio, and the parent company of Fifth
Third Bank, an Ohio-chartered bank. As of March 31, 2019, Fifth
Third had $168 billion in assets and operated 1,207 full-service
banking centers and 2,559 ATMs with Fifth Third branding in Ohio,
Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West
Virginia, Georgia and North Carolina. In total, Fifth Third
provides its customers with access to approximately 52,000 fee-free
ATMs across the United States. Fifth Third operates four main
businesses: Commercial Banking, Branch Banking, Consumer Lending
and Wealth & Asset Management. Fifth Third is among the largest
money managers in the Midwest and, as of March 31, 2019, had $394
billion in assets under care, of which it managed $44 billion for
individuals, corporations and not-for-profit organizations through
its Trust and Registered Investment Advisory businesses. 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.” Fifth
Third Bank was established in 1858. Deposit and Credit products are
offered by Fifth Third Bank. Member FDIC.
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version on businesswire.com: https://www.businesswire.com/news/home/20190627005914/en/
Chris Doll (Investor Relations) Christopher.Doll@53.com |
513-534-2345
Gary Rhodes (Media Relations) Gary.Rhodes@53.com |
513-534-4225
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