Fifth Third Bancorp Announces Redemption of MB Financial Capital Trust II, IV, and V
August 02 2019 - 4:45PM
Business Wire
Fifth Third Bancorp (Nasdaq: FITB) today announced that it has
submitted redemption notices to the trustees for redemption on
September 16, 2019, of all the outstanding trust preferred
securities issued by MB Financial Capital Trust II, IV, and V.
MB Financial Capital Trust II floating rate capital securities
(no CUSIP) have a current distribution rate of 3 month LIBOR plus
1.40 percent and a scheduled maturity date of September 15, 2035,
although they may be redeemed on any interest payment date on or
after September 15, 2010. The outstanding principal balance of
these preferred securities is $35,000,000. The redemption price
will be $1,000 per security, which reflects 100 percent of the
liquidation amount, plus accrued and unpaid distributions to the
actual redemption date of $347.53 per security will be paid. The
redemptions will be funded with available cash.
MB Financial Capital Trust IV capital securities (no CUSIP) have
a current distribution rate of 3 month LIBOR plus 1.52 percent and
a scheduled maturity date of September 15, 2036, although they may
be redeemed on any interest payment date on or after September 15,
2011. The outstanding principal balance of these preferred
securities is $20,000,000. The redemption price will be $1,000 per
security, which reflects 100 percent of the liquidation amount,
plus accrued and unpaid distributions to the actual redemption date
of $207.10 per security will be paid. The redemptions will be
funded with available cash.
MB Financial Capital Trust V floating rate capital securities
(CUSIP 55376EAA8) have a current distribution rate of 3 month LIBOR
plus 1.30 percent and a scheduled maturity date of December 15,
2037, although they may be redeemed on any interest payment date on
or after December 15, 2012. The outstanding principal balance of
these preferred securities is $30,000,000. The redemption price
will be $1,000 per security, which reflects 100 percent of the
liquidation amount, plus accrued and unpaid distributions to the
actual redemption date of $290.06 per security will be paid. The
redemptions will be funded with available cash.
The redemption or paying agent for the MB Financial Capital
Trust II and V securities is:
Wilmington Trust 1100 North Market Street Wilmington, DE 19890
Attn: Michael Wass
The redemption or paying agent for the MB Financial Capital
Trust IV securities is:
U.S. Bank 800 Nicollet Mall Minneapolis, MN 55402 Attn: Brett
Briggs
About Fifth Third
Fifth Third Bancorp is a diversified financial services company
headquartered in Cincinnati, Ohio. As of June 30, 2019, the Company
had $169 billion in assets and operates 1,207 full-service Banking
Centers, and 2,551 Fifth Third branded ATMs 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 53,000 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 June 30, 2019, had $399 billion
in assets under care, of which it managed $46 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/20190802005482/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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