Fifth Third Announces Results of its Tender Offer
June 18 2009 - 8:00AM
PR Newswire (US)
Completes $1.1 BILLION SCAP COMMON EQUITY REQUIREMENT CINCINNATI,
June 18 /PRNewswire-FirstCall/ -- Fifth Third Bancorp ("Fifth
Third;" Nasdaq: FITB) today announced the results of its offer to
exchange shares of its common stock and cash for any and all of its
outstanding Depositary Shares each representing a 1/250th interest
in a share of 8.50% Non-Cumulative Perpetual Convertible Preferred
Stock, Series G (CUSIP No. 316773209). The offer expired at 5:00
p.m., New York City time, on June 17, 2009. Under the exchange
offer, Fifth Third offered to exchange 2,158.8272 shares of its
common stock, no par value, and $8,500 in cash for each set of 250
validly tendered and accepted Depositary Shares. Fifth Third
announced that 6,962,250 Depositary Shares were validly tendered
and not withdrawn according to information provided by Wilmington
Trust FSB, the exchange agent of the offer to exchange. Overall,
$696,225,000 liquidation amount of Fifth Third's Depositary Shares
were exchanged, which represents 62.86% of the aggregate
liquidation amount of its Depositary Shares. The transaction will
result in the issuance of approximately 60,121,124 shares of common
stock and payment of $229,754,622 in cash, including payment in
lieu of fractional shares. Fifth Third expects that settlement of
the exchange offer will occur on June 22, 2009. The results of this
transaction, combined with the $1 billion common stock offering
completed on June 4, satisfies Fifth Third's commitment to increase
its Tier 1 common equity by $1.1 billion as a result of the
Supervisory Capital Assessment Program ("SCAP") announced May 7,
2009. Fifth Third also continues to expect its pending processing
joint venture transaction with Advent International to close in the
second quarter of 2009, which will generate approximately $1.2
billion in additional Tier 1 common equity. "We've more than
satisfied our commitment under the SCAP assessment," said Kevin T.
Kabat, Chairman, President and CEO of Fifth Third Bancorp. "Our
actions have significantly enhanced our Tier 1 common equity ratio
and other capital ratios, and when combined with the other actions
we've discussed to generate Tier 1 common equity, will result in
very strong capital levels relative to our peers." This press
release is not an offer to exchange or a solicitation of an offer
to exchange securities. General Information Fifth Third Bancorp is
a diversified financial services company headquartered in
Cincinnati, Ohio. As of March 31, 2009, the Company had $119
billion in assets, operates 16 affiliates with 1,317 full-service
Banking Centers, including 98 Bank Mart(R) locations open seven
days a week inside select grocery stores and 2,355 ATMs in Ohio,
Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West
Virginia, Pennsylvania, Missouri, Georgia and North Carolina. Fifth
Third operates five main businesses: Commercial Banking, Branch
Banking, Consumer Lending, Investment Advisors and Fifth Third
Processing Solutions. Fifth Third is among the largest money
managers in the Midwest and, as of March 31, 2009, has $166 billion
in assets under care, of which it managed $23 billion for
individuals, corporations and not-for-profit organizations.
Investor information and press releases can be viewed at
http://www.53.com/. Fifth Third's common stock is traded on the
NASDAQ(R) National Global Select Market under the symbol "FITB."
DATASOURCE: Fifth Third Bancorp CONTACT: Jim Eglseder (Investors),
+1-513-534-8424, or Rich Rosen (Investors), +1-513-534-3307, Debra
DeCourcy, APR (Media), +1-513-534-4153, all of Fifth Third Bancorp
Web Site: http://www.53.com/
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