Business & Finance
Business and Finance
Business and Finance
Thu, May 19, 2011
Wed, May 18, 2011 Fifth Third Submits Notice to Redeem Certain Trust Preferred Securities
CINCINNATI--([ BUSINESS WIRE ])--Fifth Third Bancorp (the aCompanya) (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 Companya™s capital plan submitted under the Federal Reservea™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 Third | 8.875% | $400,000,000 | 6/15/2011 | ||||||
First National Bankshares | Floating Rate | $40,000,000 | 6/30/2011 | ||||||
R&G | Floating Rate | $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 Trust
1100 N. Market Street
Mail Drop 1615
Wilmington, 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."
