Key Developments For Fifth Third Bancorp
Fifth Third Bancorp (FITB.O) (Nasdaq)
Fed Asks U.S. Banks Including Fifth Third Bancorp To Submit TARP Repayment Plans-Reuters
Reuters reported that the U.S. Federal Reserve this month asked banks that were part of its 'stress tests' to submit plans to repay government money, if they have not already repaid it. Many U.S. banks are eager to repay money borrowed under the government's $700 billion Troubled Asset Relief Program. Participation in the program comes with limitations on pay, dividend payouts and share repurchases. Nine banks may soon be allowed to repay money borrowed under TARP, if they have been able to raise common equity recently and if they show they would continue to exceed capital buffers after redemptions. The stress tested banks that remain in TARP include Bank of America Corporation, Citigroup Inc., Fifth Third Bancorp, GMAC, KeyCorp, PNC Financial Services, Regions Financial Corporation, SunTrust Banks, Inc. and Wells Fargo & Co.
Fifth Third Bancorp Names Daniel Poston As Chief Financial Officer
Fifth Third Bancorp announced the appointment of Executive Vice President Daniel T. Poston as Chief Financial Officer (CFO), effective immediately. Poston replaces Ross J. Kari, who is leaving the Bank to take the position of Chief Financial Officer with Freddie Mac.
Fifth Third Bancorp Announces Third Quarter 2009 Dividends
Fifth Third Bancorp announced that it has declared its third quarter 2009 cash dividends on its common shares, Series G preferred shares and Series F preferred shares. Fifth Third declared a third quarter 2009 cash dividend on its common shares of $0.01. The cash dividend is payable on October 22, 2009 to shareholders of record as of September 30, 2009. Fifth Third also declared a second quarter cash dividend on its 8.50% Non Cumulative Perpetual Convertible Preferred Stock, Series G, at the rate of $531.25 per share, which equates to approximately $2.125 for each depositary share. Each depositary share represents a 1/250th ownership interest in a share of Series G Preferred Stock. The Series G dividend is payable on September 30, 2009 to shareholders of record as of September 25, 2009. Fifth Third also declared a cash dividend on its Fixed Rate Cumulative Perpetual Preferred Stock, Series F, at the rate of $312.50 per share. The Series F dividend is payable on September 30, 2009 to the shareholder of record as of September 15, 2009.
Fifth Third Bancorp and Advent International Announces Closing of Processing Joint Venture Transaction
Fifth Third Bancorp and Advent International announced the consummation of their joint venture transaction for Fifth Third's processing business. Advent is purchasing an approximate 51% interest in Fifth Third's merchant acquiring and financial institutions businesses, most of the assets and operations of which are held by a limited liability company (the LLC). The transaction is valued at approximately $2.35 billion before valuation adjustments by either party. Fifth Third will retain an approximate 49% interest in the LLC, and will also retain its credit card issuing business, which includes retail credit card and commercial multi-card services.
Fifth Third Bancorp Announces Second Quarter 2009 Dividends
Fifth Third Bancorp announced that it has declared its second quarter 2009 cash dividends on its common shares, Series G preferred shares and Series F preferred shares. Fifth Third declared a second quarter 2009 cash dividend on its common shares of $0.01. The cash dividend is payable on July 23, 2009 to shareholders of record as of June 30, 2009. Fifth Third also declared a second quarter cash dividend on its 8.50% Non-Cumulative Perpetual Convertible Preferred Stock, Series G, at the rate of $531.25 per share, which equates to approximately $2.125 for each depositary share. Each depositary share represents a 1/250th ownership interest in a share of Series G Preferred Stock. The Series G dividend is payable on June 30, 2009 to shareholders of record as of June 26, 2009. Fifth Third also declared a cash dividend on its Fixed-Rate Cumulative Perpetual Preferred Stock, Series F, at the rate of $312.50 per share. The Series F dividend is payable on June 30, 2009 to the shareholder of record as of June 15, 2009.
