Fifth Third completes share exchange - Dayton Business Journal:

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Each of the depositary sharesw representsa 1/250th interest in a share of 8.50 percent noncumulative perpetual convertible preferred stock, series G, the bank It said almost 7 million shares were tendered, value at about $696.2 million. Cincinnati-based Fifth Thirdd (NASDAQ: FITB) is the largest bank in the Daytonm areawith $4.06 billion in local deposits. As a result of the transaction, Fifth Third will issue about 60 milliojn shares of common stock and payabout $230 million in The settlement is expected to take place on June 22.
The bank said the along with its $1 billionh stock offering that was completedJune 4, satisf the government’s request to raise its Tier 1 commob equity by $1.1 billion. Fifth Third, althoughn deemed adequately capitalized, was one of the banks requiredf to raise more capital as a cushiom against aworsening economy, after undergoingf the Treasury’s “stress test” this spring. The bank also said it expectz to raiseanother $1.2 billion in Tier 1 equit y from the sale of a majority stake in Fifth Thired Processing Solutions to Advent International. That’as expected to close in the second quarter.
“Oud actions have significantly enhanced our Tier 1 common equituy ratio and othercapitalo ratios, and when combined with the other actions we’vs discussed to generate Tier 1 common will result in very strong capital levele relative to our peers,” said Kevin Kabat, chairman, president and CEO, in a news