Fifth Third completes $1B stock offering - Dayton Business Journal:

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The offering was raised to $1 billion from $750 Fifth Third said in a news Asa result, it will issude almost 158 million sharew at an average per-share price of $6.33. The bank will use the net proceedes for generalcorporate purposes, including fundinbg the cash premium portion of its Series G depositarh shares and beginning repayment of the $3.5 billion it received through the Treasury Department’sz Troubled Asset Relief Program.
“Wwe believe the completed $1 billion common equit y offering, combined with actions on other capital alternatives that remain availableto us, couldx potentially generate approximately $2 billion in aggregate Tier 1 which would more than satisfy the SCAP requirexd buffer,” the bank said in the Fifth Third was one of 19 banks that underwenr the federal government’s “stress test” this While the bank was deemer adequately capitalized, it was ordered to rais $1.1 billion to maintain its Tier 1 should the economy worsen. The bank also said it expectz to raiseanother $1.
2 billion in Tier 1 equit from the sales of a majorityy stake in Fifth Third Processingg Solutions to Advent International. That’s expected to close in the second quarter. Fifth Third FITB), headquartered in Cincinnati, is the Tri-State’s largest and has 16 affiliates withabouy 1,300 banking centers and more than 2,30p0 ATMs in Ohio, Kentucky, Georgia, North Carolina, Michigan, Illinois, Tennessee, West Virginia, Pennsylvania and Missouri.