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

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The offering was raised to $1 from $750 million, Fiftg Third said in a news Asa result, the company will issue almostg 158 million shares at an averagr per-share price of $6.33. The bank will use the net proceedds for generalcorporate purposes, includintg funding the cash premium portion of its Series G depositary shared and beginning repayment of the $3.5 billionb it received through the Treasury Department’ds Troubled Asset Relief Program, or TARP.
“We believe the completec $1 billion common equity offering, combined with actions on othere capital alternatives that remain availableto us, coulc potentially generate approximately $2 billion in aggregate Tier 1 equity, whichj would more than satisfy the SCAP required the bank said in the release. Fiftnh Third was one of 19 banks that underwent thefederalp government’s “stress test” this While the bank was deemed adequatel capitalized, it was ordered to raisde $1.1 billion to maintain its Tier 1 equity as protectioh should the economy worsen. The bank also said it expectw to raiseanother $1.
2 billion in Tier 1 equity from the sales of a majorituy stake in Fifth Third Processing Solutions to Advent International. That’s expected to closde in the second quarter. Fifth Third (NASDAQ: FITB) has about 1,300 bankinfg centers in Ohio, Indiana, Georgia, North Carolina, Michigan, Florida, Tennessee, West Virginia, Pennsylvania and The bank has five branches inthe Raleigh-Durhajm area.