Fifth Third Bancorp (“Fifth Third;” Nasdaq: FITB) today
announced that the board of directors has authorized the conversion
into Fifth Third’s common stock, no par value (“Common Stock”), of
all outstanding shares of Fifth Third’s 8.50% Non-Cumulative
Convertible Perpetual Preferred Stock, Series G (“Series G
Preferred Stock”), which shares are represented by depositary
shares each representing 1/250th of a share of Series G Preferred
Stock (“Depositary Shares”), pursuant to the Amended Articles of
Incorporation of Fifth Third Bancorp, as amended (“Articles”).
Accordingly, effective as of the close of the market on July 1,
2013 (“Conversion Date”) Fifth Third will convert all 16,450
outstanding shares of Series G Preferred Stock, which shares are
represented by 4,112,500 Depositary Shares, into shares of Fifth
Third’s Common Stock in accordance with the terms and conditions
set forth in the Articles. Each share of Series G Preferred Stock
is convertible into 2,159.8272 shares of Common Stock on the
Conversion Date, subject only to any anti-dilution rate adjustment
as may be required by the Articles. Provided no anti-dilution rate
adjustment is required, each Depositary Share will be convertible
into 8.6393 shares of Common Stock, and the aggregate number of
shares of Common Stock issuable upon the conversion will be
approximately 35,529,160 shares. The shares of Common Stock
issuable upon the conversion are already included in Fifth Third’s
fully diluted share calculations in its historical financial
statements. Following the conversion, the newly issued shares of
Common Stock will also be included in Fifth Third’s actual shares
outstanding.
Upon the conversion, the Depositary Shares (Nasdaq: FITBP) will
be delisted from the NASDAQ Global Select Market (the “Exchange”)
and withdrawn from such Exchange. The Depositary Shares will no
longer trade on the Exchange after the market closes on the
Conversion Date.
Additionally, Fifth Third’s board of directors has declared a
final cash dividend of $543.06 per share on all outstanding shares
of Series G Preferred Stock, which equates to approximately $2.172
for each Depositary Share. This final Series G dividend covers the
full dividend period that began on March 31, 2013 and the partial
dividend period that will end on the Conversion Date. The final
Series G dividend is payable on Monday, July 1, 2013 to
shareholders of record as of Friday, June 21, 2013.
Corporate Profile
Fifth Third Bancorp is a diversified financial services company
headquartered in Cincinnati, Ohio. As of March 31, 2013, Fifth
Third had $121 billion in assets and operated 18 affiliates with
1,321 full-service Banking Centers, including 104 Bank Mart®
locations open seven days a week inside select grocery stores and
2,426 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 28% interest in Vantiv Holding, LLC. Fifth
Third is among the largest money managers in the Midwest and, as of
March 31, 2013, had $318 billion in assets under care, of which it
managed $27 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® Global Select Market under the symbol
“FITB.”
Forward-Looking Statements
This news release contains statements about Fifth Third Bancorp
(“Fifth Third”) that we believe are “forward-looking statements”
within the meaning of Sections 27A of the Securities Act of 1933,
as amended, and Rule 175 promulgated thereunder, and 21E of the
Securities Exchange Act of 1934, as amended, and Rule 3b-6
promulgated thereunder, that involve inherent risks and
uncertainties. These statements relate to our financial condition,
results of operations, plans, objectives, future performance or
business. They usually can be identified by the use of
forward-looking language such as “will likely result,” “may,” “are
expected to,” “is anticipated,” “estimate,” “forecast,”
“projected,” “intends to,” or may include other similar words or
phrases such as “believes,” “plans,” “trend,” “objective,”
“continue,” “remain,” or similar expressions, or future or
conditional verbs such as “will,” “would,” “should,” “could,”
“might,” “can,” or similar verbs. You should not place undue
reliance on these statements, as they are subject to risks and
uncertainties, , including but not limited to the risk factors set
forth in our most recent Annual Report on Form 10-K. When
considering these forward-looking statements, you should keep in
mind these risks and uncertainties, as well as any cautionary
statements we may make. Moreover, you should treat these statements
as speaking only as of the date they are made and based only on
information then actually known to us.
There are a number of important factors that could cause future
results to differ materially from historical performance and these
forward-looking statements. Factors that might cause such a
difference include, but are not limited to: (1) general economic
conditions and weakening in the economy, specifically the real
estate market, either nationally or in the states in which Fifth
Third, one or more acquired entities and/or the combined company do
business, are less favorable than expected; (2) deteriorating
credit quality; (3) political developments, wars or other
hostilities may disrupt or increase volatility in securities
markets or other economic conditions; (4) changes in the interest
rate environment reduce interest margins; (5) prepayment speeds,
loan origination and sale volumes, charge-offs and loan loss
provisions; (6) Fifth Third’s ability to maintain required capital
levels and adequate sources of funding and liquidity; (7)
maintaining capital requirements may limit Fifth Third’s operations
and potential growth; (8) changes and trends in capital markets;
(9) problems encountered by larger or similar financial
institutions may adversely affect the banking industry and/or Fifth
Third; (10) competitive pressures among depository institutions
increase significantly; (11) effects of critical accounting
policies and judgments; (12) changes in accounting policies or
procedures as may be required by the Financial Accounting Standards
Board (FASB) or other regulatory agencies; (13) legislative or
regulatory changes or actions, or significant litigation, adversely
affect Fifth Third, one or more acquired entities and/or the
combined company or the businesses in which Fifth Third, one or
more acquired entities and/or the combined company are engaged,
including the Dodd-Frank Wall Street Reform and Consumer Protection
Act; (14) ability to maintain favorable ratings from rating
agencies; (15) fluctuation of Fifth Third’s stock price; (16)
ability to attract and retain key personnel; (17) ability to
receive dividends from its subsidiaries; (18) potentially dilutive
effect of future acquisitions on current shareholders’ ownership of
Fifth Third; (19) effects of accounting or financial results of one
or more acquired entities; (20) difficulties from the separation of
or the results of operations of Vantiv, LLC; (21) loss of income
from any sale or potential sale of businesses that could have an
adverse effect on Fifth Third’s earnings and future growth; (22)
ability to secure confidential information and deliver products and
services through the use of computer systems and telecommunications
networks; and (23) the impact of reputational risk created by these
developments on such matters as business generation and retention,
funding and liquidity.
You should refer to our periodic and current reports filed with
the SEC for further information on other factors which could cause
actual results to be significantly different from those expressed
or implied by these forward-looking statements.
Fifth Third BancorpJim Eglseder (Investors),
513-534-8424Laura Wehby (Investors),
513-534-7407Larry Magnesen (Media), 513-534-8055
Fifth Third Bancorp (NASDAQ:FITBP)
Gráfica de Acción Histórica
De May 2024 a Jun 2024
Fifth Third Bancorp (NASDAQ:FITBP)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024