Fifth Third Bancorp (Nasdaq: FITB) today announced that it has submitted
redemption notices to the trustee for redemption on December 30, 2013,
of all $750,000,000 of the outstanding trust preferred securities issued
by Fifth Third Capital Trust IV (CUSIP 316781 AA1). The Fifth Third
Capital Trust IV securities have a current distribution rate of 6.50
percent and a final repayment date of April 1, 2067.
Pursuant to the terms of the trust preferred securities, the securities
of Fifth Third Capital Trust IV may be redeemed within ninety (90) days
of a “Capital Treatment Event.” The Company has determined that a
Capital Treatment Event occurred on the publication of a Final Rule
regarding Regulatory Capital Rules jointly by the Federal Reserve System
and the Office of the Comptroller of the Currency. The redemption price
will be $1,000 per security, which reflects 100 percent of the
liquidation amount, plus a total amount of accrued and unpaid
distributions to the actual redemption date of $10,291,666.67 will be
paid to the holders of the trust preferred securities. The redemptions
will be funded with available cash.
The redemption or paying agent for the Fifth Third Capital Trust IV
securities is:
Wilmington Trust Company
Attn: Corporate Capital Markets
1100
North Market Street
Rodney Square North
Wilmington, DE
19890-0001
Fifth Third Bancorp is a diversified financial services company
headquartered in Cincinnati, Ohio. As of September 30, 2013, the Company
had $126 billion in assets and operated 18 affiliates with 1,326
full-service Banking Centers, including 104 Bank Mart® locations open
seven days a week inside select grocery stores and 2,374 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 25%
interest in Vantiv Holding, LLC. Fifth Third is among the largest money
managers in the Midwest and, as of September 30, 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.”
Copyright Business Wire 2013