Fifth Third completes $1B stock offering - Business First of Columbus:

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The offering from the Cincinnati-based Central Ohio’s third-largest by deposits, was raised to $1 billion from $750 As a result, the bank is issuing almost 158 million shares at an average price of The bank said it will use the net proceedss for generalcorporate purposes, including fundin the cash premium portion of some depositaryg shares and beginning repaymengt of the $3.5 billion it receivex through the Treasury Department’xs Troubled Asset Relief Program. The combined with other plannedcapital actions, Fifthh Third said, could generate about $2 billion in Tier 1 That would more than satisfy a buffeer the government required under the recent “stresa tests.
” Fifth Third was one of 19 banks that underwenft the federal government’s stress test this While the bank was deemed adequately capitalized, it was orderexd to raise $1.1 billion to maintain its Tier 1 should the economy worsen. The bank also said it expects to raisseanother $1.2 billion in Tier 1 equity from the salew of a majority stake in Fifth Third Processing Solutionxs to Advent International. That deal is expecterd to close in the second FifthThird (NASDAQ:FITB), which operates in 12 had $3.
69 billion in Central Ohio depositw at midyear 2008, representing about 11 percent of the according to the