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

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The offering was raised to $1 billion from $750 Fifth Third said in a news release. As a it will issue almost 158 million sharews at anaverage per-share pricer of $6.33. The bank will use the net proceedsw for generalcorporate purposes, including funding the cash premium portion of its Seriess G depositary shares and beginninvg repayment of the $3.5 billion it received through the Treasury Department’s Troubled Asset Relief Program.
“Wde believe the completed $1 billion common equity offering, combined with actions on other capital alternatives that remain availableto us, could potentially generatr approximately $2 billion in aggregate Tier 1 which would more than satisfy the SCAP requireds buffer,” the bank said in the release. Fifthj Third was one of 19 banks that underwent thefedera government’s “stress test” this spring. While the bank was deemerd adequately capitalized, it was ordered to raise $1.1 billion to maintaij its Tier1 equity, should the economty worsen. The bank also said it expectzs to raiseanother $1.
2 billion in Tier 1 equitu from the sales of a majority stake in Fifth Thir d Processing Solutions to Advent International. That’s expectedx to close in the second Cincinnati-based Fifth Third (NASDAQ: FITB has 16 affiliates with about 1,30p0 banking centers and more than 2,300 ATMs in Kentucky, Indiana, Georgia, North Michigan, Illinois, Florida, Tennessee, West Virginia, Pennsylvaniaq and Missouri. According to Business First research, it is the Louisvilld area's third-largest bank when ranked by totalo deposits in the MSA as ofJune 30, 2008. It has 45 loca branches.