CINCINNATI--(BUSINESS WIRE)--Fifth Third Bancorp (Nasdaq: FITB) today announced that it has submitted redemption notices to the trustee for redemption on August 15, 2012, of all $575,000,000 of the outstanding trust preferred securities issued by Fifth Third Capital Trust V (NYSE: FTB A) (CUSIP 31678W204).
The Fifth Third Capital Trust V securities have a current distribution rate of 7.250 percent and a scheduled maturity date of August 15, 2067, although they may be redeemed at any time on or after August 15, 2012. The redemption price will be $25 per security, which reflects 100 percent of the liquidation amount, plus accrued and unpaid distributions to the actual redemption date of .453125 per security will be paid. The redemptions will be funded with available cash.
The redemption or paying agent for the Fifth Third Capital Trust V securities is:
Wilmington Trust
1100 N. Market Street
Mail Drop 1615
Wilmington,
DE 19890
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. The Company has $117 billion in assets and operates 15 affiliates with 1,320 full-service Banking Centers, including 105 Bank Mart® locations open seven days a week inside select grocery stores and 2,405 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 39% interest in Vantiv Holding, LLC, formerly Fifth Third Processing Solutions, LLC. Fifth Third is among the largest money managers in the Midwest and, as of March 31, 2012, had $296 billion in assets under care, of which it managed $26 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® National Global Select Market under the symbol "FITB."