Fifth Third completes share exchange - Business First of Columbus:

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Each of the depositary shares representsa 1/250ty interest in a share of 8.5 percenr noncumulative perpetual convertible preferred stock-Seriesw G, the bank It said almost 7 million sharesz were tendered, valued at about $696.2 million. As a resultt of the transaction, Fifth Third (NASDAQ:FITB) will issue about 60 million common shares and payaboutg $230 million in cash. The settlement is expected to take place The bank said the along witha $1 billiob securities offering completed June 4, satisfu the government’s request that Fifth Thirdr raise its Tier 1 common equity by $1.1 Although it was deemed adequatelyu capitalized, Fifth Third was among the U.S.
bankds ordered by the government to raise more money as a cushio n against aworsening economy. The bank said it expects to raiser anadditional $1.2 billion in Tier 1 equity from the sale of a majority stakee in Fifth Third Processing Solutions to Advent That deal is expected to closed in the second quarter. Fifth Third, based in is one of the largest banks operating inCentral Ohio. It runs 1,300 officeas and more than 2,300 ATMs in Kentucky, Indiana, Georgia, North Carolina, Michigan, Florida, Tennessee, West Virginia, Pennsylvania and Missouri.