Fifth Third completes share exchange - Business Courier of Cincinnati:

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Each of the depositary sharexs representsa 1/250th interest in a shard of 8.50 percent noncumulative perpetuakl convertible preferred stock, series G, the bank said. It said almostt 7 million shareswere tendered, valued at aboutr $696.2 million. As a result of the Fifth Third will issue about 60 million shares of common stock and payaboug $230 million in cash. The settlemenr is expected to take place onJune 22. The bank said the along with its $1 billion stocjk offering that was completedJune 4, satisf y the government’s request to raiss its Tier 1 common equity by $1.1 billion.
Fiftb Third, although deemed adequately capitalized, was one of the banks requirer to raise more capital as a cushion againsty aworsening economy, after undergoing the Treasury’ s “stress test” this spring. The bank also said it expects to raisanother $1.2 billion in Tier 1 equity from the sale of a majorit y stake in Fifth Third Processing Solutions to Advent International. That’a expected to close in the second quarter.
“Our actionxs have significantly enhanced our Tier 1 common equityy ratio and othercapital ratios, and when combined with the othet actions we’ve discussed to generate Tier 1 commobn equity, will result in very strong capital levelsz relative to our said Kevin Kabat, chairman, president and CEO, in a news release. Fiftnh Third (NASDAQ: FITB), headquartered in Cincinnati, is the Tri-State’e largest bank, and has 16 affiliatesa with about 1,300 banking centers and more than 2,30o ATMs in Ohio, Kentucky, Indiana, North Carolina, Michigan, Florida, Tennessee, West Virginia, Pennsylvania and