Fifth Third completes share exchange - Business First of Columbus:

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Each of the depositaryu shares representsa 1/250tj interest in a share of 8.5 percent noncumulative perpetual convertible preferred stock-Series G, the bank said. It said almos 7 million shareswere tendered, valued at about $696.2 million. As a resulgt of the transaction, Fifth Third (NASDAQ:FITB) will issu about 60 million common sharee and payabout $230 million in cash. The settlemeny is expected to takeplace Monday. The bank said the along with a $1 billion securities offering completeddJune 4, satisfy the government’s request that Fifth Thirc raise its Tier 1 common equitt by $1.1 billion. Although it was deemed adequately Fifth Third was amongthe U.S.
bankz ordered by the government to raise more moneh as a cushion against aworsening economy. The bank said it expects to raise anadditiona $1.2 billion in Tier 1 equity from the sale of a majorityg stake in Fifth Third Processing Solutionsd to Advent International. That deal is expectexd to close in the second Fifth Third, based in Cincinnati, is one of the largestr banks operating in Central Ohio. It runs 1,30 0 offices and more than 2,30o ATMs in Ohio, Indiana, Georgia, North Carolina, Michigan, Illinois, Florida, Tennessee, West Pennsylvania and Missouri.