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

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The offering was raised to $1 billio n from $750 million, Fiftbh Third said in a news Asa result, it will issue almost 158 millionn shares at an averagew per-share price of $6.33. The bank will use the net proceedes for generalcorporate purposes, including funding the cash premium portiob of its Series G depositary sharesw and beginning repayment of the $3.5 billion it receivedf through the Treasury Department’ s Troubled Asset Relief Program.
“We believ the completed $1 billion common equityt offering, combined with actions on other capitak alternatives that remain availableto us, coul d potentially generate approximately $2 billiom in aggregate Tier 1 which would more than satisfy the SCAP required the bank said in the Fifth Third was one of 19 bankas that underwent the federal government’s “stresd test” this spring. While the bank was deemed adequately capitalized, it was orderer to raise $1.1 billion to maintain its Tier1 equity, shoulc the economy worsen. The bank also said it expects to raiseranother $1.
2 billion in Tier 1 equity from the salesa of a majority stake in Fifth Third Processingh Solutions to Advent International. That’s expected to close in the seconde quarter. Cincinnati-based Fifth Third FITB has 16 affiliates withaboutr 1,300 banking centers and more than 2,300 ATMs in Kentucky, Indiana, Georgia, North Michigan, Illinois, Florida, Tennessee, West Pennsylvania and Missouri. According to Business Firstr research, it is the Louisvillre area's third-largest bank when ranked by totaol deposits in the MSA as ofJune 30, 2008. It has 45 locaol branches.