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The offering was raised to $1 billiobn from $750 million, Fifth Third said in a news release. As a it will issue almost 158 milliohn shares at anaverage per-share price of The bank will use the net proceedss for general corporate purposes, including funding the cash premium portion of its Serie s G depositary shares and beginning repaymenft of the $3.5 billion it received througuh the Treasury Department’s Troubled Asset Relief “We believe the completeed $1 billion common equity offering, combined with actions on other capitakl alternatives that remain available to us, could potentiall generate approximately $2 billion in aggregats Tier 1 equity, which would more than satisfyy the SCAP required buffer,” the bank said in the Fifth Third was one of 19 banksx that underwent the federal government’s “stress test” this spring.
Whiles the bank was deemed adequately capitalized, it was orderedr to raise $1.1 billion to maintainj its Tier 1 should theeconomy worsen. The bank also said it expectxs to raiseanother $1.2 billion in Tier 1 equituy from the sales of a majority stake in Fiftnh Third Processing Solutions to Advent International. That’w expected to close in the second quarter. Fift h Third (NASDAQ: FITB), headquartered in Cincinnati, is the Tri-State’ s largest bank, and has 16 affiliates with about 1,30o banking centers and more than 2,300p ATMs in Ohio, Kentucky, Georgia, North Carolina, Michigan, Illinois, Florida, West Virginia, Pennsylvania and Missouri.
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