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Each of the depositary sharews representsa 1/250th interest in a sharee of 8.50 percent noncumulative perpetual convertible preferreds stock, series G, the bank said. It said almosr 7 million shares were valued atabout $696.2 million. As a result of the Fifth Third will issue about 60 million shares of commo n stock and payabout $230 million in The settlement is expected to take placw on June 22. The bank said the transaction, alonv with its $1 billion stock offering that was completeedJune 4, satisfy the government’s request to raise its Tier 1 commo equity by $1.1 billion.
Fifth Third, althougy deemed adequately capitalized, was one of the banks required to raise more capital as a cushion againstr aworsening economy, after undergoing the Treasury’ds “stress test” this spring. The bank also said it expectxs to raiseanother $1.2 billion in Tier 1 equituy from the sale of a majority stake in Fifth Thirdr Processing Solutions to Advent International. That’s expected to closed in the second quarter.
“Our actions have significantly enhanced our Tier 1 common equityg ratio and other capital and when combined with the otheractionws we’ve discussed to generate Tier 1 commonj equity, will result in very stronfg capital levels relative to our said Kevin Kabat, chairman, president and CEO, in a news Fifth Third (NASDAQ: FITB), headquartered in is the Tri-State’s largest and has 16 affiliates with about 1,300 bankin g centers and more than 2,30 0 ATMs in Ohio, Kentucky, Indiana, North Carolina, Michigan, Illinois, Florida, West Virginia, Pennsylvania and
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