8-KOther EventsExhibits & Filings

FIFTH THIRD BANCORP 8-K Report, Corporate Update (Nov 27, 2013)

Filed November 27, 2013For Securities:FITBFITBOFITBPFITB-PIFITB-PMFITB-PAFITBIFITB-PK

Summary

Fifth Third Bancorp (FITB) has filed an 8-K report detailing the redemption of its 6.50% Trust Preferred Securities issued by Fifth Third Capital Trust IV. The redemption, totaling $750,000,000, is scheduled for December 30, 2013, and will be funded by the company's excess cash. This action is a response to a "Capital Treatment Event" triggered by the publication of a Final Rule regarding Regulatory Capital Rules by the Federal Reserve System and the Office of the Comptroller of the Currency.

Key Highlights

  • 1Fifth Third Bancorp is redeeming $750,000,000 of its 6.50% Trust Preferred Securities from Fifth Third Capital Trust IV.
  • 2The redemption date is set for December 30, 2013.
  • 3The redemption will be funded by the company's available excess cash.
  • 4The redemption is a result of a "Capital Treatment Event" related to new regulatory capital rules.
  • 5This event was triggered by a Final Rule jointly issued by the Federal Reserve and the Office of the Comptroller of the Currency.
  • 6A press release dated November 27, 2013, was issued to announce this redemption.
  • 7The filing includes Exhibit 99.1, which is the press release announcing the redemption.

Frequently Asked Questions

The redemption is being executed due to a "Capital Treatment Event" that occurred following the publication of new Final Rules on Regulatory Capital by the Federal Reserve and the Office of the Comptroller of the Currency. This event allows the company to call these specific securities.

Fifth Third Bancorp is redeeming $750,000,000 in aggregate principal amount of its 6.50% Trust Preferred Securities, with the redemption date set for December 30, 2013.

The company stated that the redemption will be funded by excess cash that is currently available to Fifth Third Bancorp.

The 'Capital Treatment Event' refers to a specific condition defined in the terms of the trust preferred securities. The issuance of new regulatory capital rules by major banking regulators is deemed to have met this condition, giving Fifth Third Bancorp the right to redeem these securities.