Summary
Fifth Third Bancorp (FITB) has filed an amendment to its August 2, 2019, Form 8-K to correct and replace a previous press release regarding the redemption of trust preferred securities. This amendment clarifies details about accrued and unpaid distributions related to these securities. The core event remains the redemption of $85 million in trust preferred securities issued by MB Financial Capital Trusts II, IV, and V, with a redemption date of September 16, 2019. The redemptions will be financed using the company's available excess cash, indicating a proactive approach to managing its capital structure.
Key Highlights
- 1Amendment filed to correct a prior press release concerning trust preferred securities redemption.
- 2Redemption of $85 million in trust preferred securities from MB Financial Capital Trusts II, IV, and V.
- 3Redemption date set for September 16, 2019.
- 4Redemptions will be funded by existing excess cash.
- 5The amendment specifically corrects information on accrued and unpaid distributions.
- 6This action signals proactive capital management by Fifth Third Bancorp.
Frequently Asked Questions
This is an amended Form 8-K filing to correct and replace a previous press release regarding the redemption of certain trust preferred securities. The correction pertains to the details of accrued and unpaid distributions on these securities.
Fifth Third Bancorp, through its subsidiary MB Financial, Inc., is redeeming $85 million in trust preferred securities across three trusts: MB Financial Capital Trust II ($35 million), MB Financial Capital Trust IV ($20 million), and MB Financial Capital Trust V ($30 million).
The redemption date for all the specified trust preferred securities is September 16, 2019.
The redemptions will be funded using excess cash that is currently available to Fifth Third Bancorp.