Fifth Third (FITB) Plan Under CCAR Period Approved; Will Boost Dividend to 10c, Approves 100M Buyback
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Fifth Third Bancorp (Nasdaq: FITB) announced today that the Board of Governors of the Federal Reserve System (“the Federal Reserve”) did not object to the proposed capital actions through March 31, 2013 (the “CCAR period”) included in Fifth Third’s capital plan submitted in June under the Comprehensive Capital & Analysis Review (“CCAR”) process. The capital plan included the potential increase of the quarterly common stock dividend to $0.10 in the third quarter of 2012 and the potential repurchase of common shares.
Fifth Third also announced that its Board of Directors approved a new share repurchase authorization of up to 100 million shares, which replaces the previous authorization from 2007 under which approximately 14 million shares remained. Fifth Third’s capital plan included potential common share repurchases of up to $600 million through the first quarter of 2013, in addition to any incremental repurchases related to any after-tax gains from the sale of Vantiv, Inc. (“Vantiv”) stock. Fifth Third expects to initiate share repurchases shortly by entering into a contract with a counterparty for the repurchase on its behalf of $350 million in value of common shares, subject to market conditions. Fifth Third’s Board is expected to consider the possibility of a dividend increase at its regularly scheduled meeting in September.
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Fifth Third also announced that its Board of Directors approved a new share repurchase authorization of up to 100 million shares, which replaces the previous authorization from 2007 under which approximately 14 million shares remained. Fifth Third’s capital plan included potential common share repurchases of up to $600 million through the first quarter of 2013, in addition to any incremental repurchases related to any after-tax gains from the sale of Vantiv, Inc. (“Vantiv”) stock. Fifth Third expects to initiate share repurchases shortly by entering into a contract with a counterparty for the repurchase on its behalf of $350 million in value of common shares, subject to market conditions. Fifth Third’s Board is expected to consider the possibility of a dividend increase at its regularly scheduled meeting in September.
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