Fifth Third Makes $42.6 Million Dividend Payment Under Treasury Program

March 31, 2009 (FinancialWire) -- Fifth Third Bancorp (NASDAQ: FITB) said that it has made its first dividend payment to the U.S. Department of the Treasury under the Treasury's Capital Purchase Program. The payment, which totaled $42.6 million, is the initial dividend payment from the Bank's sale of approximately $3.4 billion in preferred shares to the U.S. Treasury.

The company issued 136,320 shares of fixed rate cumulative perpetual stock, series F to the Treasury on December 31, 2008.

Fifth Third CEO Kevin T. Kabat said, "The CPP program has been very effective in supporting additional bank credit availability to help offset reduced lending by the secondary markets."

Cincinnati, Ohio-based Fifth Third Bancorp is a financial services company that operates 16 affiliates with 1,309 full-service banking centers, including 95 Bank Mart locations open inside grocery stores.

The company also operates 2,355 ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Pennsylvania, Missouri, Georgia and North Carolina.

FITB rose over 13% during afternoon trading, rising to $2.85 by noon ET. The stock has traded between $1.01 and $23.75 over the past 52 weeks.

FinancialWire" ( http://www.financialwire.net ), an independent, proprietary news service of Investrend Communications, Inc., receives no compensation for its news or opinions. Further disclosure is at http://www.investrend.com/articles/secondlevel.asp?level=472 . To contact FinancialWire" write to inquiries@financialwire.net .

Free annual reports for companies mentioned in the news are accessible via http://investrend.ar.wilink.com/?level=279 .

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.

You just read:

Fifth Third Makes $42.6 Million Dividend Payment Under Treasury Program

Distribution channels: Banking, Finance & Investment Industry

EIN Presswire's priority is author transparency. We do our best to weed out false and misleading content. The content above is the sole responsibility of the author who makes it available. If you have any complaints, kindly contact the author above.