Fifth Third Bancorp Files 8-K on Preferred Stock

Ticker: FITBM · Form: 8-K · Filed: Jul 9, 2024 · CIK: 35527

Sentiment: neutral

Topics: preferred-stock, disclosure, financials

Related Tickers: FITB

TL;DR

Fifth Third Bancorp filed an 8-K detailing its preferred stock series, including dividend rates and terms.

AI Summary

Fifth Third Bancorp filed an 8-K on July 9, 2024, to report on various preferred stock series. This includes information on their 6.625% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock Series I, their 6.00% Non-Cumulative Perpetual Class B Preferred Stock Series A, and their 4.95% Non-Cumulative Perpetual Preferred Stock Series K. The filing also includes financial statements and exhibits.

Why It Matters

This filing provides crucial details about Fifth Third Bancorp's preferred stock offerings, which are important for investors to understand the company's capital structure and dividend obligations.

Risk Assessment

Risk Level: low — The filing is a routine disclosure of preferred stock information and does not indicate any immediate financial distress or significant new risks.

Key Numbers

Key Players & Entities

FAQ

What is the primary purpose of this 8-K filing for Fifth Third Bancorp?

The primary purpose is to report on various series of preferred stock, including their dividend rates and terms, and to include financial statements and exhibits.

What are the specific dividend rates mentioned for the preferred stock series?

The filing mentions a 6.625% Fixed-to-Floating Rate for Series I, 6.00% for Series A, and 4.95% for Series K.

When was this 8-K filing submitted to the SEC?

This 8-K filing was submitted on July 9, 2024.

What type of preferred stock is Fifth Third Bancorp discussing in this filing?

The filing discusses Non-Cumulative Perpetual Preferred Stock, including Series I (6.625%), Series A (6.00%), and Series K (4.95%).

Does this filing indicate any new debt issuance or equity offering by Fifth Third Bancorp?

This filing primarily concerns existing preferred stock series and associated financial statements/exhibits, not new debt or equity offerings.

Filing Stats: 1,718 words · 7 min read · ~6 pages · Grade level 17 · Accepted 2024-07-09 16:16:37

Key Financial Figures

Filing Documents

01 Regulation FD Disclosure

Item 7.01 Regulation FD Disclosure. On July 9, 2024, the Company issued a press release regarding the matters set forth below in Item 8.01. A copy of that press release is furnished as Exhibit 99.3 hereto. The information in this Item 7.01 and Exhibit 99.3 attached hereto shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall they be deemed incorporated by reference in any filing under the Securities Exchange Act of 1934 or the Securities Act of 1933, except as shall be expressly set forth by specific reference.

01 Other Events

Item 8.01 Other Events. As previously disclosed, the Consumer Financial Protection Bureau ("CFPB") filed a lawsuit against Fifth Third on March 9, 2020, alleging violations of the Consumer Financial Protection Act, the Truth in Lending Act, and Truth in Savings Act. T he parties agreed to the entry of a Stipulated Final Judgment and Order on July 9, 2024 to resolve this matter, pursuant to which Fifth Third, without admitting or denying any of the allegations in the suit except as specified in the order, agreed to pay a civil monetary penalty of $15 million, agreed to maintain existing policies around its consumer sales incentives, agreed to create a compliance plan to ensure its account opening practices comply with law and the order and agreed to provide a redress plan to remediate certain customers with checking, savings, or credit card accounts opened beginning January 1, 2010 and ending December 31, 2016. A copy of the Stipulated Final Judgment and Order is attached as Exhibit 99.1 and is incorporated herein by reference. The description of the Stipulated Final Judgment and Order set forth above does not purport to be complete and is qualified by reference to its full text. Concurrently with the Stipulated Final Judgment and Order, Fifth Third, without admitting or denying any of the findings of fact or conclusions of law (except to establish jurisdiction), has also agreed to entry of a Consent Order related to a since-discontinued program in its auto lending business that placed collateral protection insurance (CPI) on certain auto loans. Under the Consent Order, Fifth Third has agreed to pay a $5 million civil monetary penalty related to those issues, maintain existing policy changes related to its auto servicing practices, agreed to create a compliance plan to ensure its compliance with the order and provide a redress plan to remediate certain customers within a redress period beginning July 21, 2011 and ending December 31, 2020. A copy of the Cons

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. Exhibit 99.1 Stipulated Final Judgement and Order filed July 9, 2024. Exhibit 99.2 Consent Order dated July 9 , 2024 , issued by the Consumer Financial Protection Bureau, including the Stipulation and Consent to the Issuance of a Consent Order, dated July 5, 2024, by Fifth Third Bank, N.A. Exhibit 99.3 Press Release dated July 9 , 2024 Exhibit 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. FIFTH THIRD BANCORP (Registrant) July 9, 2024 By: /s/ SUSAN B. ZAUNBRECHER Susan B. Zaunbrecher Executive Vice President and Chief Legal Officer

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