Fifth Third Bancorp Files 8-K on Preferred Stock Series
Ticker: FITBM · Form: 8-K · Filed: Aug 28, 2024 · CIK: 35527
Sentiment: neutral
Topics: preferred-stock, capital-structure, disclosure
Related Tickers: FITB
TL;DR
Fifth Third Bancorp's 8-K details preferred stock series with rates like 6.625%, 6.00%, and 4.95%.
AI Summary
Fifth Third Bancorp filed an 8-K on August 28, 2024, reporting on other events and financial statements. The filing includes details about various series of preferred stock, including Series I with a 6.625% fixed-to-floating rate, Series A with a 6.00% rate, and Series K with a 4.95% rate. These are perpetual preferred stock issuances.
Why It Matters
This filing provides transparency into Fifth Third Bancorp's capital structure, specifically detailing different classes of preferred stock and their associated dividend rates, which can impact investor decisions and the company's financial leverage.
Risk Assessment
Risk Level: low — The filing is a routine disclosure of preferred stock details and does not indicate any immediate financial distress or significant new risks.
Key Numbers
- 6.625% — Series I Preferred Stock Rate (Represents the fixed-to-floating rate for this preferred stock issuance.)
- 6.00% — Series A Preferred Stock Rate (Represents the non-cumulative perpetual rate for this preferred stock issuance.)
- 4.95% — Series K Preferred Stock Rate (Represents the non-cumulative perpetual rate for this preferred stock issuance.)
Key Players & Entities
- FIFTH THIRD BANCORP (company) — Filer
- 6.625% (dollar_amount) — Dividend rate for Series I Preferred Stock
- 6.00% (dollar_amount) — Dividend rate for Series A Preferred Stock
- 4.95% (dollar_amount) — Dividend rate for Series K Preferred Stock
- August 28, 2024 (date) — Filing date
FAQ
What is the primary purpose of this 8-K filing for Fifth Third Bancorp?
The primary purpose is to report on 'Other Events' and to include 'Financial Statements and Exhibits', specifically detailing various series of preferred stock.
What is the dividend rate for the Series I Preferred Stock mentioned in the filing?
The Series I Preferred Stock has a 6.625% fixed-to-floating rate.
What type of preferred stock are Series A and Series K?
Series A is described as '6.00 Not Cumulative Perpetual Class B Preferred Stock Series A', and Series K is described as '4.95 Not Cumulative Perpetual Preferred Stock Series K'.
On what date was this 8-K filing submitted?
The filing was submitted on August 28, 2024.
Does the filing indicate any new debt issuances or significant financial transactions?
The filing primarily details existing preferred stock series and does not explicitly mention new debt issuances or significant new financial transactions beyond the nature of these preferred stock structures.
Filing Stats: 1,525 words · 6 min read · ~5 pages · Grade level 18.7 · Accepted 2024-08-28 09:06:27
Key Financial Figures
- $1.0 billion — -Floating Rate Bank Notes, equal to the $1.0 billion principal amount of the outstanding 202
Filing Documents
- fitb-20240828.htm (8-K) — 44KB
- fifththird-pressreleaseaug.htm (EX-99.1) — 6KB
- a53_logoxhorizontalxfullco.jpg (GRAPHIC) — 132KB
- fitb-20240828_g1.jpg (GRAPHIC) — 132KB
- image_0.jpg (GRAPHIC) — 2KB
- 0000035527-24-000221.txt ( ) — 708KB
- fitb-20240828.xsd (EX-101.SCH) — 4KB
- fitb-20240828_def.xml (EX-101.DEF) — 17KB
- fitb-20240828_lab.xml (EX-101.LAB) — 34KB
- fitb-20240828_pre.xml (EX-101.PRE) — 18KB
- fitb-20240828_htm.xml (XML) — 6KB
FORWARD-LOOKING STATEMENTS
FORWARD-LOOKING STATEMENTS This report contains statements that we believe are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Rule 175 promulgated thereunder, and Section 21E of the Securities Exchange Act of 1934, as amended, and Rule 3b-6 promulgated thereunder. These statements relate to our financial condition, results of operations, plans, objectives, future performance, capital actions or business. They usually can be identified by the use of forward-looking language such as "will likely result," "may," "are expected to," "is anticipated," "potential," "estimate," "forecast," "projected," "intends to," or may include other similar words or phrases such as "believes," "plans," "trend," "objective," "continue," "remain," or similar expressions, or future or conditional verbs such as "will," "would," "should," "could," "might," "can," or similar verbs. You should not place undue reliance on these statements, as they are subject to risks and uncertainties, including but not limited to the risk factors set forth in our most recent Annual Report on Form 10-K as updated by our filings with the U.S. Securities and Exchange Commission ("SEC"). When considering these forward-looking statements, you should keep in mind these risks and uncertainties, as well as any cautionary statements we may make. Moreover, you should treat these statements as speaking only as of the date they are made and based only on information then actually known to us. We undertake no obligation to release revisions to these forward-looking statements or reflect events or circumstances after the date of this document. There are a number of important factors that could cause future results to differ materially from historical performance and these forward-looking statements. Factors that might cause such a difference include, but are not limited to: (1) deteriorating credit quality; (2) loan concentration by location or industry of
01 Other Events
Item 8.01 Other Events Redemption of Bank Senior Notes . On August 28, 2024, Fifth Third Bancorp (the "Company") announced that the Company's subsidiary, Fifth Third Bank, National Association (the "Bank"), delivered a redemption notice to The Bank of New York Mellon Trust Company, N.A., as issuing and paying agent (the "Agent"), to redeem on October 27, 2024 (the "Redemption Date") all of the Bank's outstanding 5.852% Fixed-To-Floating Rate Senior Notes due October 27, 2025 (CUSIP No. 31677QBT5), originally issued on October 27, 2022 (the "2022 Fixed-To-Floating Rate Bank Notes"), at a cash redemption price (the "2022 Fixed-To-Floating Rate Bank Notes Redemption Price") to be calculated as provided in the 2022 Fixed-To-Floating Rate Bank Notes, equal to the $1.0 billion principal amount of the outstanding 2022 Fixed-To-Floating Rate Bank Notes plus accrued and unpaid interest, if any, to but excluding the Redemption Date. Pursuant to the terms and conditions of the 2022 Fixed-To-Floating Rate Bank Notes, the Company will redeem the 2022 Fixed-To-Floating Rate Bank Notes prior to their scheduled maturity date of October 27, 2025 pursuant to the initial optional redemption provisions contained therein. Upon completion of the redemptions, no 2022 Fixed-To-Floating Rate Bank Notes will remain outstanding. On or after the first business day following the Redemption Date, payment of the 2022 Fixed-To-Floating Rate Bank Notes Redemption Price will be made only upon presentation and surrender to the Agent of the 2022 Fixed-To-Floating Rate Bank Notes. Interest on the 2022 Fixed-To-Floating Rate Bank Notes called for redemption will cease to accrue on and after the Redemption Date. Notice of redemption will be sent by the Agent to the registered holders of the 2022 Fixed-To-Floating Rate Bank Notes. A copy of the press release announcing the notice of the redemption is attached to this Current Report on Form 8-K as Exhibit 99.1 and is incorporated herein by refere
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits (d) Exhibits 99.1– Press release dated August 28, 2024, announcing the notice of the redemption. 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) August 28, 2024 By: /s/ BRENNEN WILLINGHAM Brennen Willingham Senior Vice President and Treasurer