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Fifth Third Bancorp's losses widened in the third quarter, with its loan portfolios getting hammered in key Florida and Michigan markets.
Fifth Third Bancorp on Friday appointed a bank consultant and a retired bank executive to its board.
Fifth Third Bancorp posted a profit for the second quarter, thanks to a $1.1 billion gain from the sale of controlling interest in its processing business.
Shares of Fifth Third Bancorp fell in premarket trading Thursday, a day after the regional bank announced a stock offer and debt exchange program to help boost its capital base.
Fifth Third Bancorp said Wednesday it will sell no more than $750 million in common stock as part of the company's commitment to add a $1.1 billion infusion after the government's stress test showed the bank needed a buffer to withstand losses.
Here are details about the seven regional banks subjected to federal "stress tests" to see how they would fare if the recession worsened. Five of the seven — Regions Financial Corp., SunTrust Banks Inc., KeyCorp, Fifth Third Bancorp and PNC Financial Services Group Inc. — were found to need more capital. All already have received from funds from the federal Troubled Asset Relief Program, or TARP.
Fifth Third Bancorp says it posted a loss in the first quarter including preferred dividends, as rising losses on commercial loans hurt the large Midwest regional bank.
Fifth Third Bancorp's chief executive sought to reassure shareholders Tuesday as the troubled regional bank copes with dramatically lower stock prices and dividends.
Fifth Third Bancorp said Monday it is selling a majority stake in its payments-processing business to global buyout firm Advent International for $561 million.
Fifth Third Bancorp said Thursday it lost $2.2 billion in the fourth quarter of last year, mainly due to rising defaults on loans, charges on goodwill and credit costs.
Fifth Third Bancorp shares plummeted 27 percent Wednesday after the regional bank, facing rising loan losses, said it will slash dividends and try to raise $2 billion with a stock offering and sale of noncore businesses.
Fifth Third agreed to buy R-G Crown Bank in Florida and GeorgiaEarlier Monday, Fifth Third agreed to buy R-G Crown Bank for $288 million plus the assumption of $50 million of trust preferred securities.
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