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Fifth Third Bancorp, 6.625% Dep Shares Fixed/Float Non-Cumul Pfd Stock, Series I
Ticker Symbol: FITBI     CUSIP: 316773605     Previous CUSIP:      Exchange: NGS
Security Type:   Traditional Preferred Stock

QUANTUMONLINE.COM SECURITY DESCRIPTION:  Fifth Third Bancorp, 6.625% Depositary Shares each representing a 1/1000th interest in a share of the Series I Fixed-to-Floating Rate Non-cumulative Perpetual Preferred Stock, liquidation preference $25 per depositary share, redeemable at the issuer's option on or after 12/31/2023 at $25 per depositary share plus declared and unpaid dividends, and with no stated maturity.

Non-Cumulative fixed distributions of 6.625% per annum ($1.65625 per annum or $0.4140625 per quarter) will be paid quarterly on 3/31, 6/30, 9/30 & 12/31 to holders of record on the record date fixed by the board not more than 60 days or less than 30 days prior to the payment date (NOTE: the ex-dividend date is one business day prior to the record date). On and after 12/31/2023 the non-cumulative distributions will be paid quarterly on 3/31, 6/30, 9/30 & 12/31 at a floating rate equal to the three-month LIBOR Three Month SOFR plus 0.26161% adjustment plus 3.71%. The dividends are non-cumulative and if the board of directors does not declare a dividend or the company fails to pay a dividend declared by the board for any quarterly dividend period, the holder will not be entitled to receive any dividend for that quarterly period and the undeclared or unpaid dividend will not accumulate.

Dividends paid by this preferred security are eligible for the preferential income tax rate of 15% to a maximum of 20% depending on the holder's tax bracket (and under IRS specified holding restrictions) and are also eligible for the dividends received deduction for corporate holders (see page S-36 of the prospectus for further information).

This security is possibly subject to an early call as a result of the occurrence of a regulatory capital treatment event which no longer allows the company to include the funds originating from this security as Tier 1 capital on their balance sheet (see the prospectus for further information).

This security was rated as Ba1 by Moody’s and BBB- by S&P at the date of its IPO. In regard to the payment of dividends and upon liquidation, the preferred shares rank junior to the company's senior debt, equally with other preferreds of the company, and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.

Stock
Exchange
Cpn Rate
Ann Amt
LiqPref
CallPrice
Call Date
Matur Date
Moodys/S&P
Dated
Distribution Dates 15%
Tax Rate
NGS
Chart
FixFloat
$1.66
$25.00
$25.00
12/31/2023
n.a.
Baa3 BB+
12/31/2023
3/31, 6/30, 9/30 & 12/31
Click for MW ExDiv Date
Click for Yahoo ExDiv Date
YES

Goto Parent Company's Record (FITB)

Notes:  June 12, 2023 -- Fifth Third Bancorp (Nasdaq: FITB) announced today that, after June 30, 2023, 3-month CME Term SOFR, as administered by CME Group Benchmark Administration, Ltd. (or any successor administrator) plus a tenor spread adjustment of 0.26161% (“SOFR Rate”), will be the replacement reference rate for certain outstanding floating rate or fixed-to-floating rate preferred stock represented by depositary shares, capital trust securities, and preferred stock issued by Fifth Third Bancorp, First Charter Capital Trust I and First Charter Capital Trust II that use 3-month U.S. dollar LIBOR (“USD LIBOR”) as the reference rate and are governed by U.S. law (the “LIBOR Securities”):

IPO - 12/4/2013 - 18.00 Million Shares @ $25.00 /share.    Link to IPO Prospectus
Previous Ticker Symbol: FITBL    Changed: 12/17/13
   Changed: 1/01/00
Market Value $ Million
Click for current FITBI price quote from the NASDAQ

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Company's Online Information Links
HOME PAGE:     https://www.53.com/
Company's Investor Relations Information Goto Investor Relations Information
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Company's Online SEC EDGAR Filings
Company's SEC EDGAR Filings Goto SEC Filings

Company's Email Address Links
Email Address ir@53.com
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Address and Phone Numbers
Address:   Fifth Third Center, 38 Fountain Square Plaza, Cincinnati, OH 45263
Main Phone Number 513-534-5300
Fax Number Not Available
Investor Relations   Chris Doll 513-534-2345
Toll Free Phone Number 800-972-3030
CEO - Timothy N. Spence CFO - James C. Leonard

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