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Fifth Third Bank Announces Redemption of MB Financial Bank Subordinated Notes due December 1, 2027
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Rhea-AI Summary
Fifth Third Bancorp (Nasdaq: FITB) announced that its subsidiary, Fifth Third Bank, has issued a redemption notice for all outstanding MB fixed-to-floating rate subordinated notes due December 1, 2027. The notes, amounting to $175 million, will be redeemed on March 1, 2023, for 100% of the principal plus accrued interest up to the redemption date. This move is part of Fifth Third's strategy to manage its capital and improve its balance sheet.
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The redemption of $175 million in subordinated notes may indicate higher capital costs for the company in the future.
CINCINNATI--(BUSINESS WIRE)--
Fifth Third Bancorp (Nasdaq: FITB) today announced that its subsidiary, Fifth Third Bank, National Association (the “Bank”), successor-in-interest to MB Financial Bank, National Association (“MB”), has submitted a redemption notice to the paying agent for redemption of all of the outstanding MB fixed-to-floating rate subordinated notes due December 1, 2027 (CUSIP 55266C XM3) issued in the principal amount of $175 million. The notes will be redeemed on March 1, 2023 pursuant to their terms and conditions for an amount equal to 100% of the principal amount plus accrued and unpaid interest to, but excluding, the redemption date.
About Fifth Third Bancorp
Fifth Third Bank, National Association is a federally chartered institution. Fifth Third Bancorp is the indirect parent company of Fifth Third Bank and its common stock is traded on the NASDAQ® Global Select Market under the symbol "FITB." Investor information and press releases can be viewed at www.53.com.
What is the recent announcement by Fifth Third Bancorp regarding its subordinated notes?
Fifth Third Bancorp announced the redemption of all outstanding MB fixed-to-floating rate subordinated notes due December 1, 2027, totaling $175 million.
When will Fifth Third Bank redeem the subordinated notes?
The subordinated notes will be redeemed on March 1, 2023.
How much is Fifth Third Bancorp redeeming in subordinated notes?
Fifth Third Bancorp is redeeming $175 million in subordinated notes.
What will Fifth Third Bancorp pay for the redeemed notes?
The company will pay 100% of the principal amount plus accrued interest up to the redemption date.
