Fifth Third Bancorp (FITB) in Cincinnati is planning to issue approximately $655 million of common stock as part of a share conversion.

The $121 billion-asset company said Tuesday that it will convert preferred shares on which it pays 8.5% interest into 35.5 million shares of common stock on July 1. The conversion is part of Fifth Third's previously announced capital plan, and the new common stock to be issued is already included in its diluted share calculations, it said.

Fifth Third's share price rose slightly following the announcement, to $18.42 per share, on Wednesday.

The Fifth Third depositary shares representing the preferred stock will be delisted from Nasdaq following the exchange.

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