Fifth Third Bancorp of Cincinnati said Thursday that it has sold $1 billion in stock to the market, one-third more than it planned to sell.

In May the regional banking company announced plans for a $750 million stock sale and an offer to exchange all $1.1 billion of convertible preferred shares not held by the government into common stock.

Fifth Third said with the $1 billion stock sale — roughly 25% of the company's current market value — and other steps, Tier 1 capital levels could increase by as much as $2 billion.

Fifth Third said some money would go toward future repayment of the Treasury Department's $3.45 billion investment in the company last fall.

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