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Fifth Third Bancorp (FITB) in Cincinnati named a new chief financial officer in connection with a tentative agreement to settle a Securities and Exchange Commission investigation into its accounting for commercial real estate loans in 2008, according to a Tuesday press release.
November 5 -
Senate Banking Committee members pressed banking officials about the significance of new capital standards at a hearing Thursday on the Dodd-Frank Act, including concerns that institutions will work around new rules and remain highly leveraged.
July 11 -
Rep. Maxine Waters, the top Democrat on the House Financial Services Committee, praised regulators on Friday for their changes to the final Basel III capital standards announced earlier in the week.
July 5 -
As the Federal Reserve Board gets set to vote on a final package of Basel III capital rules at a meeting Tuesday, it remains unclear just how far regulators will go to placate community bankers outraged by the proposal offered last year.
July 1
Fifth Third Bancorp (FITB) in Cincinnati plans to redeem $750 million of trust-preferred securities.
The $126 billion-asset company plans to redeem the notes, and pay about $10.3 million in unpaid dividends, on Dec. 30, it announced last week. It will use available cash to fund the redemption.
The publication of final regulatory capital rules by the Federal Reserve and the Office of the Comptroller of the Currency gives Fifth Third the opportunity to call the notes. The notes have a repayment date in 2067 and pay 6.50% interest, but the securities agreement that governs them says they can be called in the event of a "capital treatment event," and the new rules quality as such an event, Fifth Third said.
Wilmington Trust is the agent for the redemption.
Fifth Third agreed last week to