Regions Financial Corp. and Fifth Third Bancorp reported differing results Thursday in their efforts to raise capital.
Regions said it had a modest response to its offer to exchange $700 million of trust-preferred securities with common stock.
The offer, which had an acceptance rate of 29%, will boost shares outstanding by 33 million. Regions recently sold 400 million shares as part of an effort to boost common equity levels. It now has 1.1 billion shares outstanding.
Fifth Third said it received $696.2 million of depositary shares in exchange for 60.1 million common shares and $229.8 million of cash.
As a result of the exchange, coupled with a $1 billion common stock offering this month, Fifth Third said it has topped the $1.1 billion common equity increase called for after the federal government's stress tests.