Fed Approves Fifth Third's Resubmitted Capital Plan

Law360, New York (August 22, 2012, 7:41 PM EDT) -- Five months after being rebuffed by the Federal Reserve, Ohio-based Fifth Third Bancorp on Tuesday said it had won approval for a capital plan that includes a possible dividend increase and a potential buyback of common shares.

The Fed’s backing sets the stage for a 25 percent boost, to 10 cents from 8 cents, in quarterly dividends in the third quarter of this year. In addition, Fifth Third said it might pursue share repurchases worth up to $600 million.

Fifth Third CEO Kevin Kabat said the...
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