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May 29, 2014
08:19 EDTFITB, VNTVFifth Third Bancorp announces expected impact of Vantiv share sale
Vantiv (VNTV) recently conducted a secondary offering of 5.78 million shares of Class A Common Stock being sold on behalf of Fifth Third (FITB). Fifth Third says "The sale will result in an approximate 12% reduction in our ownership position in Vantiv (excluding the warrant noted below). Our purpose in the sale is to continue the process of monetizing the remaining portion of our stake in Vantiv in a considered, orderly fashion over time. Upon the settlement of this transaction, we would expect to recognize a pre-tax gain of approximately $125M during 2Q14. Following the settlement, Fifth Third would continue to hold approximately 43 million Class B units of Vantiv Holding, LLC, which may be exchanged for Class A common stock of Vantiv, Inc. on a one-for-one basis, as well as a warrant that is exercisable and exchangeable into Vantiv Inc. Class A Common Stock. These securities are subject to certain terms and restrictions. Fifth Third would have a remaining economic interest of approximately 22.8% of Vantivís future earnings. Our interest is accounted for under the equity method, and these earnings would be reduced reflecting the reduction in our ownership position as a result of the sale. Prior to this transaction, the carrying value of Fifth Thirdís investment in Vantiv Holding, LLC was $437M as of March 31. As previously announced on March 26, under our current capital plan, as to which the Federal Reserve provided a non-objection in its 2014 Comprehensive Capital Analysis and Review process, we may provide for the repurchase of shares of Fifth Third common stock in an amount up to any after-tax gains realized by Fifth Third from the sale of Vantiv shares."
News For FITB;VNTV From The Last 14 Days
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April 21, 2015
09:37 EDTFITBFifth Third says still reducing headcount in some areas
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09:21 EDTFITBFifth Third sees Q2 NIM 'slightly lower' than Q1, sees Q2 NII higher than Q1
Says current environment continues to challenge banks. Says "encouraged" by trends seen in February, March. Says "comfortable" with current portfolio. Says "no change" to FY15 NII expectations, even though current outlook includes no interest rate hike until Q4. Sees Q2 NII higher than Q1. Sees "relative stability" in NIM for remainder of year, sees NIM slightly lower in Q2 than Q1. Sees higher fee income in Q2 from Q1. Says not forecasting Q2 margins remaining at Q1 levels. Sees Q2 mortgage banking net revenue below Q1, but in line with last year's Q2. Sees higher expenses in next two quarters from Q1. Says "encouraged" by overall quality of new loans on balance sheet.Comments made on the Q1 earnings conference call. Fifth Third is up 1.11% in pre-market trading.
06:53 EDTFITBFifth Third sees $180M of repurchases under 2014 CCAR completed before Apr. 23
Expects $180M of share repurchases under 2014 CCAR plan to be completed on or before April 23. Says cash currently sufficient to satisfy all fixed obligations in a stressed environment for more than 18 months without accessing capital markets, relying on future dividends from subsidiaries or any other discretionary actions. Says continuing to target prudent risk/reward profile in lending. Comments from slides that will be presented on the Q1 earnings conference call.
06:33 EDTFITBFifth Third reports Q1 EPS 44c, consensus 37c
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April 20, 2015
15:37 EDTFITBNotable companies reporting before tomorrow's open
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