Fifth Third forces conversion of 8.5% convertible perpetual preferreds

By Susanna Moon

Chicago, June 11 - Fifth Third Bancorp said its board of directors authorized the conversion of all outstanding shares of Fifth Third's 8.5% non-cumulative convertible perpetual preferred stock, series G.

The preferreds are represented by depositary shares, each representing 1/250th of a preferred.

As of the market close on July 1, Fifth Third will convert all 16,450 outstanding preferreds, which are represented by 4,112,500 depositary shares, according to a company press release.

Each preferred is convertible into 2,159.8272 common shares, and each depositary share will be convertible into 8.6393 common shares.

Upon conversion, the depositary shares will be delisted from the Nasdaq.

Fifth Third Bancorp is a diversified financial services company based in Cincinnati.

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