Fifth Third Bancorp (FITB) appear today that the Board of Governors of the Federal Reserve System (“the Federal Reserve”) did not article to Fifth Third’s angle for abeyant basic accomplishments from July 1, 2018 through June 30, 2019 included in its basic plan submitted in April beneath the Comprehensive Basic Analysis and Analysis (“CCAR”) process.
“We are admiring that the Federal Reserve’s non-objection will accredit us to acknowledgment a cogent bulk of balance basic to our shareholders,” said Greg Carmichael, chairman, admiral and CEO of Fifth Third Bancorp. “The plan includes a abundant admission in basic returns, with a 33% admission in our annual accepted allotment and a 42% admission in allotment repurchases compared to aftermost year’s basic plan. This basic plan is in band with our ambition to advance advisable basic levels while abiding balance basic to our shareholders. Additionally, we are admiring that the Federal Reserve has afresh not objected to the use of after-tax basic generated by any auction of our Worldpay pale to repurchase Fifth Third accepted shares.”
“Given our awaiting accretion of MB Financial, our regulators accept a us that we are appropriate to resubmit our 2018 CCAR plan on a accumulated basis. However, we are acceptable to assassinate our basic distributions constant with this CCAR plan after accepting to adjournment for the Federal Reserve’s analysis of the resubmitted plan, including accepted allotment repurchases associated with our best contempo auction of 5 actor shares of Worldpay which resulted in an after-tax accretion of about $154 million.”
2018 CCAR Basic Plan
Fifth Third’s basic plan included the afterward basic accomplishments accompanying to accepted assets and allotment repurchases for the aeon alpha July 1, 2018 and catastrophe June 30, 2019:
The Federal Reserve’s non-objection applies alone to those accomplishments proposed in Fifth Third’s CCAR acquiescence to be taken from July 1, 2018 through June 30, 2019. On May 21, 2018, Fifth Third appear an acceding to absorb with MB Financial, Inc. Because of the afresh appear transaction, the Federal Reserve will crave Fifth Third to resubmit its CCAR plan acquainted the pro forma appulse of the accumulated Fifth Third MB Banking post-merger entity. This resubmission process, including the timeline for re-approval of the CCAR submission, is accountable to the Federal Reserve’s centralized processes and the academic timeline for consecutive approval is not authentic at this time. The CCAR resubmission, and any consecutive objection/non-objection, should not be taken as an adumbration of the likelihood of approval of the Bank Holding Aggregation Appliance or the Bank Alliance Act application, which are accountable to approval by the Board of Governors of the Federal Reserve System. Any basic actions, including those advised in the aloft appear actions, are accountable to appraisal of Fifth Third’s performance, the accompaniment of the bread-and-er environment, bazaar conditions, authoritative factors, and added risks and uncertainties and approval by the Board of Admiral at any accustomed time. Fifth Third has no accepted advice and makes no representations as to whether, back or in what amounts there may be a) approaching assets from the auction of Worldpay stock, b) approaching assets from the auction of any allocation of the tax receivable acceding with Worldpay or c) added basic accomplishments or distributions acute approaching Board approval, approaching authoritative developments, or approaching requisite bazaar conditions.
Fifth Third Bancorp is a adapted banking casework aggregation headquartered in Cincinnati, Ohio. As of March 31, 2018, the Aggregation had $142 billion in assets and operates 1,153 full-service Banking Centers, and 2,459 Fifth Third branded ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia and North Carolina. In total, Fifth Third provides its barter with admission to added than 54,000 fee-free ATMs beyond the United States. Fifth Third operates four basic businesses: Commercial Banking, Branch Banking, Consumer Lending, and Wealth & Asset Management. Fifth Third is amid the better money managers in the Midwest and, as of March 31, 2018, had $363 billion in assets beneath care, of which it managed $37 billion for individuals, corporations and not-for-profit organizations through its Trust and Registered Advance Advisory businesses. Broker advice and columnist releases can be beheld at www.53.com. Fifth Third’s accepted banal is traded on the NASDAQ® Global Select Bazaar beneath the attribute “FITB.”
IMPORTANT ADDITIONAL INFORMATION AND WHERE TO FIND IT
In affiliation with the proposed merger, Fifth Third Bancorp has filed with the SEC a Registration Statement on Form S-4 that includes the Proxy Statement of MB Financial, Inc. and a Prospectus of Fifth Third Bancorp, as able-bodied as added accordant abstracts apropos the proposed transaction. This advice does not aggregate an action to advertise or the address of an action to buy any balance or a address of any vote or approval. INVESTORS AND STOCKHOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT AND THE PROXY STATEMENT/PROSPECTUS REGARDING THE MERGER AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION.A chargeless archetype of the Proxy Statement/Prospectus, as able-bodied as added filings absolute advice about Fifth Third Bancorp and MB Financial, Inc., may be acquired at the SEC’s Internet armpit (http://www.sec.gov). You will additionally be able to access these documents, chargeless of charge, from Fifth Third Bancorp at ir.53.com or from MB Financial, Inc. by accessing MB Financial, Inc.’s website at investor.mbfinancial.com. Copies of the Proxy Statement/Prospectus can additionally be obtained, chargeless of charge, by administering a appeal to Fifth Third Broker Relations at Fifth Third Broker Relations, MD 1090QC, 38 Fountain Square Plaza, Cincinnati, OH 45263, by calling (866) 670-0468, or by sending an e-mail to [email protected] or to MB Financial, Attention: Corporate Secretary, at 6111 North River Road, Rosemont, Illinois 60018, by calling (847) 653-1992 or by sending an e-mail to [email protected] Third Bancorp and MB Financial, Inc. and assertive of their corresponding admiral and controlling admiral may be accounted to be participants in the address of proxies from the stockholders of MB Financial, Inc. in account of the transaction declared in the Proxy Statement/Prospectus. Advice apropos Fifth Third Bancorp’s admiral and controlling admiral is independent in Fifth Third Bancorp’s Annual Report on Form 10-K for the year concluded December 31, 2017 and its Proxy Statement on Agenda 14A, anachronous March 6, 2018, which are filed with the SEC. Advice apropos MB Financial, Inc.’s admiral and controlling admiral is independent in its Proxy Statement on Agenda 14A filed with the SEC on April 3, 2018. Added advice apropos the interests of those participants and added bodies who may be accounted participants in the transaction may be acquired by account the Proxy Statement/Prospectus apropos the proposed merger. Chargeless copies of this certificate may be acquired as declared in the above-mentioned paragraph.
This advice contains advanced statements aural the acceptation of the Private Balance Litigation Reform Act of 1995 including, but not bound to, Fifth Third Bancorp’s and MB Financial, Inc.’s expectations or predictions of approaching banking or business achievement or conditions. Advanced statements are about articular by words such as “believe,” “expect,” “anticipate,” “intend,” “target,” “estimate,” “continue,” “positions,” “plan,” “predict,” “project,” “forecast,” “guidance,” “goal,” “objective,” “prospects,” “possible” or “potential,” by approaching codicillary verbs such as “assume,” “will,” “would,” “should,” “could” or “may”, or by variations of such words or by agnate expressions. These advanced statements are accountable to abundant assumptions, risks and uncertainties, which change over time. Advanced statements allege alone as of the date they are fabricated and we accept no assignment to amend advanced statements. Absolute after-effects may alter materially from accepted projections.In accession to factors ahead appear in Fifth Third Bancorp’s and MB Financial, Inc.’s letters filed with or furnished to the SEC and those articular abroad in this communication, the afterward factors, amid others, could account absolute after-effects to alter materially from advanced statements or absolute performance: the adeptness to access authoritative approvals and accommodated added closing altitude to the merger, including approval of the alliance by MB Financial, Inc.’s stockholders on the accepted agreement and schedule, including the accident that authoritative approvals appropriate for the alliance are not acquired or are acquired accountable to altitude that are not anticipated; adjournment in closing the merger; difficulties and delays in amalgam the businesses of MB Financial, Inc. or absolutely acumen amount accumulation and added benefits; business disruption afterward the merger; changes in asset affection and acclaim risk; the disability to sustain acquirement and balance growth; changes in absorption ante and basic markets; inflation; chump accepting of Fifth Third Bancorp’s articles and services; chump borrowing, repayment, advance and drop practices; chump disintermediation; the introduction, withdrawal, success and timing of business initiatives; aggressive conditions; the disability to apprehend amount accumulation or revenues or to apparatus affiliation affairs and added after-effects associated with mergers, acquisitions and divestitures; bread-and-er conditions; and the impact, admeasurement and timing of abstruse changes, basic administration activities, and added accomplishments of the Federal Reserve Board and aldermanic and authoritative accomplishments and reforms.Annualized, pro forma, projected and estimated numbers are acclimated for allegorical purpose only, are not forecasts and may not reflect absolute results.
View antecedent adaptation on businesswire.com: https://www.businesswire.com/news/home/20180628006315/en/
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