Davis Polk advised the representatives of the underwriters in an SEC-registered offering by Fifth Third Bancorp of 350,000 depositary shares, each representing a 1/25th ownership interest in a share of its 4.500% fixed-rate reset non-cumulative perpetual preferred stock, Series L, no par value per share, with a liquidation preference of $25,000 per share. The net proceeds from the offering totaled approximately $346.5 million.
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio, with commercial banking, branch banking, consumer lending and investment advisory businesses. As of June 30, 2020, Fifth Third operated 1,122 full-service banking centers and 2,456 ATMs. It also had $405 billion in assets under care, of which it managed $49 billion for individuals, corporations and not-for-profit organizations.
The Davis Polk corporate team included partner Byron B. Rooney and associates Jennifer Ying Lan and Ariel Rivera. The financial institutions team included partner Margaret E. Tahyar and associate Tyler X. Senackerib. The tax team included counsel Ethan R. Goldman and associate Ben Levenback. All members of the Davis Polk team are based in the New York office.