CINCINNATI, March 22, 2011 /PRNewswire/ -- Fifth Third Bancorp (Nasdaq: FITB) today declared a first quarter 2011 cash dividend on its common shares of $0.06, an increase of $0.05 from its previous quarterly dividend rate. The cash dividend is payable on Thursday, April 21, 2011 to shareholders of record as of Friday, April 1, 2011.
"We are pleased to announce this increase in our common dividend, which reflects our strong capital position and earnings generation," said Kevin T. Kabat, president and chief executive officer of Fifth Third Bancorp. "We look forward to providing a more normalized dividend payout ratio as contemplated in our capital plan and consistent with regulatory guidance. Future increases will be evaluated by management and the Board of Directors, based on our earnings, financial conditions, capital requirements, and other factors as appropriate at the time."
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. The Company has $111 billion in assets and operates 15 affiliates with 1,310 full-service Banking Centers, including 101 Bank Mart® locations open seven days a week inside select grocery stores and 2,451 ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Pennsylvania, Missouri, Georgia and North Carolina. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending, and Investment Advisors. Fifth Third also has a 49% interest in Fifth Third Processing Solutions, LLC. Fifth Third is among the largest money managers in the Midwest and, as of December 31, 2010, had $266 billion in assets under care, of which it managed $25 billion for individuals, corporations and not-for-profit organizations. Investor information and press releases can be viewed at www.53.com. Fifth Third's common stock is traded on the NASDAQ® National Global Select Market under the symbol "FITB."
SOURCE Fifth Third Bancorp