Word: fifth
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...Then there is Fifth Third Bancorp. The Cincinnati-based financial firm is one of a number of banks that have had to spend the past month pulling off some fancy financial gymnastics to meet their capital requirements. The stress test found that Fifth Third was $1.1 billion short of the common equity it needed to be considered well funded. Earlier this week, the bank announced that it had raised $1 billion by selling new stock. But that left the bank $100 million short of its goal. So the bank couldn't stop there. Instead, it offered $365 million...
...move seems to have worked. Fifth Third says the cash payments were enough to persuade holders of more than $550 million in preferred stock to convert their shares to common. Add that amount to the more than $600 million Fifth Third had left from its stock offering, and bingo: Stress test passed - over $1.1 billion in new common equity. The problem is the money Fifth Third paid to preferred shareholders to convert to common equity will also end up depleting Tier 1 capital - a measure of total bank resources, not just common equity - by $365 million...
...recent note to clients, analyst David Hendler of research firm CreditSights wrote, "Net-net, we believe that the announced actions are considerably dilutive to the company's shareholders, yet they could put to rest the dire perception that many investors had about Fifth Third, at least...
...When times are bad, it's crucial to make yourself interesting and vital and to let everybody know you're there. "Organizations that are cutting performances and marketing are going to be the losers," he warns. He also cautions them against reaching for the most familiar programming--Beethoven's Fifth! The Nutcracker! Grease!--in the hope of drawing guaranteed crowds. "I talked to an opera company recently that has done some adventurous programming," he says. "But this season they were just doing things like La Bohème. It wasn't selling at all, and I'm not surprised. People have...
...whom doctors delivered five weeks early to spare him an additional round of chemotherapy, is now in fifth grade and is "just a regular boy" who plays football and in-line hockey and has a yen for adventure novels, says his mom, who just celebrated her 10th year cancer-free...