The Federal Reserve did not object to a revised capital plan from Fifth Third Bancorp (FITB) that included a potential divided increase and repurchase of common stock.
The Cincinnati company
The revised plan included possibly increasing the quarterly dividend from 8 cents to 10 cents in the third quarter and potential share repurchases of up to $600 million through the first quarter of 2013, Fifth Third said Tuesday.
Fifth Third's board approved a plan to repurchase up to 100 million shares, replacing a previous authorization from 2007 under which roughly 14 million shares remained. The company's board will consider the dividend increase at its regular meeting in September.