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Federal Reserve Does Not Object To Fifth Third Bancorp Resubmitted Capital Plan

Fifth Third Bancorp (FITB) said that the Board of Governors of the Federal Reserve System did not object to Fifth Third's Resubmitted Capital Plan for potential capital actions through June 30, 2019.

On May 21, 2018, Fifth Third announced an agreement to merge with MB Financial, Inc. Because of the transaction, the Federal Reserve required Fifth Third to resubmit its CCAR plan recognizing the pro forma impact of the combined Fifth Third MB Financial post-merger entity.

The capital actions in Fifth Third's Resubmitted Capital Plan through June 30, 2019 remain unchanged compared to the originally submitted 2018 CCAR plan. Through December 2018, Fifth Third has executed approximately $900 million of $1.81 billion in share repurchases authorized under the 2018 CCAR process.

Additionally, Fifth Third continues to have the authorization to increase the common dividend to $0.24 beginning the second-quarter of 2019.

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