CINCINNATI -- Fifth Third Bancorp on Tuesday raised its third-quarter dividend 33 percent to 8 cents per share from the previous quarter's 6 cents, the second increase this year after the regional bank repaid a taxpayer bailout extended during the financial crisis.
Fifth Third cut its dividend twice in 2008, from 44 cents to 15 cents in June 2008, then down to a penny in December after the crisis deepened. The company's board increased the payout to 6 cents per share in March of this year, and maintained that level for the dividend declared in June.
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The 8-cent dividend announced Tuesday is payable on Oct. 20 to shareholders of record as of Sept. 30.
The bank in February repaid $3.4 billion received through the government's Troubled Asset Relief Program, which sent billions of dollars to financial companies to stabilize them during the financial crisis.
Shares of Fifth Third lost 2 cents to $10.45 in afternoon trading.
Fifth Third, based in Cincinnati, has $111 billion in assets, with 1,314 bank locations across 12 states: Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Pennsylvania, Missouri, Georgia and North Carolina.
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