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Fifth Third to redeem preferred securities

Cincinnati-based Fifth Third Bancorp intends to redeem all outstanding trust preferred securities issued by MB Financial Capital Trust II, IV and V on Sept. 16.

The outstanding balance of the preferred securities issued by MB Financial Capital Trust II is $35.0 million, while the outstanding balance of those issued by MB Financial Capital Trust IV is $20.0 million. The outstanding balance of the preferred securities issued by MB Financial Capital Trust V is $30.0 million.

Fifth Third will redeem the securities issued by the trusts at $1,000 per security, plus accrued and unpaid distributions to the actual redemption date of $9.63 per security for those issued by MB Financial Capital Trust II, $10.04 per security for those issued by MB Financial Capital Trust IV and $9.38 per security for those issued by MB Financial Capital Trust V.

Wilmington Trust is the redemption or paying agent for the preferred securities issued by MB Financial Capital Trust II and V, while U.S. Bank is the agent for the preferred securities issued by MB Financial Capital Trust IV.