October 27, 2008
This morning we learned that two Ohio banks received bailout money, Huntington and Key City, while two others have not, Fifth Third and National City. The refusal drove National City into the arms of PNC. What do not know what standards are being applied or by whom. We do know that someone in the government is personally reorganizing the Ohio banking industry.
October 27, 2008 | Permalink
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Looks like Fifth Third will be getting bailout money afterall, $3.45B, just shy of the $3.6B they were asking for. News just came out yesterday, 10/28. The Treasury will get Fifth Third senior preferred stock (5% annual dividend for the first five years and 9% thereafter, unless the shares are redeemed). The Treasury will also get 10 year warrants for common stock.
Posted by: Mike Rosemeyer | Oct 29, 2008 7:46:39 AM