Fifth Third Bancorp repays TARP

Fifth Third Bancorp joined the ranks of regional banks repaying US government bailout money yesterday, through a $1.7bn (£1.1bn) share offering. The bank sold 121.4m shares for $14 each and said it would use the proceeds, along with those from a senior debt offering and other funds, to repurchase preferred shares it sold to the US Treasury under the Troubled Asset Relief Programme.