Fifth Third Bancorp has repaid around $3.4 billion in TARP loans that it received from the U.S. Department of Treasury, Bloomberg reports. The U.S. lender financed the repayment using money that it raised during recent stock and bond offerings, as well as cash on hand. The Ohio-based bank raised $1.7 billion through a share offering in January and sold $1 billion in bonds through a senior debt offering to finance the repayment, adds Reuters. Fifth Third paid the treasury around $340 million in quarterly dividends since receiving the TARP loan in December 2008.
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