Do I sell here or do I really want a bunch of FITB common? Also have a huge capital gain since I starting buying back in March and April of 2009.
Fifth Third Bancorp, 8.50% Depositary Shares each representing a 1/250th interest in a share of the 8.50% Non-Cumulative Perpetual Convertible Preferred Stock, Series G, liquidation preference $100 per depositary share, not redeemable at the issuer's option at any time, and with no stated maturity. Distributions of 8.50% ($8.50) per annum are paid quarterly on 3/31, 6/30, 9/30 & 12/31 to holders of record on the record date fixed by the board (NOTE: the ex-dividend date is at least 2 business days prior to the record date). The dividends are non-cumulative and if the board of directors does not declare a dividend or the company fails to pay a dividend declared by the board for any quarterly dividend period, the holder will not be entitled to receive any dividend for that quarterly period and the undeclared or unpaid dividend will not accumulate. Dividends paid by the preferred are eligible for the 15% tax rate on dividends under normal holding restrictions and are also eligible for the dividends received deduction for corporate holders (see page S-59 of the prospectus for further information). The depositary preferred shares are convertible any time at the holder's option into 8.6393088 (calculated) common shares of Fifth Third Bancorp (Nasdaq: FITB), an initial conversion price of $11.575 per common share. On or after 6/30/2013, if the price of the common stock exceeds 130% of the conversion price for 20 of any 30 consecutive trading days, the company may, at their option, cause the preferred shares to be converted into common shares at the then prevailing conversion price.