{ "market" : {"NAME" : "U.S.", "ID" : "us_market", "TZ" : "ET", "TZOFFSET" : "-18000", "open" : "1261492232", "close" : "1261515632", "flags" : {}} , "STREAMER_SERVER" : "http://streamerapi.finance.yahoo.com","arrowAsChangeSign" : false,"throttleInterval": "1000"}

Send us feedback. Tell us what you think about the new Article Page. Send us feedback

Fifth Third compensated CEO $3 million in 2008

Fifth Third Chairman and CEO Kevin Kabat received $3 million in compensation in 2008

ap
By Sara Lepro, AP Business Writer , On Monday March 2, 2009, 3:17 pm EST

NEW YORK (AP) -- The chairman, president and chief executive of Fifth Third Bancorp received compensation valued at about $3 million in 2008, 70 percent less than in the previous year, as the troubled regional bank reported big losses and took government aid.

According to a Securities and Exchange Commission filing Friday, Kevin Kabat received a base salary of $899,995, a nearly 4 percent increase over the prior year. He also received stock and option awards valued at about $1.9 million on the days they were granted.

Additionally, Kabat received other compensation valued at $208,134, which included trust and estate planning services, parking, country club dues, insurance premiums, contributions to defined contribution plans and dividends on restricted stock.

In 2007, Kabat's total pay package was valued at $10 million.

The Associated Press calculations of total pay include executives' salary, bonus, incentives, perks, and the estimated value of stock options and awards granted during the year. The AP's calculations of total pay may differ from companies' totals, listed in their proxies.

Separately, Kabat realized $164,940 on the vesting of stock awards.

Nearly all banks have been battling rising loan losses and capital constraints as the economy deteriorates, but Cincinnati-based Fifth Third has faced considerable strain due to its large exposure to troubled real estate markets in Florida and Michigan.

Fifth Third lost nearly $2.2 billion in the fourth quarter, mainly due to rising defaults on loans, charges on goodwill and credit costs. For the year, Fifth Third reported a loss of $2.2 billion, or $3.94 cents per share, compared with earnings of $1.1 billion, or $1.99 per share in 2007.

Late last year, the bank received $3.4 billion in government aid during the fourth quarter as part of the Treasury Department's capital purchase program aimed at boosting lending to businesses and consumers.

Fifth Third shares lost 67 percent in 2008, amid the ballooning financial crisis.

Copyright © 2009 The Associated Press. All rights reserved. The information contained in the AP News report may not be published, broadcast, rewritten, or redistributed without the prior written authority of The Associated Press.