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Fifth Third Raising Capital, Sinks to Low

Stock quotes in this article: FITB , SCS , BAC , JPM , C  

Updated from 11:43 a.m. EDT

Fifth Third Bancorp(FITB Quote) hit a new 52-week low after the big Midwestern bank slashed its dividend and said it was raising $2 billion in capital.

The Cincinnati-based bank said the moves to strengthen its capital position were necessary "in light of continued deterioration in credit trends during the second quarter of 2008 and its view that conditions are unlikely to improve in the near term," the company said in a press release.

Fifth Third cut is dividend by two thirds to 15 cents a share. The new dividend will be payable on July 22. ...

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