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EXHIBIT 99.1
[FIFTH THIRD BANK LOGO]
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NEWS RELEASE
CONTACT: NEAL E. ARNOLD (ANALYSTS) FOR IMMEDIATE RELEASE
(513) 579-4356 JUNE 20, 2000
ROBERTA R. JENNINGS (MEDIA)
(513) 579-4153
FIFTH THIRD BANCORP DECLARES 3-FOR-2 STOCK SPLIT,
INCREASES QUARTERLY CASH DIVIDEND
Fifth Third Bancorp is pleased to announce that its Board of Directors
today approved a 3-for-2 stock split in the form of a stock dividend and
increased the second quarter cash dividend to $.27 per share ($.18 on a
post-split basis). The increased dividend is 35 percent higher than the $.20 per
share declared in June 1999 and 13 percent higher than the $.24 declared last
quarter.
Both dividends will be paid on July 14, 2000, to shareholders of record
as of June 30, 2000. Any fractional shares created by the stock split will be
paid in cash based on Fifth Third Bancorp's closing price on June 30, 2000.
Fifth Third President & CEO George A. Schaefer, Jr. states, "We believe
today's split further improves the attractiveness of Fifth Third's shares to a
broader range of investors and expect that it will benefit our shareholders by
increasing the liquidity and accessibility of our stock as we continue our
overall growth strategy. As a result of this split, our fifth in the past ten
years, a single share of Fifth Third Bancorp stock purchased in 1990 equates to
nearly eight shares today."
He continues, "In addition, we are pleased to again raise our cash
dividend after only nine months--a precedent we've consistently followed for
over 13 years. It represents the 34th increase in the Bancorp's 26-year history
and further demonstrates our commitment to maximizing shareholder value."
Fifth Third Bancorp will report its second quarter 2000 financial
results on Friday, July 14, 2000.
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Fifth Third Bancorp is a diversified financial services company
headquartered in Cincinnati, Ohio. The Company has over $44 billion in assets,
operates 14 affiliate banks with 642 full-service Banking Centers, including 116
Bank Mart(R) locations open seven days a week inside select grocery stores and
1,400 Jeanie(R) ATMs in Ohio, Kentucky, Indiana, Florida, Arizona, Michigan and
Illinois. Fifth Third's financial strength continues to be recognized by rating
agencies with deposit ratings of AA- and Aa2 and commercial paper ratings of A1+
and P1 from Standard & Poor's and Moody's, respectively. A leader in e-commerce,
Fifth Third was named #1 e-business innovator by PC Week. Fifth Third operates
four main businesses: Retail, Commercial, Investment Advisors and Midwest
Payment Systems, the Bank's data processing subsidiary. Investor information and
press releases can be viewed at www.53.com; press releases are also available by
fax at no charge by calling 800-758-5804, identification number 281775. The
company's common stock is traded in the over-the-counter market through the
NASDAQ National Market System under the symbol "FITB."
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