Large Ohio Banks Seeing Stock Plunging

[bulloney]

Fifth Third stock plunges 27 pct after moves

By DAN SEWELL
AP Business Writer

CINCINNATI (AP) -- Fifth Third Bancorp shares plummeted 27 percent Wednesday after the regional bank, facing rising loan losses, said it will slash dividends and try to raise $2 billion with a stock offering and the sale of some noncore businesses.

Fifth Third also predicted second-quarter earnings would be far below Wall Street expectations. The bank cited the U.S. housing and credit crisis that has battered the financial sector, hitting particularly hard in key Fifth Third states such as Ohio, Michigan and Florida.

Investors rushed to unload Fifth Third shares, which fell $3.47, to close at $9.26, in very heavy trading. The stock, which traded as high as $43.20 within the last year, has lost more than half its value in just three weeks, after closing at $18.85 on May 28.

Another prominent Ohio bank, Huntington, has seen the price of its stock fall from around $22 six months ago, to less than $7 on Wednesday.

Makes you wonder how many other large lenders are in a similar situation and if the shit's about to hit the fan. And what will the effect on the U.S. economy be if and when it happens.

[fasttense]

1. Happy Days are Here Again.....

Oh wait, maybe Brother Can You Spare a Dime would be more appropriate.

Don't you just love being conned and manipulated into paying out the nose by your own government? Don't you just love how our government participates in destroying American jobs? The bushes have done more damage than we'll ever know.