8-KMaterial AgreementsFinancial Events

FIFTH THIRD BANCORP 8-K Report, Material Agreement (Feb 11, 2013)

Filed February 11, 2013For Securities:FITBFITBOFITBPFITB-PIFITB-PMFITB-PAFITBIFITB-PK

Summary

Fifth Third Bancorp (FITB) filed an 8-K on February 11, 2013, reporting on the completion of a share repurchase transaction. The company finalized an accelerated share repurchase (ASR) agreement with Credit Suisse International, initially announced on November 6, 2012. This transaction involved the repurchase of approximately $125 million of Fifth Third's common stock. The filing details that a total of 8,368,675 shares were repurchased at an average price of $14.9367. The completion of this ASR is part of Fifth Third's broader share repurchase program. The report also indicates that the company has ongoing active contracts for further share repurchases and maintains significant remaining repurchase authority, signaling a continued focus on returning capital to shareholders.

Key Highlights

  • 1Fifth Third Bancorp completed an accelerated share repurchase (ASR) transaction with Credit Suisse International.
  • 2The ASR agreement, initially announced on November 6, 2012, involved approximately $125 million of Fifth Third's common stock.
  • 3A total of 8,368,675 shares were repurchased under the completed ASR.
  • 4The average repurchase price for the shares was $14.9367.
  • 5The repurchase activity is part of Fifth Third's broader share repurchase program.
  • 6The company has ongoing active contracts for additional share repurchases totaling 13,220,438 million shares.
  • 7Fifth Third has 55 million shares of remaining repurchase authority under its program.

Frequently Asked Questions

This Form 8-K filing reports the completion of an accelerated share repurchase (ASR) transaction between Fifth Third Bancorp and Credit Suisse International, which was initially announced in November 2012.

In total, Fifth Third Bancorp repurchased 8,368,675 shares at an average price of $14.9367 as part of the completed ASR agreement.

Yes, the filing indicates that Fifth Third Bancorp has ongoing active contracts for further share repurchases and still has 55 million shares of remaining repurchase authority under its program, demonstrating a continued commitment to returning capital to shareholders.

Credit Suisse International acted as the counterparty for the accelerated share repurchase transaction. The filing also notes that Credit Suisse and its affiliates may have provided or may in the future provide various financial advisory and other services to Fifth Third Bancorp for which they receive customary fees.