8-KMaterial AgreementsFinancial Events

FIFTH THIRD BANCORP 8-K Report, Material Agreement (Mar 4, 2014)

Filed March 4, 2014For Securities:FITBFITBOFITBPFITB-PIFITB-PMFITB-PAFITBIFITB-PK

Summary

This Form 8-K filing by Fifth Third Bancorp (FITB) on March 4, 2014, primarily details the completion of an accelerated share repurchase (ASR) transaction initiated on November 13, 2013. The company repurchased a total of 9,670,918 shares of its common stock from Deutsche Bank AG, London Branch, for approximately $200 million. This ASR was part of a larger 100 million share repurchase program announced in March 2013. The filing indicates that Fifth Third Bancorp still has substantial authority remaining under its share repurchase program, with approximately 38 million shares of repurchase authority left. This information is relevant to investors as it signals the company's continued commitment to returning capital to shareholders and managing its share count.

Key Highlights

  • 1Completion of a $200 million accelerated share repurchase (ASR) transaction with Deutsche Bank AG.
  • 2Total of 9,670,918 shares repurchased under the ASR agreement.
  • 3The ASR was part of a broader 100 million share repurchase program announced in March 2013.
  • 4An average repurchase price of $20.6806 per share was achieved.
  • 5Approximately 38 million shares of repurchase authority remain under the existing program.
  • 6The filing was made on March 4, 2014, reporting events as of February 28, 2014.
  • 7The Chief Financial Officer, Tayfun Tuzun, signed the report.

Frequently Asked Questions

The primary purpose of this filing was to report the completion of an accelerated share repurchase (ASR) transaction where Fifth Third Bancorp repurchased approximately $200 million worth of its common stock from Deutsche Bank AG.

A total of 9,670,918 shares were repurchased under the November 13, 2013 transaction, at an average price of $20.6806 per share.

Yes, Fifth Third Bancorp still has approximately 38 million shares of remaining repurchase authority under its share repurchase program that was previously announced on March 19, 2013.

The filing highlights numerous risks that could cause actual results to differ materially from forward-looking statements. These include general economic conditions, deteriorating credit quality, changes in interest rates, competitive pressures, regulatory changes (like the Dodd-Frank Act), and potential difficulties related to acquisitions or investments.