Summary
This Form 8-K filing by Fifth Third Bancorp (FITB) on January 8, 2015, reports on the completion of an accelerated share repurchase (ASR) transaction. The ASR, initially announced on October 20, 2014, involved repurchasing approximately $180 million of Fifth Third's common stock. This initiative is part of a larger 100 million share repurchase program authorized on March 18, 2014. The filing details that the ASR concluded on January 5, 2015, with Deutsche Bank AG, London Branch, as the counterparty. A total of 9,132,120 shares were repurchased at an average price of $19.7106. Following the completion of this transaction, Fifth Third Bancorp still had approximately $72 million in remaining repurchase authority under its existing program.
Key Highlights
- 1Fifth Third Bancorp (FITB) completed an accelerated share repurchase (ASR) transaction, repurchasing $180 million of its common stock.
- 2The ASR transaction was executed with Deutsche Bank AG, London Branch, and concluded on January 5, 2015.
- 3A total of 9,132,120 shares were repurchased under the ASR agreement at an average price of $19.7106 per share.
- 4This ASR is part of a broader share repurchase program authorized by Fifth Third Bancorp on March 18, 2014.
- 5Following the completion of the ASR, approximately $72 million in repurchase authority remains under the existing program.
- 6The filing serves as an update on the execution of a material definitive agreement related to share repurchases.
Frequently Asked Questions
The primary purpose of this Form 8-K filing was to report the completion of an accelerated share repurchase (ASR) transaction by Fifth Third Bancorp. It provided details on the amount repurchased, the number of shares involved, the average repurchase price, and the remaining authority under the company's share repurchase program.
Fifth Third Bancorp repurchased a total of 9,132,120 shares of its common stock under the accelerated share repurchase agreement. The average price paid for these shares was $19.7106.
Yes, the filing indicates that after the completion of this specific accelerated share repurchase transaction, Fifth Third Bancorp had approximately $72 million of remaining repurchase authority under its previously announced share repurchase program initiated on March 18, 2014. This suggests the broader program may continue.
The accelerated share repurchase transaction was executed with Deutsche Bank AG, London Branch, with Deutsche Bank Securities Inc. acting as the agent.