8-KMaterial AgreementsFinancial Events

FIFTH THIRD BANCORP 8-K Report, Material Agreement (Oct 23, 2015)

Filed October 23, 2015For Securities:FITBFITBOFITBPFITB-PIFITB-PMFITB-PAFITBIFITB-PK

Summary

Fifth Third Bancorp (FITB) filed an 8-K on October 23, 2015, reporting the completion of an accelerated share repurchase (ASR) transaction with Deutsche Bank. This transaction, initiated on September 3, 2015, involved the repurchase of approximately $150 million worth of FITB's common stock. The ASR program has concluded, with a total of 7,985,075 shares repurchased at an average price of $18.7850 per share. This repurchase is part of Fifth Third's broader 100 million share repurchase program announced in March 2014. Following the completion of this ASR, the company retains approximately 39.8 million shares of repurchase authority under the existing program. Investors should note that while share repurchases can signal management's confidence and potentially boost earnings per share, the company's financial health and future performance are subject to various risks outlined in the filing, including economic conditions, credit quality, and interest rate changes.

Key Highlights

  • 1Fifth Third Bancorp (FITB) announced the completion of an accelerated share repurchase (ASR) transaction.
  • 2The ASR agreement was with Deutsche Bank AG, London Branch, initiated on September 3, 2015.
  • 3The total value of the share repurchase was approximately $150 million.
  • 4A total of 7,985,075 shares of common stock were repurchased.
  • 5The average repurchase price per share was $18.7850.
  • 6This repurchase is part of a larger 100 million share repurchase program initiated in March 2014.
  • 7Approximately 39.8 million shares of repurchase authority remain under the existing program.

Frequently Asked Questions

The main purpose of this 8-K filing was to report the completion of an accelerated share repurchase (ASR) transaction by Fifth Third Bancorp.

Fifth Third Bancorp repurchased a total of 7,985,075 shares of its common stock under the ASR agreement, at an average price of $18.7850 per share.

The specific accelerated share repurchase transaction reported in this filing is complete. However, Fifth Third Bancorp still has approximately 39.8 million shares of repurchase authority remaining under its larger 100 million share repurchase program announced in March 2014.

The accelerated share repurchase transaction was conducted with Deutsche Bank AG, London Branch, with Deutsche Bank Securities Inc. acting as the agent.