8-KMaterial AgreementsFinancial Events

FIFTH THIRD BANCORP 8-K Report, Material Agreement (Jan 14, 2016)

Filed January 14, 2016For Securities:FITBFITBOFITBPFITB-PIFITB-PMFITB-PAFITBIFITB-PK

Summary

Fifth Third Bancorp (FITB) filed an 8-K on January 14, 2016, reporting the completion of an accelerated share repurchase (ASR) transaction initiated on December 9, 2015. This ASR, conducted with Wells Fargo, involved the repurchase of a total of 11,030,959 shares of Fifth Third's common stock for an aggregate amount of approximately $215 million, at an average price of $19.4906 per share. The repurchase of these shares was part of Fifth Third's previously announced 100 million share repurchase program. The completion of this ASR effectively reduces the number of outstanding shares and demonstrates the company's commitment to returning capital to shareholders. As of the filing date, Fifth Third retained approximately $28.8 million in remaining repurchase authority under its existing program, signaling potential for further shareholder-friendly actions.

Key Highlights

  • 1Fifth Third Bancorp completed an accelerated share repurchase (ASR) transaction on January 12, 2016.
  • 2A total of 11,030,959 shares of common stock were repurchased.
  • 3The total cost of the share repurchase was approximately $215 million.
  • 4The average repurchase price per share was $19.4906.
  • 5The ASR was conducted with Wells Fargo Bank, National Association.
  • 6This repurchase is part of Fifth Third's previously announced 100 million share repurchase program.
  • 7Approximately $28.8 million in share repurchase authority remains under the program.

Frequently Asked Questions

The primary purpose of this Form 8-K filing was to report the completion of an accelerated share repurchase (ASR) transaction, through which Fifth Third Bancorp repurchased a significant number of its own outstanding shares as part of an ongoing capital return program.

Fifth Third Bancorp repurchased a total of 11,030,959 shares of its common stock. The total cost for these repurchased shares was approximately $215 million, with an average price of $19.4906 per share.

Yes, the completed ASR is part of Fifth Third Bancorp's previously announced 100 million share repurchase program, initiated on March 18, 2014. This action demonstrates the company's continued execution of its capital return strategy.

Yes, following the completion of this accelerated share repurchase, Fifth Third Bancorp still had approximately $28.8 million in remaining repurchase authority under its existing share repurchase program, indicating the potential for future buybacks.