8-KMaterial AgreementsFinancial Events

FIFTH THIRD BANCORP 8-K Report, Material Agreement (Apr 12, 2016)

Filed April 12, 2016For Securities:FITBFITBOFITBPFITB-PIFITB-PMFITB-PAFITBIFITB-PK

Summary

Fifth Third Bancorp (FITB) filed an 8-K on April 12, 2016, reporting the completion of an accelerated share repurchase (ASR) transaction initiated on March 1, 2016. This ASR, valued at approximately $240 million, was part of the company's previously announced 100 million share repurchase program. The transaction involved Morgan Stanley & Co. LLC and resulted in the repurchase of a total of 14,492,141 shares at an average price of $16.5607 per share. Following the completion of this ASR, Fifth Third Bancorp has approximately 14.3 million shares remaining under its prior repurchase authorization. However, any future repurchases are expected to be executed under a new share repurchase program announced in March 2016. This filing provides transparency on the execution of the company's capital return strategy to shareholders.

Key Highlights

  • 1Fifth Third Bancorp completed an accelerated share repurchase (ASR) transaction totaling approximately $240 million.
  • 2The ASR was executed with Morgan Stanley & Co. LLC.
  • 3A total of 14,492,141 shares were repurchased.
  • 4The average repurchase price per share was $16.5607.
  • 5This repurchase was part of the company's previously announced 100 million share repurchase program.
  • 6Following this transaction, approximately 14.3 million shares of repurchase authority remain under the prior program.
  • 7Future repurchases are expected to be conducted under a new program announced in March 2016.

Frequently Asked Questions

This Form 8-K was filed to report the completion of an accelerated share repurchase (ASR) transaction where Fifth Third Bancorp bought back a significant number of its own shares.

Fifth Third Bancorp repurchased a total of 14,492,141 shares through this accelerated share repurchase program.

The accelerated share repurchase transaction was valued at approximately $240 million.

Yes, after this repurchase, Fifth Third Bancorp has approximately 14.3 million shares of remaining repurchase authority under its previous program, and expects to use a new program announced in March 2016 for future repurchases.