8-KMaterial AgreementsFinancial Events

FIFTH THIRD BANCORP 8-K Report, Material Agreement (Dec 16, 2016)

Filed December 16, 2016For Securities:FITBFITBOFITBPFITB-PIFITB-PMFITB-PAFITBIFITB-PK

Summary

Fifth Third Bancorp (FITB) filed an 8-K on December 16, 2016, to report the entry into a material definitive agreement related to its share repurchase program. Specifically, the company entered into a share repurchase agreement with Deutsche Bank AG, London Branch, to buy back approximately $155 million of its outstanding common stock. This repurchase is part of Fifth Third's previously announced 100 million share repurchase program. The agreement outlines the terms for acquiring these shares, with Fifth Third paying $155 million on December 20, 2016, and expecting to receive the majority of the shares by that date. The number of shares repurchased will be based on a discount to the average daily volume-weighted average prices during the agreement's term, with provisions for potential adjustments in shares or cash at settlement. Investors should note that this transaction is subject to customary adjustments and termination provisions, which could impact the final number of shares returned to the company.

Key Highlights

  • 1Fifth Third Bancorp entered into a share repurchase agreement with Deutsche Bank AG, London Branch.
  • 2The agreement involves the repurchase of approximately $155 million of Fifth Third Bancorp's common stock.
  • 3This repurchase is a continuation of Fifth Third's previously announced 100 million share repurchase program.
  • 4Fifth Third will pay $155 million on December 20, 2016, and expects to receive most shares by that date.
  • 5The number of shares received will be influenced by the average daily volume-weighted average prices during the agreement's term.
  • 6The transaction includes provisions for potential adjustments in shares or cash at settlement.
  • 7The agreement is subject to customary adjustments and termination provisions, including extraordinary events that could affect the number of shares repurchased.

Frequently Asked Questions

The primary purpose of this 8-K filing is to report that Fifth Third Bancorp has entered into a material definitive agreement for a share repurchase with Deutsche Bank AG, London Branch, as part of its ongoing stock repurchase program.

Fifth Third Bancorp is repurchasing approximately $155 million of its outstanding common stock from Deutsche Bank AG, London Branch.

No, this is not a new program. This repurchase is part of Fifth Third Bancorp's previously announced 100 million share repurchase program, first disclosed on March 16, 2016.

Fifth Third Bancorp will pay $155 million on December 20, 2016, and expects to receive a substantial majority of the shares by the same date. The final number of shares is determined by a discount to the average daily volume-weighted average prices during the agreement's term, with potential adjustments at settlement.