8-KMaterial AgreementsFinancial Events

FIFTH THIRD BANCORP 8-K Report, Material Agreement (Feb 6, 2017)

Filed February 6, 2017For Securities:FITBFITBOFITBPFITB-PIFITB-PMFITB-PAFITBIFITB-PK

Summary

Fifth Third Bancorp (FITB) filed an 8-K on February 6, 2017, to report the completion of an accelerated share repurchase (ASR) transaction initiated in December 2016. This ASR program, part of a larger 100 million share repurchase authorization, saw Fifth Third repurchase a total of 5,888,112 shares of its common stock from Deutsche Bank AG, London Branch, at an average price of $26.3242 per share. The final settlement of these repurchased shares was expected on February 6, 2017. This repurchase activity indicates the company's commitment to returning capital to shareholders and managing its share count. With this transaction concluded, Fifth Third Bancorp retains approximately $80.6 million of repurchase authority under its previously announced program, allowing for continued flexibility in capital allocation strategies moving forward. Investors should note this event as part of the company's ongoing capital return initiatives.

Key Highlights

  • 1Fifth Third Bancorp completed an accelerated share repurchase (ASR) transaction on February 2, 2017.
  • 2A total of 5,888,112 shares of common stock were repurchased.
  • 3The average repurchase price was $26.3242 per share.
  • 4The ASR was part of a previously announced 100 million share repurchase program.
  • 5The transaction was executed with Deutsche Bank AG, London Branch.
  • 6The completion of the ASR means Fifth Third Bancorp has approximately $80.6 million of remaining repurchase authority.
  • 7The filing confirms the company's ongoing commitment to returning capital to shareholders.

Frequently Asked Questions

This 8-K filing was made by Fifth Third Bancorp to report the completion of an accelerated share repurchase (ASR) transaction, which is a material definitive agreement and reflects a direct financial obligation.

Fifth Third Bancorp repurchased a total of 5,888,112 shares of its common stock at an average price of $26.3242 per share.

Yes, this accelerated share repurchase is part of Fifth Third Bancorp's broader 100 million share repurchase program, which was previously announced.

Following the completion of this ASR, Fifth Third Bancorp has approximately $80.6 million of remaining repurchase authority under its existing share repurchase program.