Summary
Fifth Third Bancorp (FITB) disclosed in this 8-K filing that it has completed an accelerated share repurchase transaction initiated on August 5, 2019, with Citibank, N.A. for approximately $100 million. This repurchase is part of a larger, previously announced $100 million share repurchase program from June 2019. The company repurchased a total of 3,844,720 shares at an average price of $26.5897 per share. Following the completion of this $100 million repurchase and an initial settlement of a separate $200 million share repurchase agreement also with Citi, Fifth Third had approximately $88 million of remaining repurchase authority under its June 2019 program. Investors should note that the final settlement of the August 7th repurchase could further impact this remaining authority.
Key Highlights
- 1Fifth Third Bancorp completed a $100 million accelerated share repurchase program with Citibank, N.A.
- 2A total of 3,844,720 shares were repurchased at an average price of $26.5897 per share.
- 3This repurchase is part of the previously announced $100 million share repurchase program authorized in June 2019.
- 4The completion of this buyback, alongside an initial settlement of a $200 million repurchase agreement from August 7th, leaves approximately $88 million in remaining repurchase authority.
- 5The final settlement of the August 7th repurchase may utilize additional authority from the June 2019 program.
- 6Citibank and its affiliates have provided and may continue to provide financial advisory services to Fifth Third Bancorp.