8-KOther Events

FIFTH THIRD BANCORP 8-K Report, Corporate Update (Sep 28, 2021)

Filed September 28, 2021For Securities:FITBFITBOFITBPFITB-PIFITB-PMFITB-PAFITBIFITB-PK

Summary

Fifth Third Bancorp (FITB) announced the completion of its accelerated share repurchase (ASR) transaction initiated in July 2021. The company repurchased approximately $550 million of its common stock from Citibank, N.A. (Citi) under two separate confirmations, totaling $275 million each. This buyback is part of the larger 100 million share repurchase program announced in June 2019. As of September 27, 2021, a significant portion of the shares under the ASR have been repurchased, with the remainder to be completed by September 29, 2021. This action demonstrates Fifth Third's commitment to returning capital to shareholders and managing its share count. Following this repurchase, the bank will still have substantial authority remaining under its existing share repurchase program.

Key Highlights

  • 1Fifth Third Bancorp completed a $550 million accelerated share repurchase (ASR) transaction.
  • 2The ASR was executed with Citibank, N.A. under two $275 million confirmations.
  • 3The repurchased shares are part of the company's existing 100 million share repurchase program initiated in June 2019.
  • 4A total of 13,065,958 shares were initially repurchased, with an additional 1,413,211 shares to be repurchased by September 29, 2021.
  • 5The average repurchase price across both confirmations was approximately $38.68 per share.
  • 6Following this repurchase, Fifth Third retains approximately 48 million shares of repurchase authority under the June 2019 program.

Frequently Asked Questions

The accelerated share repurchase transaction involved a total of approximately $550 million of Fifth Third Bancorp's common stock.

The accelerated share repurchase transaction was initially announced on July 23, 2021.

A total of 13,065,958 shares were repurchased upon execution, with an additional 1,413,211 shares to be repurchased by September 29, 2021, bringing the total number of repurchased shares to approximately 14,479,169.

No, this accelerated share repurchase is part of a larger 100 million share repurchase program. After its completion, Fifth Third Bancorp will still have approximately 48 million shares of repurchase authority remaining under that program.