Fifth Third Bancorp
FITB
Delayed Nasdaq - 04/25 10:00:01 pm
33.54USD
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FIFTH THIRD BANCORP : Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant (form 8-K)

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03/27/2018 | 03:02 pm

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

As previously announced, on February 8, 2018, Fifth Third Bancorp ("Fifth Third") entered into an accelerated share repurchase transaction with Morgan Stanley & Co. LLC ("MSCO") pursuant to which Fifth Third would purchase approximately $318 million of its outstanding common stock. Fifth Third is repurchasing the shares of its common stock as part of its 100 million share repurchase program previously announced in a current report on Form 8-K filed on March 16, 2016 (the "March 2016 Repurchase Program").

On March 23, 2018, Fifth Third was notified by MSCO that it had finished purchasing shares under the February 8 agreement. A total of 8,691,318 shares were repurchased upon execution of the agreement, and an additional 1,015,731 shares will have been repurchased upon completion of the agreement. The repurchase of the additional shares is expected to settle on Monday, March 26, 2018. In total, 9,707,049 shares will have been repurchased at an average price of $33.3040 per share.

After the completion of the February 8 agreement, Fifth Third will have approximately 12.6 million shares of remaining repurchase authority under the March 2016 Repurchase Program.

MSCO and certain of its affiliates have performed, and in the future may perform, various financial advisory and other services for Fifth Third and Fifth Third's affiliates for which they have received, and may in the future receive, customary fees and expenses.

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