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Fifth Third Bancorp to repurchase $990M common shares

Fifth Third Bancorp is repurchasing roughly $990 million of its outstanding common shares through a share repurchase agreement with Goldman Sachs & Co., a unit of Goldman Sachs Group Inc.

Under the agreement, the company will pay Goldman $990 million on Aug. 17, at which time it expects to receive a substantial majority of the shares underlying their repurchase agreement. The actual number of Fifth Third common stock to be delivered by Goldman will be based generally on a discount to the average of the daily volume-weighted average Nasdaq prices of the stock during the term of the agreement.

At settlement, expected to occur on or before Dec. 19, Goldman may be obligated to deliver additional Fifth Third common stock, or Fifth Third may be obligated to make a delivery of common stock or a cash payment to Goldman at the former's election.

The buyback is part of an existing plan first announced in March 2016. The company has made repurchases under the plan in the past.