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Fifth Third signs share repurchase agreement with Citibank

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Fifth Third signs share repurchase agreement with Citibank

Cincinnati-based Fifth Third Bancorp entered into a share repurchase agreement with Citibank NA for the repurchase of approximately $100 million of Fifth Third's outstanding common shares.

The transaction is expected to close on or before Sept. 30. The company expects to receive a substantial majority of its shares underlying the repurchase agreement by Aug. 7.

The actual number of common shares to be delivered to Fifth Third will be based generally on a discount to the average of the daily volume-weighted average NASDAQ prices of the shares during the term of the repurchase agreement.