Cincinnati-based Fifth Third Bancorp completed its $240 million commonstock repurchase planwith Morgan Stanley & Co. LLC,a unit of MorganStanley, effective April 8.
According to a Form 8-K filed April 12, a total of12,623,762 shares were repurchased upon execution of the agreement, and anadditional 1,868,379 shares were repurchased upon completion. The repurchase ofthe additional shares settled April 11. In total, 14,492,141 shares wererepurchased at an average price of $16.5607 per share.
Fifth Third is repurchasing the shares of its common stockas part of its 100 million share repurchase program previously announced onMarch 18, 2014.
After the completion of the repurchase, Fifth Third hasapproximately 14.3 million shares of remaining repurchase authority under itsshare repurchase program.