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Fifth Third Bancorp provides update on accelerated share repurchase


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Fifth Third Bancorp provides update on accelerated share repurchase

Fifth Third Bancorp has repurchased a total of 3,844,720 shares at an average price of $26.5897 per share pursuant to an accelerated share repurchase agreement with Citibank NA.

Fifth Third planned to buy back approximately $100 million of its outstanding common stock as part of the agreement. Citi notified Fifth Third that a total of 3,150,482 shares were repurchased on Aug. 5, and an additional 694,238 shares were repurchased Aug. 14.

After completion of the Aug. 5 repurchase and the initial settlement of the $200 million share repurchase agreement entered into between Fifth Third and Citi, the former had approximately 88 million shares of remaining repurchase authority under its 100 million share repurchase program. The final settlement of the Aug. 7 repurchase may utilize additional repurchase authority under the repurchase program.