Fifth Third Bancorp
06/28/2024 | Press release | Distributed by Public on 06/28/2024 06:41
Material Event Form 8 K
Item 8.01 Other Events
As previously announced, on June 11, 2024, Fifth Third Bancorp ("Fifth Third") entered into an accelerated share repurchase transaction with Morgan Stanley & Co. LLC ("Morgan Stanley") pursuant to which Fifth Third would purchase approximately $125 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 press release on June 18, 2019 and a current report on Form 8-K filed on June 20, 2019.
On June 26, 2024, Fifth Third was notified by Morgan Stanley that it had finished purchasing shares under the June 11th agreement. A total of 3,011,621 shares were repurchased upon execution of the agreement and an additional 496,767 shares were repurchased upon final settlement on June 27, 2024. In total, 3,508,388 shares were repurchased under the June 11th agreement, at an average price of $35.63 per share.
After the completion of the June 11th agreement, Fifth Third has approximately 28.6 million shares of remaining repurchase authority under the aforementioned share repurchase program.
Morgan Stanley 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.