Item 8.01 Other Events
As previously announced, on October 27, 2021, 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 $316 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 November 30, 2021, Fifth Third was notified by Morgan Stanley that it had
finished purchasing shares under the October 27th agreement. A total of
6,211,841 shares were repurchased upon execution of the agreement and an
additional 1,072,572 shares will be repurchased upon completion of the
agreement. The repurchase of the additional shares will settle on Thursday,
December 2, 2021. In total, 7,284,413 shares were repurchased under the October
27th agreement, at an average price of $44.15 per share.
After the completion of the October 27th agreement, Fifth Third will have
approximately 40.8 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.
--------------------------------------------------------------------------------
© Edgar Online, source Glimpses