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FITB > SEC Filings for FITB > Form 8-K on 5-Apr-2013All Recent SEC Filings

Show all filings for FIFTH THIRD BANCORP | Request a Trial to NEW EDGAR Online Pro



Creation of a Direct Financial Obligation or an Obligation under an Off-Balan

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

As previously announced, on January 28, 2013, Fifth Third Bancorp ("Fifth Third") entered into an accelerated share repurchase transaction with Credit Suisse International ("Credit Suisse") 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 on August 21, 2012.

On April 3, 2013, Fifth Third was notified by Credit Suisse that effective Tuesday, April 2, 2013, they had finished purchasing shares under the January 28th agreement. A total of 6,953,028 shares were repurchased upon execution of the agreement, and an additional 849,037 were repurchased upon completion of the agreement. The additional shares are expected to settle on April 5, 2013. In total, 7,802,065 shares were repurchased under the January 28, 2013 transaction, at an average price of $16.0214.

Fifth Third has 100 million shares of remaining repurchase authority under its new share repurchase program previously announced on March 19, 2013.

Credit Suisse 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.

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