Fifth Third said on July 22, 2024 that it entered into a new share repurchase agreement with Citibank, N.A., under which it will buy about $200 million of common stock.

1. 01

   Fifth Third said on July 22, 2024 that it entered into a new share repurchase agreement with Citibank, N.A., under which it will buy about $200 million of common stock.

2. 02

   The company said the purchase is part of the 100 million share repurchase program it previously announced in a press release on June 18, 2019 and in a Form 8-K current report filed on June 20, 2019.

3. 03

   The company said it will pay Citi a total of $200 million on July 23, 2024 under the Master Confirmation dated August 5, 2019 and the Supplemental Confirmation dated July 22, 2024 (notional amount $200 million), and expects to receive a substantial majority of the underlying shares by the same date.

4. 04

   The company said the number of shares Citi delivers will be based generally on a discount to the average of the daily volume-weighted average NASDAQ prices of its common stock during the term of the agreement, and it expects settlement to occur on or before September 27, 2024. It also explained that upon certain extraordinary events, Citi may terminate the agreement, in which case it may receive fewer shares than expected.

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Original filing

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