Board Approves Share Repurchase Authorization of 100 million shares
Fifth Third Bancorp today declared cash dividends on its common shares,
Series J preferred shares, and Series I preferred shares.
Fifth Third Bancorp (Nasdaq: FITB) declared a cash dividend on its
common shares of $0.16 for the first quarter of 2018. The dividend is
payable on April 16, 2018 to shareholders of record as of March 30, 2018.
Fifth Third also declared a cash dividend on its 4.90% Fixed-to-Floating
Rate Non-Cumulative Perpetual Preferred Stock, Series J, at the rate of
$612.50 per preferred share, which equates to approximately $24.50 for
each depositary share. Each depositary share represents a 1/25th
ownership interest in a share of Series J Preferred Stock. The Series J
dividend is payable on April 2, 2018 to shareholders of record as of
March 30, 2018.
Fifth Third also declared a cash dividend on its 6.625%
Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series
I (Nasdaq: FITBI), at the rate of $414.06 per preferred share, which
equates to approximately $0.41406 for each depositary share. Each
depositary share represents a 1/1000th ownership interest in a share of
Series I Preferred Stock. The Series I dividend is payable on April 2,
2018 to shareholders of record as of March 30, 2018.
Fifth Third also announced that its Board of Directors approved a new
share repurchase authorization of up to 100 million shares, which
replaces the previous authorization from 2016 under which approximately
14.5 million shares remain.
Future capital distributions prior to June 30, 2018 are subject to the
2017 Comprehensive Capital Analysis & Review (“CCAR”) authorization for
Fifth Third announced on June 28, 2017. Capital distributions beginning
July 1, 2018 through June 30, 2019 will be subject to the 2018 CCAR
authorization that is expected to be announced on or before June 30,
2018. Any future capital distributions are subject to evaluation and
approval by the Board of Directors at any given time, Fifth Third’s
performance, the state of the economic environment, market conditions,
regulatory factors, and other risks and uncertainties.
The new repurchase authorization does not have an expiration date, does
not include specific price targets, may be executed through open market
purchases or one or more private negotiated transactions, including Rule
10b5-1 programs, and may be suspended at any time.
Fifth Third Bancorp is a diversified financial services company
headquartered in Cincinnati, Ohio. As of December 31, 2017, the Company
had $142 billion in assets and operates 1,154 full-service Banking
Centers, and 2,469 Fifth Third branded ATMs in Ohio, Kentucky, Indiana,
Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia and North
Carolina. In total, Fifth Third provides its customers with access to
more than 54,000 fee-free ATMs across the United States. Fifth Third
operates four main businesses: Commercial Banking, Branch Banking,
Consumer Lending, and Wealth & Asset Management. Fifth Third is among
the largest money managers in the Midwest and, as of December 31, 2017,
had $362 billion in assets under care, of which it managed $37 billion
for individuals, corporations and not-for-profit organizations through
its Trust and Registered Investment Advisory businesses. Investor
information and press
releases can be viewed at www.53.com.
Fifth Third’s common stock is traded on the NASDAQ® Global Select Market
under the symbol “FITB.”
Fifth Third Bancorp
Investors:
Sameer Gokhale, 513-534-2219
or
Media:
Katrina Booker, 513-534-6858