Fifth Third To Temporarily Suspend Share Repurchases

About this update from Fifth Third Bancorp

[{"type":"text","content":"\n \n\n CINCINNATI--(BUSINESS WIRE)--\nFifth Third Bancorp (Nasdaq: FITB) today announced it is joining the largest U.S. banks in temporarily suspending share repurchases through the second quarter of 2020.\n\n\nThe COVID-19 pandemic is an unprecedented challenge for customers, employees, and the global economy. The decision on repurchases is consistent with Fifth Third’s objective to use the Company’s significant capital and liquidity to provide maximum support to individuals, businesses, and the broader economy through lending and other important services.\n\n\nIn addition to suspending share repurchases through the second quarter of 2020, Fifth Third did not execute any share repurchases in the first quarter of 2020. In total, Fifth Third has approximately $830 million in repurchase capacity under CCAR 2019 that will not be deployed until after the second quarter of 2020.\n\n\nFifth Third retains the ability to reinstate its share repurchase program as soon as circumstances warrant.\n\n\nAbout Fifth Third Bancorp\n\n\nFifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio, and the indirect parent company of Fifth Third Bank, National Association, a federally chartered institution. As of December 31, 2019, Fifth Third had $169 billion in assets and operated 1,149 full-service banking centers and 2,481 ATMs with Fifth Third branding in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia and North Carolina. In total, Fifth Third provides its customers with access to approximately 53,000 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, 2019, had $413 billion in assets under care, of which it managed $49 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 Bank was established in 1858. Deposit and Credit products are offered by Fifth Third Bank, National Association. Member FDIC.\n\n\nFORWARD LO...

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