Fifth Third Bank 2012 Annual Report Download - page 164

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
162 Fifth Third Bancorp
30. SUBSEQUENT EVENT
On January 28, 2013, the Bancorp entered into an accelerated share
repurchase transaction with a counterparty pursuant to which the
Bancorp will purchase approximately $125 million of its outstanding
common stock. The Bancorp is repurchasing the shares of its
common stock as part of its previously announced 100 million share
repurchase program. This repurchase transaction concludes the
$600 million of common share repurchases not objected to by the
FRB in the 2012 CCAR process. As part of this transaction, the
Bancorp entered into a forward contract in which the final number
of shares to be delivered at settlement of the accelerated share
repurchase transaction will be based generally on a discount to the
average daily volume-weighted average price of the Bancorp's
common stock during the term of the Repurchase Agreement. The
accelerated share repurchase will be treated as two separate
transactions (i) the acquisition of treasury shares on the acquisition
date and (ii) a forward contract indexed to the Bancorp's stock.