Company: FITBI
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0000035527-25-000212
Chunk: 2

Company: FIFTH THIRD BANCORP
Filing Date: 2025-11-04
Form: 10-Q
Item: Item 7
Chunk 2
---
 occupancy expense, equipment expense, loan and lease expense, marketing expense, card and processing expense and other noninterest expense.

Pending Acquisition

On October 5, 2025, Fifth Third Bancorp and Comerica Incorporated entered into a definitive merger agreement under which, on the terms and conditions set forth therein, Comerica Incorporated will merge with a subsidiary of Fifth Third Bancorp in an all-stock transaction. Under the terms of the agreement, common shareholders of Comerica will receive 1.8663 shares of Fifth Third Bancorp common stock for each share of Comerica common stock, resulting in a transaction value of $10.9 billion based on the closing price of Fifth Third’s common stock on October 3, 2025. The exchange ratio of Fifth Third Bancorp common stock for Comerica common stock is fixed. The merger is expected to close at the end of the first quarter of 2026.

Refer to Note 20 of the Notes to Condensed Consolidated Financial Statements for more information.

3

Table of ContentsManagement’s Discussion and Analysis of Financial Condition and Results of Operations (continued)

Redemption of Preferred Stock

On September 30, 2025, the Bancorp redeemed all 14,000 outstanding shares of its 4.500% fixed-rate reset non-cumulative perpetual preferred stock, Series L, and the corresponding depositary shares, pursuant to its terms and conditions. Prior to the redemption, the dividend rate on the Series L preferred stock was set to reach its first dividend reset date at which time the dividend would have reset to the five-year U.S. Treasury rate plus 4.215%.

Refer to Note 12 of the Notes to Condensed Consolidated Financial Statements for more information.

Share Repurchase Activity

During the nine months ended September 30, 2025, the Bancorp entered into and settled accelerated share repurchase transactions in the amount of $525 million. 

On June 13, 2025, the Bancorp’s Board of Directors authorized management to purchase 100 million shares of the Bancorp’s common stock through the open market or in any private party transactions. This authorization superseded the prior authorization from June 2019 and did not include specific targets or an expiration date.

Refer to Note 12 of the Notes to Condensed Consolidated Financial Statements for additional information on share repurchase activity.

Senior Notes Offerings

On January 28, 2025, the Bank issued and sold, under its bank note program, $700 million