UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): April 29, 2021
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
| , | , | |||||||||||||||||||
| (Address of Principal Executive Offices) | (Zip Code) | |||||||||||||||||||
(800 ) 972-3030
(Registrant's telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below)
| Securities registered pursuant to Section 12(b) of the Act: | ||||||||||||||||||||
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||||||||
| The | Stock Market LLC | |||||||||||||||||||
| Depositary Shares Representing a 1/1000th Ownership Interest in a Share of 6.625% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series I | The | Stock Market LLC | ||||||||||||||||||
| The | Stock Market LLC | |||||||||||||||||||
| The | Stock Market LLC | |||||||||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
FORWARD-LOOKING STATEMENTS
This report contains statements that we believe are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Rule 175 promulgated thereunder, and Section 21E of the Securities Exchange Act of 1934, as amended, and Rule 3b-6 promulgated thereunder. These statements relate to our financial condition, results of operations, plans, objectives, future performance, capital actions or business. They usually can be identified by the use of forward-looking language such as “will likely result,” “may,” “are expected to,” “is anticipated,” “potential,” “estimate,” “forecast,” “projected,” “intends to,” or may include other similar words or phrases such as “believes,” “plans,” “trend,” “objective,” “continue,” “remain,” or similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “might,” “can,” or similar verbs. You should not place undue reliance on these statements, as they are subject to risks and uncertainties, including but not limited to the risk factors set forth in our most recent Annual Report on Form 10-K, as updated by our filings with the U.S. Securities and Exchange Commission (“SEC”). When considering these forward-looking statements, you should keep in mind these risks and uncertainties, as well as any cautionary statements we may make. Moreover, you should treat these statements as speaking only as of the date they are made and based only on information then actually known to us. We undertake no obligation to release revisions to these forward-looking statements or reflect events or circumstances after the date of this report.
There are a number of important factors that could cause future results to differ materially from historical performance and these forward-looking statements. Factors that might cause such a difference include, but are not limited to: (1) effects of the global COVID-19 pandemic; (2) deteriorating credit quality; (3) loan concentration by location or industry of borrowers or collateral; (4) problems encountered by other financial institutions; (5) inadequate sources of funding or liquidity; (6) unfavorable actions of rating agencies; (7) inability to maintain or grow deposits; (8) limitations on the ability to receive dividends from subsidiaries; (9) cyber-security risks; (10) Fifth Third’s ability to secure confidential information and deliver products and services through the use of computer systems and telecommunications networks; (11) failures by third-party service providers; (12) inability to manage strategic initiatives and/or organizational changes; (13) inability to implement technology system enhancements; (14) failure of internal controls and other risk management systems; (15) losses related to fraud, theft, misappropriation or violence; (16) inability to attract and retain skilled personnel; (17) adverse impacts of government regulation; (18) governmental or regulatory changes or other actions; (19) failures to meet applicable capital requirements; (20) regulatory objections to Fifth Third’s capital plan; (21) regulation of Fifth Third’s derivatives activities; (22) deposit insurance premiums; (23) assessments for the orderly liquidation fund; (24) replacement of LIBOR; (25) weakness in the national or local economies; (26) global political and economic uncertainty or negative actions; (27) changes in interest rates; (28) changes and trends in capital markets; (29) fluctuation of Fifth Third’s stock price; (30) volatility in mortgage banking revenue; (31) litigation, investigations and enforcement proceedings by governmental authorities; (32) breaches of contractual covenants, representations and warranties; (33) competition and changes in the financial services industry; (34) changing retail distribution strategies, customer preferences and behavior; (35) difficulties in identifying, acquiring or integrating suitable strategic partnerships, investments or acquisitions; (36) potential dilution from future acquisitions; (37) loss of income and/or difficulties encountered in the sale and separation of businesses, investments or other assets; (38) results of investments or acquired entities; (39) changes in accounting standards or interpretation or declines in the value of Fifth Third’s goodwill or other intangible assets; (40) inaccuracies or other failures from the use of models; (41) effects of critical accounting policies and judgments or the use of inaccurate estimates; (42) weather-related events, other natural disasters, or health emergencies (including pandemics); (43) the impact of reputational risk created by these or other developments on such matters as business generation
and retention, funding and liquidity; and (44) changes in law or requirements imposed by Fifth Third’s regulators impacting our capital actions, including dividend payments and stock repurchases.
You should refer to our periodic and current reports filed with the Securities and Exchange Commission, or “SEC,” for further information on other factors, which could cause actual results to be significantly different from those expressed or implied by these forward-looking statements. Copies of those filings are available at no cost on the SEC’s Web site at www.sec.gov or on our Web site at www.53.com .
Item 8.01 - Other Events
Redemption of Bank Senior Notes. On April 30, 2021, Fifth Third Bancorp (the “Company”) announced that the Company’s subsidiary, Fifth Third Bank, National Association (the “Bank”), delivered a redemption notice to Bank of New York Mellon Trust Company, N.A., as issuing and paying agent (the “Agent”), to redeem the following outstanding senior notes of the Bank on June 28, 2021 (the “Redemption Date”):
(A) all of the Bank’s outstanding 3.350% Senior Notes due July 26, 2021 (CUSIP No. 31677QBN8), originally issued on July 26, 2018 (the “2018 Fixed Rate Bank Notes”), at a cash redemption price (the “2018 Fixed Rate Bank Notes Redemption Price”) to be calculated as provided in the 2018 Fixed Rate Bank Notes, equal to the $500 million principal amount of the outstanding 2018 Fixed Rate Bank Notes plus accrued and unpaid interest, if any, to the Redemption Date; and
(B) all of the Bank’s outstanding Floating Rate Senior Notes due July 26, 2021 (CUSIP No. 31677QBP3), originally issued on July 26, 2018 (the “2018 Floating Rate Bank Notes”), at a cash redemption price (the “2018 Floating Rate Bank Notes Redemption Price”) to be calculated as provided in the 2018 Floating Rate Bank Notes, equal to the $300 million principal amount of the outstanding 2018 Floating Rate Bank Notes plus accrued and unpaid interest, if any, to the Redemption Date.
Pursuant to the terms and conditions of the 2018 Fixed Rate Bank Notes and of the 2018 Floating Rate Bank Notes, the Company will redeem both the 2018 Fixed Rate Bank Notes and 2018 Floating Rate Bank Notes prior to their scheduled maturity date of July 26, 2021 pursuant to the 30 day par call provisions contained therein. Upon completion of the redemptions, no 2018 Fixed Rate Bank Notes or 2018 Floating Rate Bank Notes will remain outstanding.
On the Redemption Date, payment of the 2018 Fixed Rate Bank Notes Redemption Price and of the 2018 Floating Rate Bank Notes Redemption Price will be made only upon presentation and surrender to the Agent of the 2018 Fixed Rate Bank Notes and 2018 Floating Rate Bank Notes, respectively. Interest on the 2018 Fixed Rate Bank Notes and on the 2018 Floating Rate Bank Notes called for redemption will cease to accrue on and after the Redemption Date. Notice of redemption will be sent by the Agent to the registered holders of each of the 2018 Fixed Rate Bank Notes and the 2018 Floating Rate Bank Notes, respectively.
A copy of the press release announcing the notice of each redemption is attached to this Current Report on Form 8-K as Exhibit 99.1 and is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
104 – Cover Page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
FIFTH THIRD BANCORP
(Registrant)
April 30, 2021 /S/ BRYAN PRESTON
Bryan Preston
Senior Vice President and Treasurer
