Form 8-K - Current report
February 16 2024 - 3:01PM
Edgar (US Regulatory)
false0000035527Fifth Third BancorpDepositary Shares Representing a 1/1000th Ownership Interest in a Share of 6.625% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock00000355272024-02-162024-02-160000035527us-gaap:CommonStockMember2024-02-162024-02-160000035527fitb:DepositarySharesRepresentingA11000thOwnershipInterestInAShareOf6.625FixedToFloatingRateNotCumulativePerpetualPreferredStockSeriesI2Member2024-02-162024-02-160000035527fitb:DepositarySharesRepresentingA140thOwnershipInterestInAShareOf6.00NotCumulativePerpetualClassBPreferredStockSeriesAMember2024-02-162024-02-160000035527fitb:DepositarySharesRepresentingA11000thOwnershipInterestInAShareOf4.95NotCumulativePerpetualPreferredStockSeriesKMember2024-02-162024-02-16
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): February 14, 2024
(Exact name of registrant as specified in its charter)
| | | | | | | | | | | | | | |
Ohio | | 001-33653 | | 31-0854434 |
(State or other jurisdiction of incorporation) | | (Commission File Number) | | (IRS Employer Identification No.) |
| | | | | | | | | | | | | | | | | | | | |
Fifth Third Center | | |
38 Fountain Square Plaza | , | Cincinnati | , | Ohio | | 45263 |
(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)
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
| | | | | | | | | | | | | | | | | | | | |
Securities registered pursuant to Section 12(b) of the Act: | | | | |
| | | | | | |
Title of each class | | Trading Symbol(s) | | Name of each exchange on which registered |
Common Stock, Without Par Value | | FITB | | The | NASDAQ | 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 | | FITBI | | The | NASDAQ | Stock Market LLC |
Depositary Shares Representing a 1/40th Ownership Interest in a Share of 6.00% Non-Cumulative Perpetual Class B Preferred Stock, Series A | | FITBP | | The | NASDAQ | Stock Market LLC |
Depositary Shares Representing a 1/1000th Ownership Interest in a Share of 4.95% Non-Cumulative Perpetual Preferred Stock, Series K | | FITBO | | The | NASDAQ | 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. ☐
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(e) On February 14, 2024, the Human Capital and Compensation Committee of the Board of Directors (the “Committee”) of Fifth Third Bancorp (the “Company”) approved several compensation decisions, including adjustments to the compensation of Bryan D. Preston, the Company’s Executive Vice President and Chief Financial Officer and Jamie C. Leonard, the Company’s Executive Vice President and Chief Operational Officer.
Mr. Preston’s base salary will be increased to $625,000 per year effective February 12, 2024. Mr. Preston’s target annual variable compensation under the Company’s 2021 Incentive Compensation Program (the “Plan”) will be increased to 100% of his base salary effective for the entire 2024 performance period. Mr. Preston’s Long Term Incentive Compensation target under the Plan will be increased to $1,250,000.
Mr. Leonard’s base salary will be increased to $725,000 per year effective February 12, 2024. Mr. Leonard’s target annual variable compensation under the Plan will be increased to 125% of his base salary effective for the entire 2024 performance period. Mr. Leonard’s Long Term Incentive Compensation target under the Plan will be increased to $2,500,000.
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) |
| | |
Date: February 16, 2024 | | /s/ TIMOTHY N. SPENCE |
| | |
| | Timothy N. Spence |
| | Chairman, Chief Executive Officer and President |
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Feb. 16, 2024 |
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Entity Registrant Name |
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Entity Address, Address Line One |
Fifth Third Center
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Entity Address, Address Line Two |
38 Fountain Square Plaza
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Cincinnati
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OH
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FITB
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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 |
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Entity Information [Line Items] |
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Title of 12(b) Security |
Depositary Shares Representing a 1/1000th Ownership Interest in a Share of 6.625% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock
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Trading Symbol |
FITBI
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Security Exchange Name |
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Entity Information [Line Items] |
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Title of 12(b) Security |
Depositary Shares Representing a 1/40th Ownership Interest in a Share of 6.00% Non-Cumulative Perpetual Class B Preferred Stock, Series A
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Depositary Shares Representing a 1/1000th Ownership Interest in a Share of 4.95% Non-Cumulative Perpetual Preferred Stock, Series K
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