Company:Fifth Third Bank

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Short description: American bank holding company
Fifth Third Bancorp
Fifth Third Bank
TypePublic company
Industry
PredecessorBank of the Ohio Valley, Third National Bank, Fifth National Bank
FoundedJune 17, 1858; 166 years ago (1858-06-17) (as Bank of the Ohio Valley) in Cincinnati, Ohio, United States
HeadquartersFifth Third Center,
Cincinnati, Ohio
,
United States
Number of locations
1,100 branches and 2,400 automated teller machines
Area served
Regional
Key people
Timothy N. Spence
(Chairman, Chief Executive Officer and President)
ProductsConsumer banking, corporate banking, private banking, financial analysis, insurance, investment banking, mortgage loans, private equity, wealth management, credit cards
RevenueIncrease US$7.90 billion (2021)
Increase US$2.66 billion (2021)
Total assetsIncrease US$211.12 billion (2021)
Total equityIncrease US$22.21 billion (2021)
Number of employees
19,112 (December 2021)
Websitewww.53.com
Footnotes / references
[1]
Fifth Third Bank branch located in Fairborn, Ohio

Fifth Third Bank (5/3 Bank), the principal subsidiary of Fifth Third Bancorp, is an American bank holding company headquartered in Cincinnati, Ohio. Fifth Third is one of the largest consumer banks in the Midwestern United States.

Fifth Third's client base spans retail, small business, corporate, and investment clients. Fifth Third operates 1,100 branches and 2,400 automated teller machines, which are in 11 states: Ohio, Florida, Georgia, Illinois, Indiana , Kentucky, Michigan, North Carolina, South Carolina, Tennessee , and West Virginia.

The name "Fifth Third" is derived from the names of the bank's two predecessor companies, Third National Bank and Fifth National Bank, which merged in 1909.

The company is ranked 411th on the Fortune 500 .[2] Fifth Third Bank is one of the largest banks in the United States.[3]

History

Bank of the Ohio Valley

On June 17, 1858, the Bank of the Ohio Valley opened in Cincinnati, Ohio. On June 23, 1863, the Third National Bank was organized. On April 29, 1871, Third National Bank came into possession of Bank of the Ohio Valley, and by 1882 the bank's capital was around $16 million, considered the state's largest bank capital at the time. In 1888, Queen City National Bank changed its name to Fifth National Bank.[4]

Merger of Third National Bank and Fifth National Bank

On June 1, 1908, Third National Bank and Fifth National Bank merged to become the Fifth–Third National Bank of Cincinnati; the hyphen was later dropped. The merger took place when prohibitionist ideas were gaining popularity, and it is a legend that "Fifth Third" was better than "Third Fifth", which could have been construed as a reference to three fifths of alcohol.[5] The name went through several changes until March 24, 1969, when it was changed to Fifth Third Bank.

Current day operations

In November 2008, the United States Department of the Treasury invested $3.4 billion in the company as part of the Troubled Asset Relief Program and in February 2011, the company repurchased the investment from the Treasury.[6][7]

During the 2009 recession, Fifth Third was forced to spin–off its processing arm, Fifth Third Processing Services. The new company was named Vantiv.[8]

In May 2018, Fifth Third expanded their footprint in the greater–Chicago area by purchasing MB Financial's $29 billion in deposits and 120 branches for $4.7 Billion USD.[9]

For 2020, Fifth Third originated nearly 56,000 mortgages with a value of $10.6 billion ($NaN in 2019).[10] In August 2020, the bank signed a partnership with Trust & Will.[11]

In January 2022, Fifth Third announced it had acquired the San Francisco –based residential solar power lender, Dividend Finance.[12]

Lawsuits

In December 2016, small business owners sued Fifth Third, along with Vantiv and National Processing Company, for violating telemarketing laws. On August 4, 2022, a $50 million settlement was finalized. [13]

On March 9, 2020, the Consumer Financial Protection Bureau (CFPB) charged Fifth Third with illegal cross–selling. The complaint was amended on June 16, 2021 and is currently pending litigation.[14] As a result of the CFPB's charge, a class action suit was filed on behalf of former MB Financial shareholders, alleging that the cross–selling strategy artificially inflated Fifth Third's stock price and thus MB Financial's shareholders were not honestly compensated when the purchase occurred. Fifth Third filed a motion to dismiss on October 13, 2020, which was denied March 19, 2021. The suit is currently pending court approval.[15]

In September 2015, the US Department of Justice and the Consumer Financial Protection Bureau announced an $18 million settlement to resolve allegations that Fifth Third Bank engaged in a pattern or practice of discrimination against African–American and Hispanic borrowers in its indirect auto lending business.[16]

On April 27, 2023, a jury sided with Fifth Third in a lawsuit filed by customers of its Early Access loan program. The program charged a 10% flat fee. While Fifth Third listed an APR estimate of 120%, the actual APR would be higher if the loan was paid off early due to the fee structure. While the jury agreed Fifth Third breached its loan agreement, it also agreed that customers were fully aware of the fee and thus were not awarded any damages.[17]

Notable corporate buildings

  • Fifth Third Center in Grand Rapids, Michigan
  • Fifth Third Center in Charlotte, North Carolina
  • Fifth Third Center in Cincinnati, Ohio
  • Fifth Third Center in Cleveland, Ohio
  • Fifth Third Center in Columbus, Ohio
  • Fifth Third Center at One SeaGate in Toledo, Ohio
  • Fifth Third Center in Dayton, Ohio
  • Fifth Third Center in Nashville, Tennessee
  • Fifth Third Center in Tampa, Florida


Naming rights and sponsorships

Fifth Third owns corporate naming rights to the following:

  • Fifth Third Field, an ballpark in Toledo, Ohio, home of the Toledo Mud Hens, the Triple-A minor league baseball Affiliate of the Detroit Tigers.
  • Fifth Third Arena, an indoor arena on the campus of the University of Cincinnati, home of the Cincinnati Bearcats Athletics.
  • Fifth Third Arena, an indoor arena in Chicago, Illinois, practice facility and Community Ice Rink of the Chicago Blackhawks.
  • Fifth Third Bank Stadium, an football stadium in Kennesaw, Georgia, home of the Kennesaw State Owls Athletics.
  • Fifth Third Park, an under–construction ballpark in Spartanburg, South Carolina, future home of the Down East Wood Ducks the Single-A minor league baseball Affiliate of the Texas Rangers.


Fifth Third Bank is a sponsor of the following:


  • Cincinnati Bengals – Official Bank of the Cincinnati Bengals.
  • Chicago Blackhawks – Official Partner of the Chicago Blackhawks.
  • Tampa Bay Buccaneers – Official Bank of the Tampa Bay Buccaneers.
  • Los Angeles Lakers – Official Partner of the Los Angeles Lakers.
  • Kennesaw State University – Official Bank of the Kennesaw State Athletics.
  • University of Cincinnati – Official Partner of the University of Cincinnati.
  • University of Dayton – Official Bank of the University of Dayton.
  • Toledo Mud Hens – Official Bank of the Toledo Mud Hens.
  • Columbus Zoo – Official Bank of the Columbus Zoo.
  • Gary SouthShore RailCats – Official Bank of the Gary SouthShore RailCats.
  • RFK Racing – Primary Sponsor of the No. 17 Ford Mustang GT for Chris Buescher in the NASCAR Cup Series.
  • Rahal Letterman Lanigan Racing – Official Sponsor of the No. 15 Honda for Graham Rahal in the NTT IndyCar Series. [18]


See also

References

  1. ↑ "Fifth Third Bancorp 2021 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. 25 February 2022. https://www.sec.gov/ix?doc=/Archives/edgar/data/35527/000003552722000119/fitb-20211231.htm. 
  2. ↑ "Fifth Third Bancorp". https://fortune.com/fortune500/fifth-third-bancorp/. 
  3. ↑ "Biggest US Banks by Asset Size (2021)" (in en). April 20, 2021. https://www.mx.com/moneysummit/biggest-banks-by-asset-size-united-states/. 
  4. ↑ "Our History: A history of providing superior customer service and following sound banking principles". https://www.53.com/content/fifth-third/en/personal-banking/about/history.html#:~:text=Fifth%20Third%20traces%20its%20origins,then%20the%20city%27s%20financial%20district.. 
  5. ↑ Brickey, Homer (April 2, 2002). "That funny name for a bank has grown on us". The Blade. http://www.toledoblade.com/Opinion/2002/04/02/That-funny-name-for-a-bank-has-grown-on-us.html. 
  6. ↑ Protess, Ben (February 2, 2011). "Fifth Third Repays Bailout Funds". The New York Times. https://dealbook.nytimes.com/2011/02/02/fifth-third-repays-bailout-funds/. 
  7. ↑ "Fifth Third Bancorp repays TARP debt". American City Business Journals. February 2, 2011. https://www.bizjournals.com/dayton/news/2011/02/02/fifth-third-bancorp-repays-tarp-debt.html. 
  8. ↑ Coolidge, Alexander. "Vantiv transforms into Worldpay, likely region's newest Fortune 500" (in en-US). https://www.cincinnati.com/story/money/2018/01/17/vantiv-transforms-into-worldpay-likely-regions-newest-fortune-500/1041795001/. 
  9. ↑ Coolidge, Alexander. "Fifth Third spends $4.7 billion for Chicago's MB Financial" (in en-US). https://www.usatoday.com/story/money/nation-now/2018/05/21/fifth-third-buys-mb-financial-bank/627904002/. 
  10. ↑ "Fifth Third Bank Mortgages". https://originationdata.com/institution/QFROUN1UWUYU0DVIWD51. 
  11. ↑ "Fifth Third Bank and Trust & Will Announce Strategic Relationship to Help Customers Protect and Secure Their Families'" (in en). Bloomberg.com. 2020-07-16. https://www.bloomberg.com/press-releases/2020-07-16/fifth-third-bank-and-trust-will-announce-strategic-relationship-to-help-customers-protect-and-secure-their-families. 
  12. ↑ "US solar lender Dividend Finance acquired by bank Fifth Third" (in en-US). 2022-01-20. https://www.pv-tech.org/us-solar-lender-dividend-finance-acquired-by-bank-fifth-third/. 
  13. ↑ "Judge finalizes $50M settlement with Fifth Third, Vantiv over recorded telemarketing calls". https://cookcountyrecord.com/stories/630039661-judge-finalizes-50m-settlement-with-fifth-third-vantiv-over-recorded-telemarketing-calls. 
  14. ↑ "Consumer Financial Protection Bureau Files Suit Against Fifth Third Bank, National Association for Allegedly Opening Unauthorized Accounts and Enrolling Consumers in Unauthorized Products and Services". https://www.consumerfinance.gov/about-us/newsroom/cfpb-files-suit-against-fifth-third-for-allegedly-opening-unauthorized-accounts-enrolling-consumers-in-unauthorized-products/. 
  15. ↑ "Fox v. Fifth Third Bancorp". https://www.labaton.com/fox-v-fifth-third-bancorp. 
  16. ↑ "Justice Department and Consumer Financial Protection Bureau Reach Settlement to Resolve Allegations of Auto Lending Discrimination by Fifth Third Bank". https://www.justice.gov/opa/pr/justice-department-and-consumer-financial-protection-bureau-reach-settlement-resolve. 
  17. ↑ "Federal jury awards zero damages in Fifth Third loan case". https://www.wcpo.com/news/local-news/i-team/federal-jury-awards-zero-damages-in-fifth-third-loan-case#:~:text=CINCINNATI%20%E2%80%94%20A%20federal%20jury%20has,of%20the%20voluntary%20payment%20doctrine. 
  18. ↑ "Fifth Third Bank Extends Sponsorship of RLL through 2025". Indycar.com. 2022-08-07. https://www.indycar.com/news/2022/08/08-07-rll-fifththird. 

External links



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