Fifth Third Bank
Overview
 
Fifth Third Bank is a U.S.
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...

 regional bank
Bank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...

ing corporation, headquartered in Cincinnati, Ohio
Cincinnati, Ohio
Cincinnati is a city in the U.S. state of Ohio. Cincinnati is the county seat of Hamilton County. Settled in 1788, the city is located to north of the Ohio River at the Ohio-Kentucky border, near Indiana. The population within city limits is 296,943 according to the 2010 census, making it Ohio's...

 and is the principal subsidiary of holding company Fifth Third Bancorp .

Fifth Third Bancorp is a diversified financial services company with $111 billion in assets, operates 18 affiliates with 1,232 full-service Banking Centers, including 106 Bank Mart locations open seven days a week inside select grocery stores and 2,213 ATMs in Ohio
Ohio
Ohio is a Midwestern state in the United States. The 34th largest state by area in the U.S.,it is the 7th‑most populous with over 11.5 million residents, containing several major American cities and seven metropolitan areas with populations of 500,000 or more.The state's capital is Columbus...

, Kentucky
Kentucky
The Commonwealth of Kentucky is a state located in the East Central United States of America. As classified by the United States Census Bureau, Kentucky is a Southern state, more specifically in the East South Central region. Kentucky is one of four U.S. states constituted as a commonwealth...

, Indiana
Indiana
Indiana is a US state, admitted to the United States as the 19th on December 11, 1816. It is located in the Midwestern United States and Great Lakes Region. With 6,483,802 residents, the state is ranked 15th in population and 16th in population density. Indiana is ranked 38th in land area and is...

, Michigan
Michigan
Michigan is a U.S. state located in the Great Lakes Region of the United States of America. The name Michigan is the French form of the Ojibwa word mishigamaa, meaning "large water" or "large lake"....

, Illinois
Illinois
Illinois is the fifth-most populous state of the United States of America, and is often noted for being a microcosm of the entire country. With Chicago in the northeast, small industrial cities and great agricultural productivity in central and northern Illinois, and natural resources like coal,...

, Florida
Florida
Florida is a state in the southeastern United States, located on the nation's Atlantic and Gulf coasts. It is bordered to the west by the Gulf of Mexico, to the north by Alabama and Georgia and to the east by the Atlantic Ocean. With a population of 18,801,310 as measured by the 2010 census, it...

, Tennessee
Tennessee
Tennessee is a U.S. state located in the Southeastern United States. It has a population of 6,346,105, making it the nation's 17th-largest state by population, and covers , making it the 36th-largest by total land area...

, West Virginia
West Virginia
West Virginia is a state in the Appalachian and Southeastern regions of the United States, bordered by Virginia to the southeast, Kentucky to the southwest, Ohio to the northwest, Pennsylvania to the northeast and Maryland to the east...

, Pennsylvania
Pennsylvania
The Commonwealth of Pennsylvania is a U.S. state that is located in the Northeastern and Mid-Atlantic regions of the United States. The state borders Delaware and Maryland to the south, West Virginia to the southwest, Ohio to the west, New York and Ontario, Canada, to the north, and New Jersey to...

, Georgia
Georgia (U.S. state)
Georgia is a state located in the southeastern United States. It was established in 1732, the last of the original Thirteen Colonies. The state is named after King George II of Great Britain. Georgia was the fourth state to ratify the United States Constitution, on January 2, 1788...

, North Carolina
North Carolina
North Carolina is a state located in the southeastern United States. The state borders South Carolina and Georgia to the south, Tennessee to the west and Virginia to the north. North Carolina contains 100 counties. Its capital is Raleigh, and its largest city is Charlotte...

 and Missouri
Missouri
Missouri is a US state located in the Midwestern United States, bordered by Iowa, Illinois, Kentucky, Tennessee, Arkansas, Oklahoma, Kansas and Nebraska. With a 2010 population of 5,988,927, Missouri is the 18th most populous state in the nation and the fifth most populous in the Midwest. It...

.

Fifth Third is among the largest money managers in the Midwest and, as of December 31, 2007, has $223 billion in assets under care, of which it managed $33 billion for individuals, corporations and not-for-profit organizations.

The company engages in five main lending and banking practices: Branch Banking, Consumer lending, Commercial Banking
Commercial bank
After the implementation of the Glass–Steagall Act, the U.S. Congress required that banks engage only in banking activities, whereas investment banks were limited to capital market activities. As the two no longer have to be under separate ownership under U.S...

, Investment Advisor
Investment Advisor
The term Investment Advisor is an individual or firm who, for compensation, engages in the business of advising others, either directly or through publications or writings, as to the value of securities or as to the advisability of investing in, purchasing, or selling securities...

s, and Fifth Third Processing Solutions.
Encyclopedia
Fifth Third Bank is a U.S.
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...

 regional bank
Bank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...

ing corporation, headquartered in Cincinnati, Ohio
Cincinnati, Ohio
Cincinnati is a city in the U.S. state of Ohio. Cincinnati is the county seat of Hamilton County. Settled in 1788, the city is located to north of the Ohio River at the Ohio-Kentucky border, near Indiana. The population within city limits is 296,943 according to the 2010 census, making it Ohio's...

 and is the principal subsidiary of holding company Fifth Third Bancorp .

Fifth Third Bancorp is a diversified financial services company with $111 billion in assets, operates 18 affiliates with 1,232 full-service Banking Centers, including 106 Bank Mart locations open seven days a week inside select grocery stores and 2,213 ATMs in Ohio
Ohio
Ohio is a Midwestern state in the United States. The 34th largest state by area in the U.S.,it is the 7th‑most populous with over 11.5 million residents, containing several major American cities and seven metropolitan areas with populations of 500,000 or more.The state's capital is Columbus...

, Kentucky
Kentucky
The Commonwealth of Kentucky is a state located in the East Central United States of America. As classified by the United States Census Bureau, Kentucky is a Southern state, more specifically in the East South Central region. Kentucky is one of four U.S. states constituted as a commonwealth...

, Indiana
Indiana
Indiana is a US state, admitted to the United States as the 19th on December 11, 1816. It is located in the Midwestern United States and Great Lakes Region. With 6,483,802 residents, the state is ranked 15th in population and 16th in population density. Indiana is ranked 38th in land area and is...

, Michigan
Michigan
Michigan is a U.S. state located in the Great Lakes Region of the United States of America. The name Michigan is the French form of the Ojibwa word mishigamaa, meaning "large water" or "large lake"....

, Illinois
Illinois
Illinois is the fifth-most populous state of the United States of America, and is often noted for being a microcosm of the entire country. With Chicago in the northeast, small industrial cities and great agricultural productivity in central and northern Illinois, and natural resources like coal,...

, Florida
Florida
Florida is a state in the southeastern United States, located on the nation's Atlantic and Gulf coasts. It is bordered to the west by the Gulf of Mexico, to the north by Alabama and Georgia and to the east by the Atlantic Ocean. With a population of 18,801,310 as measured by the 2010 census, it...

, Tennessee
Tennessee
Tennessee is a U.S. state located in the Southeastern United States. It has a population of 6,346,105, making it the nation's 17th-largest state by population, and covers , making it the 36th-largest by total land area...

, West Virginia
West Virginia
West Virginia is a state in the Appalachian and Southeastern regions of the United States, bordered by Virginia to the southeast, Kentucky to the southwest, Ohio to the northwest, Pennsylvania to the northeast and Maryland to the east...

, Pennsylvania
Pennsylvania
The Commonwealth of Pennsylvania is a U.S. state that is located in the Northeastern and Mid-Atlantic regions of the United States. The state borders Delaware and Maryland to the south, West Virginia to the southwest, Ohio to the west, New York and Ontario, Canada, to the north, and New Jersey to...

, Georgia
Georgia (U.S. state)
Georgia is a state located in the southeastern United States. It was established in 1732, the last of the original Thirteen Colonies. The state is named after King George II of Great Britain. Georgia was the fourth state to ratify the United States Constitution, on January 2, 1788...

, North Carolina
North Carolina
North Carolina is a state located in the southeastern United States. The state borders South Carolina and Georgia to the south, Tennessee to the west and Virginia to the north. North Carolina contains 100 counties. Its capital is Raleigh, and its largest city is Charlotte...

 and Missouri
Missouri
Missouri is a US state located in the Midwestern United States, bordered by Iowa, Illinois, Kentucky, Tennessee, Arkansas, Oklahoma, Kansas and Nebraska. With a 2010 population of 5,988,927, Missouri is the 18th most populous state in the nation and the fifth most populous in the Midwest. It...

.

Fifth Third is among the largest money managers in the Midwest and, as of December 31, 2007, has $223 billion in assets under care, of which it managed $33 billion for individuals, corporations and not-for-profit organizations.

The company engages in five main lending and banking practices: Branch Banking, Consumer lending, Commercial Banking
Commercial bank
After the implementation of the Glass–Steagall Act, the U.S. Congress required that banks engage only in banking activities, whereas investment banks were limited to capital market activities. As the two no longer have to be under separate ownership under U.S...

, Investment Advisor
Investment Advisor
The term Investment Advisor is an individual or firm who, for compensation, engages in the business of advising others, either directly or through publications or writings, as to the value of securities or as to the advisability of investing in, purchasing, or selling securities...

s, and Fifth Third Processing Solutions. They also operate a Title insurance
Title insurance
Title insurance is a form of indemnity insurance predominantly found in the United States which insures against financial loss from defects in title to real property and from the invalidity or unenforceability of mortgage liens. Title insurance is principally a product developed and sold in the...

 division.

Fifth Third Bank operates under an Ohio charter.

During the late-2000s financial crisis
Late-2000s financial crisis
The late-2000s financial crisis is considered by many economists to be the worst financial crisis since the Great Depression of the 1930s...

, Fifth Third was often compared with US Bank as a small regional bank that could be easily acquired by one of the larger, national US banks, thus enhancing their stance as "too big to fail." Fifth Third did not cut jobs as rapidly as many competitors did during the financial crisis.

History

Fifth Third Bank's history can be traced back to June 17, 1858, when the Bank of the Ohio Valley opened in Cincinnati. The Third National Bank organized five years later, on June 23, 1863, and on April 29, 1871, the younger bank acquired the older one, beginning a 130-year history of banking acquisitions and mergers, with numerous smaller banks being absorbed and renamed.

The Fifth Third name

Fifth Third's unusual name is the result of the June 1, 1908 merger of Third National Bank and Fifth National Bank, to become the Fifth Third National Bank of Cincinnati. While Third National was the senior partner, the merger took place during a period when prohibition
Prohibition
Prohibition of alcohol, often referred to simply as prohibition, is the practice of prohibiting the manufacture, transportation, import, export, sale, and consumption of alcohol and alcoholic beverages. The term can also apply to the periods in the histories of the countries during which the...

ist ideas were gaining popularity, it was believed that "Fifth Third" was better than "Third Fifth," which could be construed as a reference to three "fifths" of alcohol. The name went through several changes over the years until, on March 24, 1969, it was changed to Fifth Third Bank.

Community outreach

  • The Fifth Third Foundation made grants of over $3.4 million in 2008
  • Fifth Third Bancorp funds and staffs a variety of community support projects with the help of employee volunteers, as well as several advocacy groups who support Fifth Third's community investments.
  • The Fifth Third Bank Community Development Corporation invests in community housing and revitalization projects in local neighborhoods
  • The Foundation Office helps direct and administer grants of charitable foundations

Leadership

Kevin T. Kabat
President, Chairman and CEO

Daniel T. Poston
Executive Vice President,
Chief Financial Officer

Paul L. Reynolds
Executive Vice President,
Secretary & General Counsel

Greg D. Carmichael
Executive Vice President,
Chief Operating Officer

Mark Hazel
Controller

Mahesh Sankaran
Senior Vice President,
Treasurer

Charles Drucker
Executive Vice President

Robert A. Sullivan
Executive Vice President

Bruce K. Lee
Executive Vice President

Mary E. Tuuk
Executive Vice President,
Chief Risk Officer

Terry E. Zink
Executive Vice President

Larry Magnesen
Chief Marketing Officer

Board of directors

Kevin T. Kabat
President, Chairman, & CEO
Fifth Third Bancorp

Robert L. Koch II
President & CEO
Koch Enterprises, Inc.

Mitchel D. Livingston, Ph.D.
Vice President for Student Affairs
University of Cincinnati

Darryl F. Allen
Retired Chairman
President & CEO
Aeroquip-Vickers, Inc.

Hendrik G. Meijer
Co-Chairman
Meijer, Inc.

John F. Barrett
President & CEO
The Western & Southern Life
Insurance Company

James E. Rogers
Chairman, President & CEO
Duke Energy Corporation

Ulysses L. Bridgeman, Jr.
President
ERJ Inc. and Manna, Inc.

John J. Schiff, Jr.
Chairman
Cincinnati Financial Corporation

James P. Hackett
President, CEO & Director
Steelcase, Inc.

Dudley S. Taft
President
Taft Broadcasting Company

Gary R. Heminger
President and CEO
Marathon Petroleum Corporation

Thomas W. Traylor
Chairman & CEO
Traylor Bros., Inc.

Allen M. Hill
Retired President & CEO
DPL, Inc.

Executive Committee
Kevin T. Kabat, Chairman
James P. Hackett
Robert L. Koch II
Allen M. Hill
Dudley S. Taft

Compensation Committee
Allen M. Hill, Chairman
James P. Hackett
Hendrik G. Meijer
James E. Rogers

Audit Committee
Gary R. Heminger, Chairman
Ulysses L. Bridgemann, Jr.
Darryl F. Allen, Vice Chairman
Robert L. Koch II
John F. Barrett

Nominating and Corporate Governance Committee
Dudley S. Taft, Chairman
Mitchel D. Livingston, Ph.D.
Darryl F. Allen
James E. Rogers

Risk and Compliance Committee
John F. Barrett, Chairman
Hendrik G. Meijer
Gary R. Heminger
Thomas W. Traylor
Ulysses L. Bridgeman, Jr.

Trust Committee
Mitchel D. Livingston, Ph.D., Chairman
Kevin T. Kabat
John J. Schiff, Jr.

Fifth Third in the news

In January 2007, the New York Times published an article "Data Breach Could Affect Millions". "Yesterday, Fifth Third Bank of Cincinnati was identified as the sponsoring bank that handles TJX’s accounts, which makes it responsible for ensuring that the retailer met the industry’s data security standards." It was later found that potentially 45.7 million credit card numbers were compromised. This, from the Associated Press
Associated Press
The Associated Press is an American news agency. The AP is a cooperative owned by its contributing newspapers, radio and television stations in the United States, which both contribute stories to the AP and use material written by its staff journalists...

, "TJX says its computer systems were first breached in July 2005 by a hacker or hackers who accessed information from customer transactions dating to January 2003. TJX says it didn’t find out about the breach until about three months ago.... The filing also says, “We believe that the intruder had access to the decryption tool for the encryption software utilized by TJX.”

Recent acquisitions and mergers

In May 2007, Fifth Third announced the acquisition of R-G Crown Bank of Casselberry, Florida
Casselberry, Florida
Casselberry is a city in Seminole County, Florida, United States. The population was 22,629 at the 2000 census. According to the U.S Census estimates of 2009, the city had a population of 24,792...

. This purchase added thirty branches in Florida and three in Georgia to Fifth Third's branch network. The transaction closed in the fourth quarter of 2007.

On August 16, 2007, Fifth Third announced the purchase of First Charter Bank
First Charter Bank
First Charter Bank , a subsidiary of First Charter Corporation, was a bank headquartered in Charlotte, North Carolina, USA. From its 1888 founding as Concord National Bank until its 2001 move to Charlotte, the bank was headquartered in Concord, North Carolina...

 of Charlotte, North Carolina
Charlotte, North Carolina
Charlotte is the largest city in the U.S. state of North Carolina and the seat of Mecklenburg County. In 2010, Charlotte's population according to the US Census Bureau was 731,424, making it the 17th largest city in the United States based on population. The Charlotte metropolitan area had a 2009...

. As part of this transaction, Fifth Third entered the North Carolina market with 57 branches, and the Atlanta market with two branches. On April 16, 2008, the Federal Reserve Bank approved the transaction for Fifth Third Bank to acquire First Charter. The Charlotte Market has responded well to the merger and the new brand in the area. The acquisition was completed in June 2008.

On September 25, 2007, Fifth Third announced the acquisition of nine branch locations in Atlanta, GA, from First Horizon National Corporation
First Horizon National Corporation
First Horizon National Corporation is a large banking company based in Memphis, Tennessee, USA. It is the parent company of First Tennessee Bank and FTN Financial....

. On February 7, 2008, First Horizon canceled the sale of the branches to Fifth Third, as the sale price suddenly became unacceptable to FHN. Then, on March 25, 2008, news outlets reported that the sale was reinstated.

On October 31, 2008, the Federal Deposit Insurance Corporation
Federal Deposit Insurance Corporation
The Federal Deposit Insurance Corporation is a United States government corporation created by the Glass–Steagall Act of 1933. It provides deposit insurance, which guarantees the safety of deposits in member banks, currently up to $250,000 per depositor per bank. , the FDIC insures deposits at...

 (FDIC) announced that all deposits of Florida-based Freedom Bank (which was shut down the same day) would be assumed by Fifth Third Bank.

On March 30, 2009 Fifth Third announced a joint venture with Advent International, selling off 51% of their credit card processing gem Fifth Third Processing Solutions. The new company Fifth Third Processing Solutions LLC will go into effect June 2009.
Advent International paid a reported $561 million in cash although, the deal is set to the amount of $1.25 billion altogether.

Fifth Third was rumored to be one of the front runners alongside Huntington Bancshares
Huntington Bancshares
Huntington Bancshares, Inc., is a US$53 billion Midwestern bank holding company headquartered in Columbus, Ohio. It is the 24th largest American bank. As of October 22, 2008, it was listed on the S&P 500...

 to buy the National City
National City Corp.
National City Corporation was a regional bank holding company based in Cleveland, Ohio, USA, founded in 1845; it was once one of the ten largest banks in America in terms of deposits, mortgages and home equity lines of credit. Subsidiary National City Mortgage is credited for doing the first...

 branches in the Pittsburgh and Erie
Erie, Pennsylvania
Erie is a city located in northwestern Pennsylvania in the United States. Named for the lake and the Native American tribe that resided along its southern shore, Erie is the state's fourth-largest city , with a population of 102,000...

 regions that PNC Financial Services
PNC Financial Services
PNC Financial Services Group, Inc. is a U.S.-based financial services corporation, with assets of approximately $264.3 billion...

 was required to sell off by the United States Department of Justice
United States Department of Justice
The United States Department of Justice , is the United States federal executive department responsible for the enforcement of the law and administration of justice, equivalent to the justice or interior ministries of other countries.The Department is led by the Attorney General, who is nominated...

 as part of PNC's deal to acquire National City in 2008. Had Fifth Third bought the branches, it would've greatly expanded the bank's presence in the Pittsburgh region (where Fifth Third has opened a small handful of branches over the past few years as opposed to acquiring a rival bank) as well as enter the Erie market. Ultimately, PNC sold the bulk of the overlapping branches to First Niagara Bank
First Niagara Bank
First Niagara Bank is a Federal Deposit Insurance Corporation-insured regional banking corporation headquartered in the historic Larkin Terminal Warehouse in Buffalo, New York.-History:...

.

The year 1999 showed no signs of slowdown for Fifth Third. CEO Schaefer revealed in the Cincinnati Business Courier that he planned to continue expanding through acquisitions. 'I see more opportunity for us now than at any point in the last 25 years,' said Schaefer. 'We continue to pick up market share in every market.' The company completed the acquisition of Enterprise Federal Bancorp Inc., one of the biggest thrifts in the Cincinnati area. The purchase, estimated at $96.4 million, provided Fifth Third with 11 additional branches in greater Cincinnati. Fifth Third also acquired Ashland Bankshares, Inc. and subsidiary Bank of Ashland, both based in Kentucky. The $80 million purchase gave Fifth Third four more branches, as well as $160 million in assets. Fifth Third also began to implement plans to expand further into Florida and acquired South Florida Bank Holding Corp. in June, adding another four branches to its Florida roster. Additional expansion into the Cleveland, Ohio, area came with the acquisition of Emerald Financial Corp. for $204 million. Fifth Third also acquired Cleveland-based Emerald Financial Corp. and its subsidiary, Strongsville Savings Bank.

See also

  • Fifth Third Ballpark
    Fifth Third Ballpark
    Fifth Third Ballpark is a baseball stadium located in Comstock Park, Michigan, just north of Grand Rapids. Fifth Third Ballpark is home to the West Michigan Whitecaps, a professional minor league baseball team, and class A affiliate of the Detroit Tigers. Fifth Third Ballpark was originally built...

    , another baseball stadium bearing the bank's name, in Comstock Park, Michigan
    Michigan
    Michigan is a U.S. state located in the Great Lakes Region of the United States of America. The name Michigan is the French form of the Ojibwa word mishigamaa, meaning "large water" or "large lake"....

  • Fifth Third Arena
    Fifth Third Arena
    Fifth Third Arena is a 13,176-seat multi-purpose arena in Cincinnati, Ohio, United States, named for Fifth Third Bank. The arena opened in 1989. It is home to the University of Cincinnati Bearcats basketball team. It is located in the Myrl H. Shoemaker Center, which was the name of the arena as...

    , an indoor arena
    Arena
    An arena is an enclosed area, often circular or oval-shaped, designed to showcase theater, musical performances, or sporting events. It is composed of a large open space surrounded on most or all sides by tiered seating for spectators. The key feature of an arena is that the event space is the...

     bearing the bank's name on the campus of the University of Cincinnati
    University of Cincinnati
    The University of Cincinnati is a comprehensive public research university in Cincinnati, Ohio, and a part of the University System of Ohio....

    , used by that school's basketball program
  • Fifth Third Funds, SEC registered investment advisor

External links

The source of this article is wikipedia, the free encyclopedia.  The text of this article is licensed under the GFDL.
 
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