Fifth Third Bank

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,[2] Fifth Third Bank is incorporated in Ohio.[3] It was state-chartered until late 2019, when it obtained a national charter.[2]

Fifth Third Bancorp
Fifth Third Bank
TypePublic company
Industry
PredecessorBank of the Ohio Valley, Third National Bank, Fifth National Bank
FoundedJune 17, 1858; 164 years ago (1858-06-17) (as Bank of the Ohio Valley) in Cincinnati, Ohio, U.S.
HeadquartersFifth Third Center, ,
Number of locations
1,136 branches and 2,469 ATMs
Area served
Ohio, Kentucky, Indiana, Illinois, Michigan, Tennessee, West Virginia, Florida, Georgia, North Carolina, and South Carolina
Key people
Greg D. Carmichael,
(President and CEO)
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]
Typical Fifth Third Bank branch in Springboro, Ohio

Fifth Third's client base spans retail, small business, corporate, and investment clients. Fifth Third operates 1,136 branches and 2,469 automated teller machines in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia, North Carolina, and South Carolina.

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 415th on the Fortune 500.[4] Fifth Third is one of the largest banks in the United States.

HistoryEdit

Bank of the Ohio ValleyEdit

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 to be the largest bank capital in the state at the time. In 1888, Queen City National Bank changed its name to Fifth National Bank.[5]

Merger of Third National Bank and Fifth National BankEdit

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.[6] The name went through several changes until March 24, 1969, when it was changed to Fifth Third Bank.

21st-century operationsEdit

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.[7][8]

For the year 2020 Fifth Third originated nearly 56,000 mortgages with a value of $10.6 billion.[9]

In January 2022, Fifth Third announced it had acquired the San Francisco-based residential solar power lender, Dividend Finance.[10]

Notable corporate buildingsEdit

Naming rights and sponsorshipsEdit

Fifth Third owns corporate naming rights to the following:

Fifth Third Bank is a sponsor of:

See alsoEdit

ReferencesEdit

  1. ^ "Fifth Third Bancorp 2021 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. February 25, 2022.
  2. ^ a b Cowley, Stacy (March 9, 2020). "Fifth Third Bank Opened Fraudulent Accounts, Consumer Bureau Says". The New York Times. Until late last year, it operated as a state-chartered bank and was primarily overseen by state regulators and the Federal Reserve Bank of Cleveland. In November, Fifth Third became nationally chartered and fell under the supervision of the Office of the Comptroller of the Currency.
  3. ^ "10-K". 10-K. Retrieved June 1, 2019.
  4. ^ "Fifth Third Bancorp". Fortune.
  5. ^ "Our History: A history of providing superior customer service and following sound banking principles". www.53.com. Retrieved October 11, 2020.
  6. ^ Brickey, Homer (April 2, 2002). "That funny name for a bank has grown on us". The Blade.
  7. ^ Protess, Ben (February 2, 2011). "Fifth Third Repays Bailout Funds". The New York Times.
  8. ^ "Fifth Third Bancorp repays TARP debt". American City Business Journals. February 2, 2011.
  9. ^ "Fifth Third Bank Mortgages". Retrieved December 18, 2021.
  10. ^ "US solar lender Dividend Finance acquired by bank Fifth Third". PV Tech. January 20, 2022. Retrieved January 20, 2022.

External linksEdit