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 Bank | |
Company type | Public company |
Industry | |
Predecessor | Bank of the Ohio Valley, Third National Bank, Fifth National Bank |
Founded | June 17, 1858Cincinnati, Ohio, U.S. | (as Bank of the Ohio Valley) in
Headquarters | Fifth Third Center, , |
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) |
Products | Consumer banking, corporate banking, private banking, financial analysis, insurance, investment banking, mortgage loans, private equity, wealth management, credit cards |
Revenue | US$7.90 billion (2021) |
3,093,000,000 United States dollar (2022) | |
US$2.66 billion (2021) | |
Total assets | US$211.12 billion (2021) |
Total equity | US$22.21 billion (2021) |
Number of employees | 19,112 (December 2021) |
Website | www |
Footnotes / references [1] |
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]
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]
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.
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 ($11.9 billion in 2023).[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]
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 case was settled on September 14, 2023, with Fifth Third paying former MB Financial shareholders $5.5 million.[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]
Fifth Third owns corporate naming rights to the following:
Fifth Third Bank is a sponsor of the following: