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.
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| Fifth Third Bank | |
| Type | Public company |
| Industry | |
| Predecessor | Bank of the Ohio Valley, Third National Bank, Fifth National Bank |
| Founded | June 17, 1858 (as Bank of the Ohio Valley) in Cincinnati, Ohio, U.S. |
| Headquarters | Fifth Third Center, , |
Number of locations | 1,100 branches and 50,000 automated teller machines |
Area served | Regional |
Key people | Timothy N. Spence, (President and CEO) |
| 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 50,000 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 415th 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.[10]
In January 2022, Fifth Third announced it had acquired the San Francisco–based residential solar power lender, Dividend Finance.[11]
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, a 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 of the Chicago Blackhawks.
- Fifth Third Bank Stadium, a football stadium in Kennesaw, Georgia, home of the Kennesaw State Owls Athletics.
Fifth Third Bank is a sponsor of the following:
- Cincinnati Bengals – Official Bank of the Cincinnati Bengals.
- Nashville Predators – Official Bank of the Nashville Predators.
- 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 – Sponsor of the No. 15 Honda for Graham Rahal in the IndyCar Series. [12]
See also
References
- "Fifth Third Bancorp 2021 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. February 25, 2022.
- "Fifth Third Bancorp". Fortune.
- "Biggest US Banks by Asset Size (2021)". MX Technologies. April 20, 2021. Retrieved September 21, 2021.
{{cite web}}: CS1 maint: url-status (link) - "Our History: A history of providing superior customer service and following sound banking principles". www.53.com. Retrieved October 11, 2020.
- Brickey, Homer (April 2, 2002). "That funny name for a bank has grown on us". The Blade.
- Protess, Ben (February 2, 2011). "Fifth Third Repays Bailout Funds". The New York Times.
- "Fifth Third Bancorp repays TARP debt". American City Business Journals. February 2, 2011.
- Coolidge, Alexander. "Vantiv transforms into Worldpay, likely region's newest Fortune 500". The Enquirer. Retrieved April 14, 2023.
- Coolidge, Alexander. "Fifth Third spends $4.7 billion for Chicago's MB Financial". USA TODAY. Retrieved April 14, 2023.
- "Fifth Third Bank Mortgages". Retrieved December 18, 2021.
- "US solar lender Dividend Finance acquired by bank Fifth Third". PV Tech. January 20, 2022. Retrieved January 20, 2022.
- "Fifth Third Bank Extends Sponsorship of RLL through 2025". Indycar.com. August 7, 2022. Retrieved March 27, 2023.
External links
- Official website
- Business data for Fifth Third Bank: