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Fifth Third Bank (5/3 Bank) is a U.S.marker regional banking corporation, headquartered in Cincinnati, Ohiomarker.

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 Ohiomarker, Kentuckymarker, Indianamarker, Michiganmarker, Illinoismarker, Floridamarker, Tennesseemarker, West Virginiamarker, Pennsylvaniamarker, Georgiamarker, North Carolinamarker and Missourimarker.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, Investment Advisors, and Fifth Third Processing Solutions. They also operate a Title insurance division.

Fifth Third Bank operates under two state charters, in Ohio and Michigan; and one national charter, Fifth Third Bank, N.A.


old logo
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.


Fifth Third's unusual name is the result of the June 1, 1908 merger of two banks, The Fifth National Bank and The Third National Bank, to become The Fifth Third National Bank of Cincinnati. Because the merger took place during a period when prohibitionist 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, the name 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


Kevin T. KabatPresident, Chairman and CEO

Daniel T. PostonExecutive Vice PresidentChief Financial Officer

Paul L. ReynoldsExecutive Vice PresidentSecretary & General Counsel

Greg D. CarmichaelExecutive Vice PresidentChief Operating Officer

Mark HazelInterim Controller

Mahesh SankaranSenior Vice PresidentTreasurer

Charles DruckerExecutive Vice President

Robert A. SullivanExecutive Vice President

Bruce K. LeeExecutive Vice President

Mary E. TuukExecutive Vice PresidentChief Risk Officer

Terry E. ZinkExecutive Vice President

Board of Directors

Kevin T. KabatPresident, Chairman, & CEOFifth Third Bancorp

Robert L. Koch IIPresident & CEOKoch Enterprises, Inc.

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

Darryl F. AllenRetired ChairmanPresident & CEOAeroquip-Vickers, Inc.

Hendrik G. MeijerCo-ChairmanMeijer, Inc.

John F. BarrettPresident & CEOThe Western & Southern LifeInsurance Company

James E. RogersChairman, President & CEODuke Energy Corporation

Ulysses L. Bridgeman, Jr.PresidentERJ Inc. and Manna, Inc.

John J. Schiff, Jr.Chairman, President & CEOCincinnati Financial Corporation

James P. HackettPresident, CEO & DirectorSteelcase, Inc.

Dudley S. TaftPresidentTaft Broadcasting Company

Gary R. HemingerExecutive Vice PresidentMarathon Oil Corporation

Thomas W. TraylorChairman & CEOTraylor Bros., Inc.

Allen M. HillRetired President & CEODPL, Inc.

Executive CommitteeKevin T. Kabat, ChairmanJames P. HackettRobert L. Koch IIAllen M. HillDudley S. Taft

Compensation CommitteeAllen M. Hill, ChairmanJames P. HackettHendrik G. MeijerJames E. Rogers

Audit CommitteeGary R. Heminger, ChairmanUlysses L. Bridgemann, Jr.Darryl F. Allen, Vice ChairmanRobert L. Koch IIJohn F. Barrett

Nominating and Corporate Governance Committee Dudley S. Taft, ChairmanMitchel D. Livingston, Ph.D.Darryl F. AllenJames E. Rogers

Risk and Compliance CommitteeJohn F. Barrett, ChairmanHendrik G. MeijerGary R. HemingerThomas W. TraylorUlysses L. Bridgeman, Jr.

Trust CommitteeMitchel D. Livingston, Ph.D., ChairmanKevin T. KabatJohn J. Schiff, Jr.

Sumit kumar Agrawal,joint CEO

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 Cincinnatimarker 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, "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.”

Use by phishing scams

Fifth Third Bank's brand, name, and logo have been frequently exploited by phishing scam emails. Computer security company McAfee reports on their website that, at the beginning of September 2006, over 33% of phishing scam emails being reported to McAfee were using Fifth Third Bank's brand.

Recent acquisitions

The Fifth Third footprint
In May 2007, Fifth Third announced the acquisition of R-G Crown Bank of Casselberry, Floridamarker. 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 of Charlotte, North Carolinamarker. As part of this transaction, Fifth Third will enter the North Carolina market with 57 branches, and the Atlanta market with two branches. Pending Approval by the Federal Reserve Bank, the transaction is expected to be finalized in the second quarter of 2008. 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 9 branch locations in Atlanta, GAmarker, from First Horizon National Corporation. 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 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 all together.

Fifth Third was rumored to be one of the front runners alongside Huntington Bancsharesmarker to buy the National City branches in the Pittsburghmarker and Eriemarker regions that PNC Financial Services was required to sell off by the United States Department of Justicemarker 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.

See also


  1. Press release

External links

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