Fifth Third Bank

From Wikipedia, the free encyclopedia
"5/3" redirects here. For the dates, see May 3 and March 5.
Fifth Third Bancorp
Fifth Third Bank
TypePublic company
Nasdaq: FITB
S&P 500 Index component
IndustryBanking
Financial services
FoundedJune 17, 1858; 163 years ago (1858-06-17) (as Bank of the Ohio Valley)
HeadquartersCincinnati, Ohio, USA
Area served
Ohio, Kentucky, Indiana, Illinois, Michigan, Tennessee, West Virginia, Florida, Georgia, North Carolina, Pennsylvania
Key people
Greg D. Carmichael,
Chairman & CEO
Increase $2.512 billion (2019)
Total assetsIncrease $169.369 billion (2019)
Total equityIncrease $21.203 billion (2019)
Number of employees
19,869 (2019)
Websitewww.53.com
Footnotes / references
[1]
The Fifth Third footprint prior to its branch divestment in Pittsburgh and St. Louis.
Fifth Third Bank offices at 1000 Town Center in Southfield, Michigan. (signage since been removed)
Fifth Third Center in Nashville, Tennessee.
Fifth Third Bank branch in Springboro, Ohio.

Fifth Third Bank (5/3 Bank) is a bank headquartered in Cincinnati, Ohio, at Fifth Third Center. It is the principal subsidiary of Fifth Third Bancorp, a diversified bank holding company. One of the largest consumer banks in the Midwestern United States,[2] it operates 1,154 branches and 2,469 automated teller machines in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia, and North Carolina. Fifth Third Bank is incorporated in Ohio.[3] It was state-chartered until late 2019, when it obtained a national charter.[2]

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 384th on the Fortune 500.[4] It is one of the largest banks in the United States.

History[]

On June 17, 1858, the Bank of the Ohio Valley opened in Cincinnati. 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]

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.

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]

2018 shooting incident[]

Main article: 2018 Cincinnati shooting

On September 6, 2018, a gunman named Omar Enrique Santa-Perez entered the lobby area of the company headquarters in downtown Cincinnati, shooting and killing three people and wounding two others before being shot and killed by the Cincinnati Police.[9][10]

Controversies[]

2014 discrimination settlement[]

In August 2014, the company settled with the United States Department of Justice, resolving allegations that the bank engaged in a pattern of discrimination on the basis of disability and receipt of public assistance, in violation of the Equal Credit Opportunity Act. The company was required to pay $1.5 million to eligible mortgage loan applicants who were asked to provide a letter from their doctor to document the income they received from Social Security Disability Insurance.[11]

2020 CFPB Fraudulent Account Investigation[]

On March 9, 2020, the Consumer Financial Protection Bureau announced a lawsuit against the bank for allegedly opening unauthorized accounts and enrolling consumers in unauthorized products and services.[12]

Naming rights[]

Fifth Third owns (or used to own) the naming rights to:

References[]

  1. ^ "Fifth Third Bancorp 2019 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. ^ Jump up to: 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 1 June 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 2020-10-11.
  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. ^ "Cincinnati police ID gunman behind Fifth Third shooting as Omar Enrique Santa-Perez". WCPO-TV. September 6, 2018.
  10. ^ Anstead, Abby (September 6, 2018). "Three dead, shooter dead in 'horrific' shooting at Fifth Third Bank headquarters Downtown". WCPO-TV.
  11. ^ "Justice Department Reaches Settlement with Fifth Third Mortgage Company to Resolve Allegations of Discrimination Against Recipients of Disability Income" (Press release). United States Department of Justice. August 7, 2014.
  12. ^ "Consumer Financial Protection Bureau Files Suit Against Fifth Third Bank, National Association for Allegedly Opening Unauthorized Accounts and Enrolling Consumers in Unauthorized Products and Services".

External links[]


Retrieved from ""