Fifth Third Bank: Difference between revisions
m →Recent acquisitions: Capitalization correction |
Balaji.ralla (talk | contribs) updated the non working link |
||
| Line 215: | Line 215: | ||
In May 2007, Fifth Third announced the acquisition of R-G Crown Bank of [[Casselberry, Florida]]. 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.<ref>{{cite web|url=http://biz.yahoo.com/ap/070521/fifth_third_acquisition.html?.v=3|title=Fifth Third Bancorp Buys R-G Crown Bank|accessdate=2007-08-16|publisher=Associated Press|date=2007-05-21}}</ref> |
In May 2007, Fifth Third announced the acquisition of R-G Crown Bank of [[Casselberry, Florida]]. 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.<ref>{{cite web|url=http://biz.yahoo.com/ap/070521/fifth_third_acquisition.html?.v=3|title=Fifth Third Bancorp Buys R-G Crown Bank|accessdate=2007-08-16|publisher=Associated Press|date=2007-05-21}}</ref> |
||
On August 16, 2007, Fifth Third announced the purchase of First Charter Bank of [[Charlotte, North Carolina]]. 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.<ref>{{cite web|url=http://www.bizjournals.com/charlotte/stories/2008/01/28/story5.html?ana=from_rss|title=Fifth Third still committed to First Charter purchase|accessdate=2008-04-03|publisher=bizjournals.com|date=2008-01-25}}</ref> 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.<ref>{{cite web|url=http://dayton.bizjournals.com/dayton/stories/2008/04/14/daily23.html?ana=yfcpc|title=Fed Approves Fifth Third's First Charter Buyout|accessdate=2008-04-16|publisher=bizjournals.com|date=2008-04-16}}</ref> The acquisition was completed in June 2008.<ref>{{cite web|url=http://www.banking-business-review.com/ |
On August 16, 2007, Fifth Third announced the purchase of First Charter Bank of [[Charlotte, North Carolina]]. 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.<ref>{{cite web|url=http://www.bizjournals.com/charlotte/stories/2008/01/28/story5.html?ana=from_rss|title=Fifth Third still committed to First Charter purchase|accessdate=2008-04-03|publisher=bizjournals.com|date=2008-01-25}}</ref> 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.<ref>{{cite web|url=http://dayton.bizjournals.com/dayton/stories/2008/04/14/daily23.html?ana=yfcpc|title=Fed Approves Fifth Third's First Charter Buyout|accessdate=2008-04-16|publisher=bizjournals.com|date=2008-04-16}}</ref> The acquisition was completed in June 2008.<ref>{{cite web|url=http://www.banking-business-review.com/news/fifth_third_bancorp_acquires_first_charter/|title=Fifth Third Bancorp acquires First Charter|accessdate=2008-06-30|publisher=Banking Business Review|date=2008-06-09}}</ref> |
||
On September 25, 2007, Fifth Third announced the acquisition of 9 branch locations in [[Atlanta, GA]], from [[First Horizon National Corporation]].<ref>{{cite web|url=https://www.53.com/wps/portal/news/?New_WCM_Context=http://www.53.com/wps/wcm/connect/FifthThirdSite/About+53/In+the+News/Press+Releases/2007/Press+Releases+092507 |
On September 25, 2007, Fifth Third announced the acquisition of 9 branch locations in [[Atlanta, GA]], from [[First Horizon National Corporation]].<ref>{{cite web|url=https://www.53.com/wps/portal/news/?New_WCM_Context=http://www.53.com/wps/wcm/connect/FifthThirdSite/About+53/In+the+News/Press+Releases/2007/Press+Releases+092507 |
||
Revision as of 06:14, 23 October 2009
 | |
| Company type | Public (Nasdaq: FITB) |
|---|---|
| Industry | Finance |
| Founded | 1858 as Bank of the Ohio Valley Present name acquired June 1, 1908 as the result of merger between Third National Bank and Fifth National Bank |
| Headquarters | , |
Key people | Kevin T. Kabat, CEO |
| Products | Banking |
| Revenue | $8.498b ( 4.8%) FY2007[1] |
$1.07b ( 9.3%) FY2007[1] | |
| $1.07b (9.3%) FY2007[1] | |
Number of employees | 22,000 (2007) [2] |
| Website | www.53.com |
Fifth Third Bank (5/3 Bank) is a U.S. regional banking corporation, headquartered in Cincinnati, Ohio.
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 Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Pennsylvania, Georgia, North Carolina and Missouri. 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.[3]
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.
History
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.[4]
Name
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.[4] 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.[5] The name went through several changes over the years, until on March 24, 1969, the name was changed to Fifth Third Bank.[4]
Community Outreach
Leadership
Kevin T. Kabat President, Chairman and CEO
Ross J. Kari Executive Vice President Chief Financial Officer
Paul L. Reynolds Executive Vice President Secretary & General Counsel
Greg D. Carmichael Executive Vice President Chief Operating Officer
Daniel T. Poston Executive Vice President Controller
Mahesh Sankaran Senior Vice President Treasurer
Charles Drucker Executive Vice President
Robert A. Sullivan Executive Vice President
Bruce K. Lee Executive Vice President
Mary E. Tuuk Executive Vice President Chief Risk Officer
Terry E. Zink Executive Vice President
Board of Directors
Kevin T. Kabat President, Chairman, & CEO Fifth Third Bancorp
Robert L. Koch II President & CEO Koch Enterprises, Inc.
Mitchel D. Livingston, Ph.D. Vice President for Student Affairs University of Cincinnati
Darryl F. Allen Retired Chairman President & CEO Aeroquip-Vickers, Inc.
Hendrik G. Meijer Co-Chairman Meijer, Inc.
John F. Barrett President & CEO The Western & Southern Life Insurance Company
James E. Rogers Chairman, President & CEO Duke Energy Corporation
Ulysses L. Bridgeman, Jr. President ERJ Inc. and Manna, Inc.
John J. Schiff, Jr. Chairman, President & CEO Cincinnati Financial Corporation
James P. Hackett President, CEO & Director Steelcase, Inc.
Dudley S. Taft President Taft Broadcasting Company
Gary R. Heminger Executive Vice President Marathon Oil Corporation
Thomas W. Traylor Chairman & CEO Traylor Bros., Inc.
Allen M. Hill Retired President & CEO DPL, Inc.
Executive Committee Kevin T. Kabat, Chairman James P. Hackett Robert L. Koch II Allen M. Hill Dudley S. Taft
Compensation Committee Allen M. Hill, Chairman James P. Hackett Hendrik G. Meijer James E. Rogers
Audit Committee Gary R. Heminger, Chairman Ulysses L. Bridgemann, Jr. Darryl F. Allen, Vice Chairman Robert L. Koch II John F. Barrett
Nominating and Corporate Governance Committee Dudley S. Taft, Chairman Mitchel D. Livingston, Ph.D. Darryl F. Allen James E. Rogers
Risk and Compliance Committee John F. Barrett, Chairman Hendrik G. Meijer Gary R. Heminger Thomas W. Traylor Ulysses L. Bridgeman, Jr.
Trust Committee Mitchel D. Livingston, Ph.D., Chairman Kevin T. Kabat John 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 Cincinnati 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."[6] 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.”[7]
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.[8]
Recent acquisitions
In May 2007, Fifth Third announced the acquisition of R-G Crown Bank of Casselberry, Florida. 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.[9]
On August 16, 2007, Fifth Third announced the purchase of First Charter Bank of Charlotte, North Carolina. 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.[10] 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.[11] The acquisition was completed in June 2008.[12]
On September 25, 2007, Fifth Third announced the acquisition of 9 branch locations in Atlanta, GA, from First Horizon National Corporation.[13] 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.[14]
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. [15]
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 Bancshares to buy the National City branches in the Pittsburgh and Erie regions that PNC Financial Services was required to sell off by the United States Department of Justice as part of PNC's deal to acquire National City in 2008.[16] 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
- Fifth Third Field, the name of two baseball stadiums in Ohio bearing the bank's name due to separate naming rights arrangements, one in Dayton and one in Toledo
- Fifth Third Ballpark, another baseball stadium bearing the bank's name, in Comstock Park, Michigan
- Fifth Third Arena, an indoor arena bearing the bank's name on the campus of the University of Cincinnati, used by that school's basketball program
References
- ^ a b c Fortune 500 2008: Fifth Third Bancorp - FITB
- ^ "Fifth Third Bancorp Annual Report 2006 (PDF)" (PDF). Fifth Third Bank. 2006. Retrieved 2007-06-22.
- ^ Press release
- ^ a b c "Fifth Third Bank History and Expansion (PDF)" (PDF). Fifth Third Bank. 2005. Retrieved 2006-09-01.
- ^ Adams, Cecil (2002-01-18). "The Straight Dope: What gives with Fifth Third Bank?". Chicago Reader. Retrieved 2006-09-02.
- ^ Dash, Eric (2007-01-19). "Data Breach Could Affect Millions". New York Times. Retrieved 2007-04-24.
- ^ "T.J. Maxx data theft worse than first reported". Associated Press. 2007-03-29. Retrieved 2007-04-24.
- ^ "Top 10 Phish Scams". McAfee. 2006-09-01. Retrieved 2006-09-01.
- ^ "Fifth Third Bancorp Buys R-G Crown Bank". Associated Press. 2007-05-21. Retrieved 2007-08-16.
- ^ "Fifth Third still committed to First Charter purchase". bizjournals.com. 2008-01-25. Retrieved 2008-04-03.
- ^ "Fed Approves Fifth Third's First Charter Buyout". bizjournals.com. 2008-04-16. Retrieved 2008-04-16.
- ^ "Fifth Third Bancorp acquires First Charter". Banking Business Review. 2008-06-09. Retrieved 2008-06-30.
- ^ "Fifth Third to Expand Presence in Atlanta with Branch Purchase from First Horizon". Fifth Third Bank. 2007-09-25. Retrieved 2007-10-10.
- ^ "Fifth Third Issues Statement Regarding Cancellation of First Horizon Branch Sale in Atlanta". Fifth Third Bank. 2008-02-08. Retrieved 2008-02-08.
- ^ http://www.fdic.gov/news/news/press/2008/pr08109.html
- ^ http://www.post-gazette.com/pg/09080/957219-28.stm