Fifth Third Bank
 |
|
| Public | |
| Traded as |
NASDAQ: FITB S&P 500 Component |
| Industry |
Banking Financial services |
| Founded | June 17, 1858 (as Bank of the Ohio Valley) |
| Headquarters | Cincinnati, Ohio, U.S. |
|
Number of locations
|
1,312 (December 2010) |
|
Key people
|
Marsha C. Williams, Chairman Greg Carmichael, CEO |
| Revenue |
 US$ 7.218 billion (2010)
|
|
US$ 940 million (2012)
|
|
|
US$ 753 million (2012)
|
|
| Total assets |
US$ 142.43 billion (2016)
|
| Total equity |
US$ 14.080 billion (2012)
|
|
Number of employees
|
21,613 (December 2010) |
| Website | www |
Fifth Third Bank (5/3 Bank) is a U.S. regional banking corporation, headquartered in Cincinnati, Ohio at Fifth Third Center, and is the principal subsidiary of holding company Fifth Third Bancorp. The company operates under an Ohio charter.
The company's main businesses include branch banking, commercial banking, consumer lending, payment processing, investment advising, and title insurance.
Fifth Third Bank's corporate history began on June 17, 1858, when the Bank of the Ohio Valley opened in Cincinnati. Five years later, the Third National Bank organized on June 23, 1863. On April 29, 1871, the younger bank acquired the older one, beginning a long history of acquisitions and mergers that absorbed and renamed numerous smaller banks.
Fifth Third's unusual name is the result of the June 1, 1908, merger of Third National Bank and Fifth National Bank, to become the Fifth-Third National Bank of Cincinnati (the hyphen was later dropped). While Third National was the senior partner, the merger took place when prohibitionist ideas were gaining popularity, and it is legend that "Fifth Third" was better than "Third Fifth," which could have been construed as a reference to three fifths of alcohol. The name went through several changes over the years until March 24, 1969, when it was changed to Fifth Third Bank.
In 1999, the company completed the acquisition of Enterprise Federal Bancorp Inc., one of the biggest thrifts in the Cincinnati area. The purchase, estimated at $96.4 million, added 11 branches to Fifth Third in greater Cincinnati. Fifth Third also acquired Ashland Bankshares, Inc. and its subsidiary Bank of Ashland, both based in Kentucky. The $80-million purchase gave Fifth Third four more branches and $160 million in assets. Fifth Third also began to implement plans to expand further into Florida and acquired South Florida Bank Holding Corp. in June, adding another four branches to its Florida roster. Additional expansion into the Cleveland area came with the $204-million acquisition of Emerald Financial Corp. Fifth Third also acquired Cleveland-based Emerald Financial Corp. and its subsidiary, Strongsville Savings Bank.
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Wikipedia