Fifth Third Bank

{{Infobox company

| name = Fifth Third Bancorp

| logo = Fifth Third Bank.svg

| logo_size = 270px

| type = Public

| trade_name = Fifth Third Bank

| traded_as = {{ubl|{{NASDAQ|FITB}}|S&P 500 component}}

| predecessor = Bank of the Ohio Valley, Third National Bank, Fifth National Bank

| founded = {{start date and age|1858|6|17}}, in Cincinnati, Ohio, U.S. (as Bank of the Ohio Valley)

| image = Fifth Third Bank Headquarters.jpg

| image_caption = The Fifth Third Center headquarters of Fifth Third Bancorp in Cincinnati, Ohio

| hq_location = Fifth Third Center

| hq_location_city = Cincinnati, Ohio

| location_country = U.S.

| locations = 1,100 branches and 2,400 automated teller machines{{cite web|title=Other Banking FAQ |url=https://www.53.com/content/fifth-third/en/customer-service/other-banking-faqs.html#:~:text=How%20many%20branch%20and%20ATM,is%20Fifth%20Third%20stock%20traded%3F|access-date=2024-10-04|website=53.com}}

| area_served = Regional

| key_people = Timothy N. Spence (chairman, CEO and president)
Bryan D. Preston (CFO)

| industry = {{hlist|Banking|Investment banking|Financial services}}

| products = Consumer banking, corporate banking, private banking, financial analysis, insurance, investment banking, mortgage loans, private equity, wealth management, credit cards

| net_income = {{decrease}} US$2.212 billion (2023)

| assets = {{increase}} US$214.574 billion (2023)

| equity = {{increase}} US$19.172 billion (2023)

| num_employees = 18,724 (December 2023)

| homepage = {{URL|https://53.com/}}

| footnotes = {{cite web |url=https://www.sec.gov/ix?doc=/Archives/edgar/data/35527/000003552724000088/fitb-20231231.htm | title=Fifth Third Bancorp 2022 Annual Report (Form 10-K) |publisher=U.S. Securities and Exchange Commission | date=February 27, 2024}}

}}

File:Fairborn Fifth Third Bank.jpg]]

Fifth Third Bancorp is a bank holding company headquartered in Cincinnati, Ohio. It is the parent company of Fifth Third Bank (5/3 Bank), which operates 1,100 branches and 2,400 automated teller machines,{{Cite web |date=October 4, 2024 |title=Other Banking FAQs {{!}} Fifth Third Bank |url=https://www.53.com/content/fifth-third/en/customer-service/other-banking-faqs.html#:~:text=How%20many%20branch%20and%20ATM,is%20Fifth%20Third%20stock%20traded%3F |access-date=October 4, 2024 |website=Fifth Third Bank}} which are located in 11 states: Ohio, Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, South Carolina, Tennessee, and West Virginia. It is on the list of largest banks in the United States and is ranked 321st on the Fortune 500.{{Cite web | url=https://fortune.com/company/fifth-third-bancorp/ | title=Fifth Third Bancorp | website=Fortune }} 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.

History

=Pre-merger (1858-1908)=

On June 17, 1858, the Bank of the Ohio Valley, founded by William W. Scarborough, opened in Cincinnati, Ohio. On June 23, 1863, the Third National Bank was organized. On April 29, 1871, Third National Bank acquired Bank of the Ohio Valley. In 1888, Queen City National Bank changed its name to Fifth National Bank.{{Cite web | url=https://columbus.org/fifth-third-bank-celebrates-165-yearsof-service-innovation-impact/ | title=Fifth Third Bank Celebrates 165 Years of Service, Innovation, Impact | work=Columbus Chamber of Commerce | date=June 22, 2023}}

=Merger of Third National Bank and Fifth National Bank (1908)=

On June 1, 1908, Third National Bank and Fifth National Bank merged to become the Fifth{{En dash}}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.{{cite web | url=https://cbonds.com/company/74763/ | title=Organization: Fifth Third Bank | work=Cbonds | access-date=May 1, 2024}} The name went through several changes{{Em dash}}the most recent being Fifth Third Union Trust Company{{cite news | url=http://www.toledoblade.com/Opinion/2002/04/02/That-funny-name-for-a-bank-has-grown-on-us.html | title=That funny name for a bank has grown on us | first=Homer | last=Brickey | work=The Blade | date=April 2, 2002}}{{Em dash}}until March 24, 1969, when it was changed to Fifth Third Bank.

=Post-merger=

File:Fifth Third Center new atrium.jpg

In 1999, the bank acquired Emerald Financial for $204 million.{{Cite news | url=https://www.bizjournals.com/dayton/stories/1999/03/01/daily3.html | title=Fifth Third to acquire Emerald Financial; become Ohio's | date=March 1, 1999}}

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.{{cite news | url=https://archive.nytimes.com/dealbook.nytimes.com/2011/02/02/fifth-third-repays-bailout-funds/ | title=Fifth Third Repays Bailout Funds | first=Ben | last=Protess | work=The New York Times | date=February 2, 2011 | url-access=limited}}{{cite news | url=https://www.bizjournals.com/dayton/news/2011/02/02/fifth-third-bancorp-repays-tarp-debt.html | title=Fifth Third Bancorp repays TARP debt | work=American City Business Journals | date=February 2, 2011}}

In 2009, Fifth Third completed the corporate spin-off of Fifth Third Processing Solutions, which was acquired by Worldpay, Inc. in 2012.{{Cite web |url=https://corporate.worldpay.com/static-files/4408356f-6de5-428e-b6f2-e635f8a3736a | title=Welcome to the new Worldpay | publisher=Worldpay, Inc.}}

In May 2018, Fifth Third acquired MB Financial in a $4.7 billion transaction.{{Cite news |url=https://www.usatoday.com/story/money/nation-now/2018/05/21/fifth-third-buys-mb-financial-bank/627904002/ | title=Fifth Third spends $4.7 billion for Chicago's MB Financial | first=Alexander | last=Coolidge

| agency=The Cincinnati Enquirer |website=USA Today | date=May 21, 2018}}

In August 2020, the bank signed a partnership with Trust & Will.{{Cite news | title=Fifth Third Bank and Trust & Will Announce Strategic Relationship to Help Customers Protect and Secure Their Families' |work=Bloomberg News | url=https://www.bloomberg.com/press-releases/2020-07-16/fifth-third-bank-and-trust-will-announce-strategic-relationship-to-help-customers-protect-and-secure-their-families | date=July 16, 2020}}

In May 2022, Fifth Third acquired Dividend Finance, a San Francisco{{En dash}}based residential solar power lender.{{Cite news | url=https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/fifth-third-bancorp-completes-acquisition-of-dividend-finance-70268586 | title=Fifth Third Bancorp completes acquisition of Dividend Finance | first=Jasmine | last=Castroverde | work=S&P Global | date=11 May 2022}}{{Cite press release | url=https://www.53.com/content/fifth-third/en/media-center/press-releases/2022/press-release-2022-05-10.html | title=Fifth Third Completes Acquisition of Dividend Finance, Leading Lender in High Growth Solar, Sustainable Solutions | publisher=Business Wire | date=May 10, 2022}}

In May 2023, the bank acquired Rize Money.{{Cite news | url=https://www.americanbanker.com/news/fifth-third-targets-payments-expansion-with-rize-money-acquisition | title=Fifth Third targets payments expansion with Rize Money acquisition | first=Jordan | last=Stutts | work=American Banker | date=May 22, 2023 | url-access=subscription}} Also in May 2023, the bank acquired Big Data Healthcare.{{Cite news | url=https://www.bizjournals.com/cincinnati/news/2023/05/16/fifth-third-big-data-healthcare-done-deal.html | title=Fifth Third Bank completes acquisition of Big Data Healthcare | work=American City Business Journals | date=May 16, 2023 | url-access=subscription}}

Lawsuits

In September 2015, the US Department of Justice and the Consumer Financial Protection Bureau announced an $18 million settlement to resolve allegations that Fifth Third Bank engaged in a pattern or practice of discrimination against African{{En dash}}American and Hispanic borrowers in its indirect auto lending business.{{cite web |url=https://www.justice.gov/opa/pr/justice-department-and-consumer-financial-protection-bureau-reach-settlement-resolve |title=Justice Department and Consumer Financial Protection Bureau Reach Settlement to Resolve Allegations of Auto Lending Discrimination by Fifth Third Bank | work=United States Department of Justice | date=September 28, 2015}}

In December 2016, small business owners sued Fifth Third, along with Vantiv and National Processing Company, for violating telemarketing laws. On August 4, 2022, a $50 million settlement was finalized.{{cite web |url=https://cookcountyrecord.com/stories/630039661-judge-finalizes-50m-settlement-with-fifth-third-vantiv-over-recorded-telemarketing-calls| title=Judge finalizes $50M settlement with Fifth Third, Vantiv over recorded telemarketing calls | first=Scott | last=Holland | work=Cook County Record | date=August 10, 2022}}

On March 9, 2020, the Consumer Financial Protection Bureau (CFPB) charged Fifth Third with illegal cross-selling; the suit was resolved in 2024 with the bank paying $20 million and taking remedial actions.{{cite web | url=https://www.consumerfinance.gov/about-us/newsroom/cfpb-takes-action-against-fifth-third-for-wrongfully-triggering-auto-repossessions-and-opening-fake-bank-accounts/ |title=CFPB Takes Action Against Fifth Third for Wrongfully Triggering Auto Repossessions and Opening Fake Bank Accounts |website=Consumer Financial Protection Bureau | date=July 9, 2024}} A class action suit was filed on behalf of former MB Financial shareholders, alleging that the cross-selling strategy artificially inflated Fifth Third's stock price and thus MB Financial's shareholders were not honestly compensated when the purchase occurred. The case was settled on September 14, 2023, with Fifth Third paying former MB Financial shareholders $5.5 million.{{cite web | url=https://www.labaton.com/fox-v-fifth-third-bancorp |access-date=March 1, 2024 |title=Fox v. Fifth Third Bancorp}}

On April 27, 2023, a jury sided with Fifth Third in a lawsuit filed by customers of its Early Access loan program. The program charged a 10% flat fee. While Fifth Third listed an APR estimate of 120%, the actual APR would be higher if the loan was paid off early due to the fee structure. While the jury agreed Fifth Third breached its loan agreement, it also agreed that customers were fully aware of the fee and thus were not awarded any damages.{{cite news |url=https://www.wcpo.com/news/local-news/i-team/federal-jury-awards-zero-damages-in-fifth-third-loan-case |title=Federal jury awards zero damages in Fifth Third loan case | first=Dan | last=Monk | work=WCPO | date=April 28, 2023 }}

On March 8, 2024, the Minnesota Attorney General filed suit against Fifth Third subsidiary Dividend Finance and three other lending companies (GoodLeap, Sunlight Financial, and Solar Mosaic), following an investigation that uncovered they charged Minnesotans $35 million in hidden fees on nearly 5,000 loans to finance sales of residential solar panels. The lawsuit alleges the lenders violated Minnesota state laws against deceptive trade practices, deceptive lending, and illegally high rates of interest.{{cite press release |title=Attorney General Ellison sues solar lenders over $35M in deceptive hidden fees |publisher=Office of the Attorney General of Minnesota |date=March 8, 2024 |url=https://www.ag.state.mn.us/Office/Communications/2024/03/08_SolarLending.asp |access-date=May 27, 2024 |url-status=live |archive-url=https://web.archive.org/web/20240520083259/www.ag.state.mn.us/Office/Communications/2024/03/08_SolarLending.asp |archive-date=20 May 2024}}{{cite web |url=https://www.ag.state.mn.us/Office/Communications/2024/docs/SolarLending_Complaint.pdf |title=Minnesota v. GoodLeap LLC, Sunlight Financial LLC, Solar Mosaic LLC, and Dividend Solar Finance LLC |author=Office of the Attorney General of Minnesota |date=5 April 2024 |access-date=27 May 2024 |publisher=US District Court for the District of Minnesota |url-status=live | archive-url=https://web.archive.org/web/20240527081147/https://www.ag.state.mn.us/Office/Communications/2024/docs/SolarLending_Complaint.pdf| archive-date=27 May 2024}}{{cite web |last=Weaver| first=John Fitzgerald |url=https://pv-magazine-usa.com/2024/04/26/minnesota-sues-goodleap-sunlight-mosaic-and-dividend-over-dealer-fees/ |title=Minnesota sues GoodLeap, Sunlight, Mosaic and Dividend over dealer fees |publisher=PV Magazine |date=26 April 2024 |access-date=27 May 2024 |url-status=live| archive-url=https://web.archive.org/web/20240430093355/https://pv-magazine-usa.com/2024/04/26/minnesota-sues-goodleap-sunlight-mosaic-and-dividend-over-dealer-fees/ |archive-date=30 April 2024}}

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 and Community Ice Rink of the Chicago Blackhawks.
Fifth Third Bank Stadium, a football stadium in Kennesaw, Georgia, home of the Kennesaw State Owls Athletics.
Fifth Third Park, a ballpark in Spartanburg, South Carolina, home of the Hub City Spartanburgers, the High-A minor league baseball Affiliate of the Texas Rangers.

Fifth Third Bank is a sponsor of the following:

Cincinnati Bengals {{En dash}} Official Bank of the Cincinnati Bengals.
Chicago Blackhawks {{En dash}} Official Partner of the Chicago Blackhawks.
Tampa Bay Buccaneers {{En dash}} Official Bank of the Tampa Bay Buccaneers.
Los Angeles Lakers {{En dash}} Official Partner of the Los Angeles Lakers.
Kennesaw State University {{En dash}} Official Bank of the Kennesaw State Athletics.
University of Cincinnati {{En dash}} Official Partner of the University of Cincinnati.
University of Dayton {{En dash}} Official Bank of the University of Dayton.
Toledo Mud Hens {{En dash}} Official Bank of the Toledo Mud Hens.
Columbus Zoo {{En dash}} Official Bank of the Columbus Zoo.
Gary SouthShore RailCats {{En dash}} Official Bank of the Gary SouthShore RailCats.
Hub City Spartanburgers {{En dash}} Official Bank of the Hub City Spartanburgers.{{Cite news |url=https://www.bizjournals.com/cincinnati/news/2024/04/04/fifth-third-naming-rights-new-stadium-spartanburg.html | title=Fifth Third Bank lands naming rights to new stadium, tennis | work=American City Business Journals | date=April 4, 2024 | url-access=subscription}}
RFK Racing {{En dash}} Primary Sponsor of the No. 17 Ford Mustang Dark Horse for Chris Buescher in the NASCAR Cup Series.
Rahal Letterman Lanigan Racing {{En dash}} Official Sponsor of the No. 15 Honda for Graham Rahal in the NTT IndyCar Series.{{cite news|title= Fifth Third Bank Extends Sponsorship of RLL through 2025|publisher=Indycar.com|url=https://www.indycar.com/news/2022/08/08-07-rll-fifththird|access-date=2023-03-27|date=2022-08-07}}