Fifth Third Bank
| File:Fifth Third Bank.svg | |
| File:Fifth Third Bank Headquarters.jpg | |
| Fifth Third Bank | |
| Company type | Public |
| Industry | |
| Predecessor | Bank of the Ohio Valley, Third National Bank, Fifth National Bank |
| Founded | June 17, 1858, in Cincinnati, Ohio, U.S. (as Bank of the Ohio Valley) |
| Headquarters | Fifth Third Center, Cincinnati, Ohio , U.S. |
Number of locations | 1,100 branches and 2,400 automated teller machines[1] |
Area served | Regional |
Key people | Timothy N. Spence (chairman, CEO and president) Bryan D. Preston (CFO) |
| Products | Consumer banking, corporate banking, private banking, financial analysis, insurance, investment banking, mortgage loans, private equity, wealth management, credit cards |
| Decrease US$2.212 billion (2023) | |
| Total assets | Increase US$214.574 billion (2023) |
| Total equity | Increase US$19.172 billion (2023) |
Number of employees | 18,724 (December 2023) |
| Website | 53 |
| Footnotes / references [2] | |
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,[3] across 12 states: Ohio, Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, South Carolina, Tennessee, Alabama, and West Virginia.[2] It is on the list of largest banks in the United States and is ranked 321st on the Fortune 500.[4] The name "Fifth Third" is derived from the names of the bank's two predecessor companies, Fifth National Bank and Third National Bank, which merged in 1908.
History
[edit | edit source]Pre-merger (1858-1908)
[edit | edit source]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.[5]
Merger of Third National Bank and Fifth National Bank (1908)
[edit | edit source]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—the most recent being Fifth Third Union Trust Company[7]—until March 24, 1969, when it was changed to Fifth Third Bank.
Post-merger
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In 1999, the bank acquired Emerald Financial for $204 million.[8]
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.[9][10]
In 2009, Fifth Third completed the corporate spin-off of Fifth Third Processing Solutions, which was acquired by Worldpay, Inc. in 2012.[11]
In May 2018, Fifth Third acquired MB Financial in a $4.7 billion transaction.[12]
In August 2020, the bank partnered with Trust & Will.[13]
In May 2022, Fifth Third acquired Dividend Finance, a San Francisco–based residential solar power lender.[14][15]
In May 2023, the bank acquired Rize Money.[16] Also in May 2023, the bank acquired Big Data Healthcare.[17]
In 2025, Fifth Third was ranked as offering the best mobile banking app experience in a J.D. Power survey.[18]
On October 6, 2025, Fifth Third announced that it signed a definitive agreement to acquire Comerica Bank for $10.9 billion.[19] If approved by regulators, the all-stock deal is expected to close in March 2026;[20] existing Fifth Third shareholders would own about 73% of the combined company, and existing Comerica shareholders would own about 27%. The combined entity would be the ninth-largest bank in the United States,[21] and is reportedly expected to phase out the Comerica brand by 2027.[22]
Lawsuits
[edit | edit source]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–American and Hispanic borrowers in its indirect auto lending business.[23]
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.[24]
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.[25] 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.[26]
On April 27, 2023, a jury ruled Fifth Third breached its Early Access loan program, but customers were not awarded damages because they had been fully informed of the terms. Fifth Third listed the APR estimate of 120%, the actual number was higher if the loan was paid off early due to the fee structure.[27]
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.[28][29][30][31][32]
Notable corporate buildings
[edit | edit source]- 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
[edit | edit source]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 – Official Bank of the Cincinnati Bengals.
- Chicago Blackhawks – Official Partner of the Chicago Blackhawks.
- Tampa Bay Buccaneers – Official Bank of the Tampa Bay Buccaneers.
- Los Angeles Lakers – Official Partner of the Los Angeles Lakers.
- Kennesaw State University – Official Bank of the Kennesaw State Athletics.
- University of Cincinnati – Official Partner of the University of Cincinnati.
- University of Dayton – Official Bank of the University of Dayton.
- Toledo Mud Hens – Official Bank of the Toledo Mud Hens.
- Columbus Zoo – Official Bank of the Columbus Zoo.
- Gary SouthShore RailCats – Official Bank of the Gary SouthShore RailCats.
- Hub City Spartanburgers – Official Bank of the Hub City Spartanburgers.[33]
- RFK Racing – Primary Sponsor of the No. 17 Ford Mustang Dark Horse for Chris Buescher in the NASCAR Cup Series.
- Rahal Letterman Lanigan Racing – Official Sponsor of the No. 15 Honda for Graham Rahal in the NTT IndyCar Series.[34]
See also
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References
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External links
[edit | edit source]
- Official website
- Business data for Fifth Third Bank:
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- Companies in the Nasdaq Financial-100
- Companies listed on the Nasdaq
- 1858 establishments in Ohio
- American companies established in 1858
- Banks based in Ohio
- Banks established in 1858
- Companies based in Cincinnati
- Economy of the Midwestern United States
- Economy of the Southeastern United States
- Investment banks in the United States
- Mortgage lenders of the United States
- Online brokerages
- Primary dealers
- Rogue trading banks
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- Systemically important financial institutions