Fifth Third Bank

Infobox Company
name = Fifth Third Bancorp

type = Public (nasdaq|FITB)
genre =
foundation = 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
founder =
location_city = Cincinnati, OH
location_country = USA
location =
locations =
area_served =
key_people = Kevin T. Kabat, CEO
industry = Finance
products = Banking
services =
market c

revenue = $8.498b (2007 [ [http://money.cnn.com/magazines/fortune/fortune500/2008/snapshots/2987.html Fortune 500 2008: Fifth Third Bancorp - FITB ] ]
operating_income = $1.07b (2007 [ [http://money.cnn.com/magazines/fortune/fortune500/2008/snapshots/2987.html Fortune 500 2008: Fifth Third Bancorp - FITB ] ]
net_income = $1.07b (2007 [ [http://money.cnn.com/magazines/fortune/fortune500/2008/snapshots/2987.html Fortune 500 2008: Fifth Third Bancorp - FITB ] ]
assets =
equity =
owner =
num_employees = 22,000 (2007) cite web|title=Fifth Third Bancorp Annual Report 2006 (PDF)|date=2006|accessdate=2007-06-22|url=http://www.53.com/wps/wcm/connect/resources/file/eb7f630e1270811/About53_IR_annualreport_2006.pdf?MOD=AJPERES|publisher=Fifth Third Bank]
parent =
divisions =
subsid =
slogan = The things we do for dreams
homepage = [http://www.53.com/ www.53.com]
footnotes =
intl =

Fifth Third Bank (5/3 Bank) (nasdaq|FITB) 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. [ [https://www.53.com/wps/portal/news/?New_WCM_Context=/wps/wcm/connect/FifthThirdSite/About+53/In+the+News/Press+Releases/2007/Press+Releases+013008 Press release] ]

The company engages in five main lending and banking practices: Branch Banking, Consumer lending, Commercial Banking, Investment Advisors, and Fifth Third Processing Solutions.

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.cite web|title=Fifth Third Bank History and Expansion (PDF)|date=2005|accessdate=2006-09-01|url=http://www.53.com/wps/wcm/connect/resources/file/eb2ff20d63e2cbb/About53_History.pdf?MOD=AJPERES|publisher=Fifth Third Bank]

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. 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.cite web|url=http://www.straightdope.com/columns/020118.html|title=The Straight Dope: What gives with Fifth Third Bank?|accessdate=2006-09-02|publisher=Chicago Reader|last=Adams|first=Cecil|date=2002-01-18] The name went through several changes over the years, until on March 24, 1969, the name was changed to Fifth Third Bank.

Leadership

Kevin T. Kabat President, Chairman, & CEO

Daniel T. PostonExecutive Vice President & Chief Financial Officer Paul L. ReynoldsExecutive Vice PresidentSecretary & General Counsel

Greg D. CarmichaelExecutive Vice PresidentChief Operating Officer

Mahesh SankaranSenior Vice President & Treasurer Charles DruckerExecutive Vice President

Robert A. SullivanExecutive Vice President Bruce K. LeeExecutive Vice President

Mary E. TuukExecutive Vice PresidentChief Risk Officer

Terry E. ZinkExecutive Vice President

Board of Directors

Kevin T. KabatPresident, Chairman, & CEOFifth Third Bancorp

Robert L. Koch IIPresident & CEOKoch Enterprises, Inc.

Mitchel D. Livingston, Ph.D.Vice President for Student AffairsUniversity of Cincinnati Darryl F. AllenRetired ChairmanPresident & CEOAeroquip-Vickers, Inc.

Hendrik G. MeijerCo-ChairmanMeijer, Inc.

John F. BarrettPresident & CEOThe Western & Southern LifeInsurance Company

James E. RogersChairman, President & CEODuke Energy Corporation

Ulysses L. Bridgeman, Jr.PresidentERJ Inc. and Manna, Inc.

John J. Schiff, Jr.Chairman, President & CEOCincinnati Financial Corporation

James P. HackettPresident, CEO & DirectorSteelcase, Inc.

Dudley S. TaftPresidentTaft Broadcasting Company

Gary R. HemingerExecutive Vice PresidentMarathon Oil Corporation

Thomas W. TraylorChairman & CEOTraylor Bros., Inc.

Allen M. HillRetired President & CEODPL, Inc.

Executive Committee Kevin T. Kabat, ChairmanJames 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.

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." [cite web|url=http://www.nytimes.com/2007/01/19/business/19data.html?ex=1326862800&en=30c7d334eeb8f966&ei=5088&partner=rssnyt&emc=rss|title=Data Breach Could Affect Millions|accessdate=2007-04-24|publisher=New York Times|last=Dash|first=Eric|date=2007-01-19] 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.” [cite web|url=http://www.msnbc.msn.com/id/17853440/|title=T.J. Maxx data theft worse than first reported|accessdate=2007-04-24|publisher=Associated Press|date=2007-03-29]

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. [cite web|title=Top 10 Phish Scams|date=2006-09-01|accessdate=2006-09-01|url=http://www.mcafee.com/us/threat_center/anti_phishing/phishing_top10.html|publisher=McAfee]

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. [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]

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. [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] 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. [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] The acquisition was completed in June 2008. [cite web|url=http://www.banking-business-review.com/article_news.asp?guid=50BAD59B-226D-4E04-A7AE-1E67FBA21807|title=Fifth Third Bancorp acquires First Charter|accessdate=2008-06-30|publisher=Banking Business Review|date=2008-06-09]

On September 25, 2007, Fifth Third announced the acquisition of 9 branch locations in Atlanta, GA, from First Horizon National Corporation [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
title=Fifth Third to Expand Presence in Atlanta with Branch Purchase from First Horizon|accessdate=2007-10-10|publisher=Fifth Third Bank|date=2007-09-25] . 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. [cite web|url=https://www.53.com/wps/portal/news/?New_WCM_Context=/wps/wcm/connect/FifthThirdSite/About+53/In+the+News/Press+Releases/2007/Press+Releases+020808
title=Fifth Third Issues Statement Regarding Cancellation of First Horizon Branch Sale in Atlanta|accessdate=2008-02-08|publisher=Fifth Third Bank|date=2008-02-08] .

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

External links

* [http://www.53.com/ Fifth Third Bank]