Fifth Third Bank to Increase Prime Lending Rate to 3.50%

Rhea-AI Summary

Fifth Third Bank has increased its prime lending rate to 3.50%, effective immediately, marking a shift from the previous rate of 3.25% set on March 16, 2020. This change reflects the bank's ongoing adjustments to market conditions. Fifth Third Bancorp, the parent company of Fifth Third Bank, reported assets totaling $211 billion as of December 31, 2021, with operations across multiple states and a significant presence in the banking sector.

Positive

• Increase in prime lending rate to 3.50%, indicating a response to market conditions.
• As of December 31, 2021, Fifth Third had $211 billion in assets, showcasing financial stability.

Negative

• None.

CINCINNATI--(BUSINESS WIRE)-- Fifth Third Bank, National Association, today announced it will increase its prime lending rate to 3.50%, effective immediately.

The rate was last changed on March 16, 2020 when Fifth Third decreased its prime lending rate from 4.25% to 3.25%.

About Fifth Third

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio, and the indirect parent company of Fifth Third Bank, National Association, a federally chartered institution. As of Dec. 31, 2021, the Company had $211 billion in assets and operates 1,117 full-service Banking Centers, and 2,322 Fifth Third branded ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia, North Carolina and South Carolina. In total, Fifth Third provides its customers with access to approximately 54,000 fee-free ATMs across the United States. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending, and Wealth & Asset Management. Fifth Third is among the largest money managers in the Midwest and, as of Dec. 31, 2021, had $554 billion in assets under care, of which it managed $65 billion for individuals, corporations and not-for-profit organizations through its Trust and Registered Investment Advisory businesses. Investor information and press releases can be viewed at www.53.com. Fifth Third’s common stock is traded on the NASDAQ® Global Select Market under the symbol "FITB."

View source version on businesswire.com: https://www.businesswire.com/news/home/20220316005973/en/

Beth Oates (Media Relations)

Beth.Oates@53.com | 313-230-9002

Chris Doll (Investor Relations)

Christopher.Doll@53.com | 513-534-2345

Source: Fifth Third Bank

FAQ

What is Fifth Third Bank's new prime lending rate as of March 2023?

Fifth Third Bank's new prime lending rate is 3.50%, effective immediately.

When was the last change to Fifth Third Bank's prime lending rate?

The last change to Fifth Third Bank's prime lending rate occurred on March 16, 2020, when it was decreased to 3.25%.

What are the total assets of Fifth Third Bancorp as of December 2021?

As of December 31, 2021, Fifth Third Bancorp had total assets of $211 billion.

Which stock symbol represents Fifth Third Bancorp?

Fifth Third Bancorp is traded under the stock symbol FITB.