Fifth Third Bank to Increase Prime Lending Rate to 4.75%

Rhea-AI Summary

Fifth Third Bank has announced an increase in its prime lending rate to 4.75%, effective immediately. This marks the first change since May 4, 2022, when it rose from 3.50% to 4.00%. As of March 31, 2022, Fifth Third Bancorp had total assets of $211 billion and operates over 1,079 Banking Centers and 2,201 ATMs across the Southeastern United States. The bank is among the major money managers in the Midwest with $549 billion in assets under care.

Positive

• Increase in prime lending rate may enhance interest income.
• As of March 31, 2022, $549 billion in assets under care indicates strong asset management capabilities.

Negative

• The increase in borrowing costs could deter potential borrowers, impacting loan demand.

CINCINNATI--(BUSINESS WIRE)-- Fifth Third Bank, National Association, today announced it will increase its prime lending rate to 4.75%, effective immediately.

The rate was last changed on May 4, 2022, when Fifth Third increased its prime lending rate from 3.50% to 4.00%.

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 March 31, 2022, the Company had $211 billion in assets and operates 1,079 full-service Banking Centers, and 2,201 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 March 31, 2022, had $549 billion in assets under care, of which it managed $61 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/20220615005841/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 the new prime lending rate announced by Fifth Third Bank?

Fifth Third Bank has increased its prime lending rate to 4.75%.

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

The last change was on May 4, 2022, when it increased from 3.50% to 4.00%.

What are the total assets of Fifth Third Bancorp as of March 31, 2022?

As of March 31, 2022, Fifth Third Bancorp had total assets of $211 billion.

How many Banking Centers does Fifth Third Bank operate?

Fifth Third Bank operates over 1,079 full-service Banking Centers.

What is Fifth Third Bancorp's stock symbol?

Fifth Third Bancorp's stock symbol is FITB.