Fifth Third Bank to Increase Prime Lending Rate to 5.50%

Rhea-AI Summary

Fifth Third Bank has announced an increase in its prime lending rate to 5.50%, effective immediately. This change follows a previous adjustment on June 15, 2022, when the rate rose from 4.00% to 4.75%. As of June 30, 2022, Fifth Third Bancorp reported $207 billion in assets and operates over 1,080 banking centers across multiple states. The bank also manages approximately $54 billion on behalf of various clients.

Positive

• None.

Negative

• Increased lending rates may reduce borrowing demand, impacting loan growth.
• Higher prime rate may lead to increased financial burden on some borrowers.

CINCINNATI--(BUSINESS WIRE)-- Fifth Third Bank, National Association, today announced it will increase its prime lending rate to 5.50%, effective immediately.

The rate was last changed on June 15, 2022, when Fifth Third increased its prime lending rate from 4.00% to 4.75%.

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 June 30, 2022, the Company had $207 billion in assets and operates 1,080 full-service Banking Centers, and 2,153 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 56,000 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 June 30, 2022, had $512 billion in assets under care, of which it managed $54 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/20220727005692/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 set by Fifth Third Bank?

Fifth Third Bank has increased its prime lending rate to 5.50%, effective immediately.

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

The last change occurred on June 15, 2022, when the rate increased from 4.00% to 4.75%.

What are the assets held by Fifth Third Bancorp as of June 30, 2022?

As of June 30, 2022, Fifth Third Bancorp reported assets totaling $207 billion.

How many banking centers does Fifth Third Bank operate?

Fifth Third Bank operates over 1,080 full-service banking centers.

How much does Fifth Third Bank manage for clients?

Fifth Third Bank manages approximately $54 billion for individuals, corporations, and non-profit organizations.