Fifth Third Bank to Increase Prime Lending Rate to 6.25%

Rhea-AI Summary

Fifth Third Bank has announced an immediate increase in its prime lending rate to 6.25%, a significant rise from 5.50% effective July 27, 2022. This adjustment reflects a robust financial response in the current economic environment. As of June 30, 2022, Fifth Third Bancorp had assets totaling $207 billion and managed $512 billion in assets under care, highlighting its substantial market presence. The bank operates 1,080 full-service Banking Centers and provides access to approximately 56,000 fee-free ATMs across the U.S.

Positive

• Increase in prime lending rate to 6.25%, indicating a strong financial position.
• Management of assets reached $512 billion, showcasing significant market presence.

Negative

• None.

CINCINNATI--(BUSINESS WIRE)-- Fifth Third Bank, National Association, today announced it will increase its prime lending rate to 6.25%, effective immediately.

The rate was last changed on July 27, 2022, when Fifth Third increased its prime lending rate from 4.75% to 5.50%.

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/20220921005656/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?

Fifth Third Bank has increased its prime lending rate to 6.25%.

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

The last change occurred on July 27, 2022, when the rate was raised from 4.75% to 5.50%.

How much in assets does Fifth Third Bancorp manage?

As of June 30, 2022, Fifth Third Bancorp managed $512 billion in assets.

How many Banking Centers does Fifth Third operate?

Fifth Third operates 1,080 full-service Banking Centers.

What is the ticker symbol for Fifth Third Bancorp?

The ticker symbol for Fifth Third Bancorp is FITB.