Fifth Third Bank to Increase Prime Lending Rate to 7.00%

Rhea-AI Summary

Fifth Third Bank has announced an immediate increase in its prime lending rate to 7.00%, following a previous adjustment on Sept. 21, 2022, when the rate rose from 5.50% to 6.25%. This change reflects the bank's ongoing commitment to adapting its lending practices. Fifth Third Bank, a federally chartered institution and the parent of Fifth Third Bancorp, has been recognized as one of the World’s Most Ethical Companies. Its stock is traded under the symbol FITB on NASDAQ.

Positive

• Fifth Third Bank recognized as one of the World’s Most Ethical Companies.
• Immediate adjustment in the prime lending rate may indicate strong demand for loans.

Negative

• The increase in the prime lending rate may deter borrowers, potentially reducing loan demand.

CINCINNATI--(BUSINESS WIRE)-- Fifth Third Bank, National Association, today announced it will increase its prime lending rate to 7.00%, effective immediately.

The rate was last changed on Sept. 21, 2022, when Fifth Third increased its prime lending rate from 5.50% to 6.25%.

About Fifth Third

Fifth Third is a bank that’s as long on innovation as it is on history. Since 1858, we’ve been helping individuals, families, businesses and communities grow through smart financial services that improve lives. Our list of firsts is extensive, and it’s one that continues to expand as we explore the intersection of tech-driven innovation, dedicated people and focused community impact. Fifth Third is one of the few U.S.-based banks to have been named among Ethisphere’s World’s Most Ethical Companies® for several years. With a commitment to taking care of our customers, employees, communities and shareholders, our goal is not only to be the nation’s highest performing regional bank, but to be the bank people most value and trust.

Fifth Third Bank, National Association is a federally chartered institution. Fifth Third Bancorp is the indirect parent company of Fifth Third Bank and its common stock is traded on the NASDAQ® Global Select Market under the symbol “FITB.” Investor information and press releases can be viewed at www.53.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221102005914/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 at Fifth Third Bank?

Fifth Third Bank has increased its prime lending rate to 7.00%.

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

The last change was on September 21, 2022, when the rate was increased from 5.50% to 6.25%.

What stock symbol is used for Fifth Third Bancorp?

Fifth Third Bancorp is traded under the stock symbol FITB.