Fifth Third Bank to Increase Prime Lending Rate to 7.50%

Rhea-AI Summary

Fifth Third Bank has announced an increase in its prime lending rate to 7.50%, effective immediately. This decision follows a previous adjustment on November 2, 2022, when the rate rose from 6.25% to 7.00%. The bank emphasizes its long-standing innovation and commitment to customer care, aiming to be the highest performing regional bank in the U.S. and one that people value and trust.

Positive

• Fifth Third Bank's prime lending rate increase signals confidence in its market position.
• The bank has a history of innovation and expanding financial services since 1858.
• Named among Ethisphere's World's Most Ethical Companies, enhancing reputation.

Negative

• The increase in the prime rate could lead to higher borrowing costs for consumers and businesses, which may reduce loan demand.

CINCINNATI--(BUSINESS WIRE)-- Fifth Third Bank, National Association, today announced it will increase its prime lending rate to 7.50%, effective immediately.

The rate was last changed on Nov. 2, 2022, when Fifth Third increased its prime lending rate from 6.25% to 7.00%.

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/20221213006024/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 7.50%, effective immediately.

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

The last change was on November 2, 2022, when the rate increased from 6.25% to 7.00%.

How does the increase in prime lending rate affect borrowers?

The increase in the prime lending rate can raise borrowing costs for consumers and businesses, potentially reducing loan demand.

What recognition has Fifth Third Bank received for ethics?

Fifth Third Bank has been named among Ethisphere's World's Most Ethical Companies for several years.