Fifth Third Bank to Increase Prime Lending Rate to 8.00%

Rhea-AI Summary

Fifth Third Bank has announced an increase in its prime lending rate to 8.00%, effective immediately. This adjustment follows a previous increase from 7.50% to 7.75% on Feb. 1, 2023. The bank emphasizes its commitment to innovation and community impact while aiming to provide top-notch financial services. Fifth Third Bancorp, the parent company of Fifth Third Bank, trades under the stock symbol FITB.

Positive

• Increased prime lending rate to 8.00%, enhancing interest margins.

Negative

• The rate hike may lead to reduced borrowing activity among consumers and businesses.

CINCINNATI--(BUSINESS WIRE)-- Fifth Third Bank, National Association, today announced it will increase its prime lending rate to 8.00%, effective immediately.

The rate was last changed on Feb. 1, 2023, when Fifth Third increased its prime lending rate from 7.50% to 7.75%

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/20230322005569/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 for Fifth Third Bank?

The new prime lending rate for Fifth Third Bank is 8.00%, effective immediately.

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

The last change to the prime lending rate was on February 1, 2023, when it was increased from 7.50% to 7.75%.

How does the increase in prime lending rate affect FITB shareholders?

The increase in prime lending rate may enhance interest income, potentially benefiting FITB shareholders.

What is the stock symbol for Fifth Third Bancorp?

The stock symbol for Fifth Third Bancorp is FITB.