Fifth Third Expands into Alabama, Opens Birmingham-based Commercial Banking Office

Rhea-AI Summary

Fifth Third has announced the opening of a new commercial banking office in Birmingham, Alabama, marking its initial entry into the Alabama market. Expanding its operations in the Southeast, which began seven years ago, the bank already has a presence in Tennessee, Georgia, the Carolinas, and Florida. The new office will offer commercial and treasury management services and eventually include a Private Bank office. Leading the Alabama team are seasoned professionals from BB&T (now Truist), such as Joshua Petty and Burton McDonald, who bring decades of experience in commercial and middle market banking. This expansion aims to attract and retain local talent to cater to Birmingham's unique market needs.

Positive

• Fifth Third is expanding into the Alabama market, increasing its footprint in the Southeast.
• The new Birmingham office will offer commercial and treasury management services, with plans to add a Private Bank office.
• Experienced professionals from BB&T (now Truist) have been hired, bringing decades of experience to the new branch.

Negative

• None.

CINCINNATI--(BUSINESS WIRE)-- Fifth Third is entering the Alabama market and today announced the opening of a commercial banking office in Birmingham. The office is an expansion of its Fifth Third’s operations in Georgia. The new office currently has commercial and treasury management capabilities and will expand to include a Fifth Third Private Bank office.

Fifth Third’s strategic expansion in the Southeast, now in its seventh year, originally focused on Tennessee, Georgia, the Carolinas and Florida, and now includes Alabama. Across its Southeast footprint, Fifth Third delivers for customers and local communities by adding financial centers and offering banking services to commercial, treasury management, and wealth and asset management clients.

“We are proud to plant our flag in Birmingham,” said Randy Koporc, regional president for Fifth Third in Georgia and Alabama. “The state of Alabama is an extremely attractive and important region for us. Our long-term growth plan includes attracting and retaining talent who understand Birmingham’s unique market landscape within the Commercial and Private Bank divisions so we can meet our clients’ needs today, and in the future.”

The Fifth Third Alabama team includes:

Joshua Petty, senior vice president, commercial line of business manager: With more than 20 years of experience at BB&T, now Truist, Petty led retail, commercial and middle market banking teams spanning from Virginia, Washington DC and ultimately Alabama. He joins Fifth Third and will identify, solicit, develop, manage, service and expand the Bank’s Commercial and middle market relationships in Alabama.

Burton McDonald, senior vice president, commercial line of business manager: With nearly 40 years of financial services experience, working in various roles with BB&T, now Truist, Regions and SouthTrust, including Regional President of the Alabama/Florida Panhandle Region for Truist, McDonald joins Fifth Third and is responsible for the growth in the Commercial line of business.

Scott Goedecke, senior vice president, commercial relationship manager - middle market: With nearly 10 years of combined experience in leading Commercial and middle market strategy at BB&T (now Truist) and working for a middle market company, Goedecke joins Fifth Third and is responsible for identifying, soliciting, developing, managing, servicing and expanding Commercial and middle market relationships in Alabama.

Jason Sparks, vice president, portfolio manager: With more than 20 years of experience in various roles including branch manager, small business relationship manager and Commercial middle market portfolio manager for BB&T, now Truist, Jason joins Fifth Third and is responsible for the structuring and underwriting of various credit facilities to meet our clients’ capital needs.

Sirus Tahmaseb CTP, AAP, treasury manager: With more than 30 years of treasury management experience serving as a programmer analyst and product manager, as well as a sales manager consultant for Truist, Wells Fargo and PNC Bank, Tahmaseb will help Fifth Third’s middle market clients create strategic and customizable treasury management solutions to improves cash flow, automate payments, and minimizes risk.

“This dynamic team has a strong reputation in the market, and has served Alabama collectively for over 40 years,” Todd Barnaby, senior Commercial banker for Fifth Third in Georgia and Alabama. “We are ready to partner and meet businesses’ financial goals.”

Click here to learn more about Fifth Third’s Commercial Bank or follow on LinkedIn.

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/20240709438902/en/

Adrienne Gutbier (Media Relations)

adrienne.gutbier@53.com | 513-534-8038



Matt Curoe (Investor Relations)

matt.curoe@53.com | 513-534-2345

Source: Fifth Third Bank

FAQ

What market is Fifth Third expanding into with its new office?

Fifth Third is expanding into the Alabama market with a new commercial banking office in Birmingham.

What services will the new Fifth Third office in Birmingham provide?

The new office in Birmingham will offer commercial and treasury management services and will later include a Private Bank office.

Who are the key hires for Fifth Third's new Birmingham office?

Key hires include Joshua Petty, Burton McDonald, Scott Goedecke, Jason Sparks, and Sirus Tahmaseb, all experienced professionals from BB&T (now Truist).

How does Fifth Third's expansion into Birmingham fit into its broader strategy?

The Birmingham office is part of Fifth Third's seven-year strategic expansion in the Southeast, which already includes Tennessee, Georgia, the Carolinas, and Florida.

What is the significance of Fifth Third's expansion into Alabama?

The expansion into Alabama is part of Fifth Third's long-term growth plan, aiming to attract and retain talent to meet the unique market needs of Birmingham.