Fifth Third Bancorp - FITB STOCK NEWS

Fifth Third Bancorp announced a significant increase in its minimum wage to $20 per hour, effective July 4. This raise will impact over 40% of its workforce, including employees in retail branches and customer support roles. The move follows previous wage increases in 2018 and 2019, which saw wages rise from $12 to $15 and then to $18 per hour. President Tim Spence emphasized the importance of competitive compensation to attract and retain talent amidst rising living costs.

Fifth Third Bancorp (NASDAQ: FITB) announced that Greg Carmichael will retire as CEO on July 5, transitioning to Executive Chairman. Tim Spence, previously Chief Strategy Officer, will succeed him. The Board, led by independent director Marsha Williams, expresses confidence in Spence's leadership, highlighting his integral role since 2015 in advancing the bank’s digital transformation and customer-centric strategies. Carmichael, who led the bank since 2015, emphasized the timing is right for leadership transition due to the firm's strong financial health.

Fifth Third Bank announced it will eliminate non-sufficient fund (NSF) fees on June 23, aiming to enhance customers' financial accessibility. This move is part of ongoing efforts to reduce punitive fees, following policy changes that began last December. Currently, the bank's Extra Time feature allows customers to avoid overdraft fees by depositing funds by midnight the following business day. The bank prides itself on having the lowest overdraft fees relative to peers, with a commitment to responsible banking practices.

Fifth Third Bank (NASDAQ: FITB) has selected Automated Financial Systems, Inc. (AFS) to convert and consolidate its commercial and capital markets systems to AFSVision, a next-generation commercial lending system. This choice aligns with Fifth Third's digital transformation initiative, aimed at enhancing growth, profitability, and customer experience. AFSVision offers an integrated loan system that supports seamless processing and real-time management for lenders. AFS expresses excitement about its continued partnership with Fifth Third, supporting their modernization efforts and strategic goals.

Fifth Third Bancorp (FITB) announced its Annual Shareholders Meeting will be held virtually on April 12 at 11:30 a.m. ET. Shareholders of record as of February 18, 2022 can participate, vote, and submit questions using a unique 16-digit control number. Questions can start being submitted on April 5. The meeting can also be joined as a guest without a control number, and a replay will be available for a year on the company’s Investor Relations website.

Fifth Third Bank has increased its prime lending rate to 3.50%, effective immediately, marking a shift from the previous rate of 3.25% set on March 16, 2020. This change reflects the bank's ongoing adjustments to market conditions. Fifth Third Bancorp, the parent company of Fifth Third Bank, reported assets totaling $211 billion as of December 31, 2021, with operations across multiple states and a significant presence in the banking sector.

Fifth Third Bank (Nasdaq: FITB) has been recognized for the third consecutive time as one of the World’s Most Ethical Companies by Ethisphere in 2022. The recognition highlights the bank's leadership in ethics, compliance, and governance among 136 honorees across 22 countries. Fifth Third’s commitment is exemplified by the $180 million Empowering Black Futures Program and its goal to achieve $8 billion in sustainable finance by 2023, outperforming peers on the Ethisphere Ethics Index by 24.6% over five years.

Fifth Third Bancorp (NASDAQ: FITB) has announced a redemption notice for its outstanding 2.600% fixed-rate senior notes, totaling $700 million, due on June 15, 2022. The notes will be redeemed on May 16, 2022, at 100% of their principal amount plus accrued interest. This financial move is part of the company's strategy to manage its debt obligations effectively.

Fifth Third Bancorp (NASDAQ: FITB) has appointed Kala Gibson as the new chair of the Fifth Third Foundation distribution committee, enhancing the bank's focus on sustainability, inclusion, and diversity. With over 30 years in financial services, Gibson will lead initiatives tied to corporate responsibility, ESG strategies, and community impact banking. This strategic move underscores the bank's commitment to enhancing community relations and consolidating leadership in corporate citizenship initiatives.