Fifth Third Bancorp - FITB STOCK NEWS

Fifth Third Bank has announced an immediate decrease in its prime lending rate from 8.50% to 8.00%. This change comes after the bank's previous rate adjustment on July 26, 2023, when it increased the rate from 8.25% to 8.50%. The prime lending rate is a key benchmark used by banks to set interest rates for various financial products, including loans and credit lines.

Fifth Third Community Development President Susan E. Thomas has been named co-chair of the National Housing Crisis Task Force, a bipartisan initiative aimed at addressing America's housing crisis. The task force, which includes 28 government, non-profit, and business leaders, will identify and replicate innovative solutions for housing production and preservation across all income levels nationwide.

Thomas, the only private sector co-chair, brings experience from Fifth Third's Empowering Black Futures Neighborhood Program, which implements place-based strategies in nine historically disinvested neighborhoods. In 2023, Fifth Third provided $722 million in loans and investments, supporting 3,684 housing units. The task force, supported by the Nowak Metro Finance Lab and Accelerator for America, launched on July 23 in Washington, D.C., with its first report expected this fall.

Fifth Third Bank is expanding its free digital financial education programs for students. The Fifth Third Bank Finance Academy®, originally for high school students, now includes a curriculum for junior high students. The Young Bankers Club® for elementary students enters its 20th year. These programs have reached tens of thousands of students across Fifth Third's 11-state footprint, showing improved financial literacy upon completion.

The expanded Finance Academy offers three courses with over 11 interactive episodes on personal finance and entrepreneurship. It uses games, humor, and rich media to engage teens. The Young Bankers Club uses gamification to teach 4th-6th graders about budgeting, banking, and investing. Both programs meet national education standards and have won multiple awards for creative excellence in e-learning.

Fifth Third Wealth Advisors®, a multi-custodial registered investment advisory firm, has surpassed $2 billion in assets under management (AUM) less than six months after reaching the $1 billion mark. The firm now ranks among the top 500 independent RIAs in the US and is projected to be a top 100 independent RIA firm by the end of 2025. With eight advisor teams serving clients in six states, Fifth Third Wealth Advisors has experienced rapid growth since its launch less than 24 months ago. The firm offers independence, flexibility, and a broad range of capabilities to sophisticated investment advisors. Fifth Third Wealth Advisors is actively seeking to add more teams across the country in the coming months.

Fifth Third Bank has announced a collaborative agreement between Newline™ by Fifth Third, an embedded payments platform, and Trustly, a global leader in Open Banking Payments. This partnership aims to drive innovation in payment capabilities, focusing on ACH and Real Time Payments (RTP) networks, as well as Trustly's pay-by-bank ecosystem.

Newline's API platform will enable Trustly to transmit payments directly via Fifth Third Bank. The collaboration will initially focus on deposits and withdrawals via ACH and RTP. This strategic partnership reflects a shared commitment to delivering frictionless, secure, and innovative financial solutions, with the goal of enhancing payment experiences for customers and meeting the growing demand for seamless transactions.

Fifth Third's commercial payments business currently processes $17 trillion in annual payments volume and serves 25% of the Fortune 100 companies.

Fifth Third Bank celebrates five years of 100% renewable power, achieved through the Aulander Holloman solar project in North Carolina, which opened in August 2019. The bank's commitment, set in 2017, covers over 1,000 locations across 11 states. The project, enabled by a virtual power purchase agreement (VPPA), generates more power than the bank uses, providing renewable energy certificates (RECs) as proof of renewable energy use.

In 2023, the facility generated over 190,000 megawatt hours, powering 25,000 homes or offsetting emissions from 29,000 vehicles. Fifth Third has expanded its renewable efforts, installing solar panels at 20 new financial centers across four states. The bank has reduced grid-based energy use by over 40%, aligning with its aggressive 2022 operational sustainability targets.

Fifth Third Bancorp (Nasdaq: FITB) announced that its subsidiary, Fifth Third Bank, National Association, will redeem all outstanding 5.852% fixed-to-floating rate senior notes due October 27, 2025 (CUSIP 31677QBT5). The $1.0 billion in principal amount of Bank notes will be redeemed on or after October 28, 2024, for 100% of the principal amount plus accrued and unpaid interest. Fifth Third Bank, founded in 1858, is known for its innovation and ethical practices, having been named among Ethisphere's World's Most Ethical Companies® for several years. The bank aims to be the nation's highest-performing regional bank and the most valued and trusted by customers, employees, communities, and shareholders.

Fifth Third Bank, through its Provide division, is celebrating National Dog Day by supporting pet owners and veterinary practices. Over 300 pet owners in Charlotte and Atlanta received surprise gifts, including a $167 gift card and pet supplies, to help offset veterinary care costs. This initiative highlights Fifth Third's commitment to the veterinary industry, where Provide has originated more than $4 billion in loans and provided banking services to 80% of financed doctors.

Since Fifth Third's acquisition of Provide three years ago, 3,000 veterinarians, doctors, and dentists have been empowered to start or grow their practices. The bank is also partnering with local organizations like Beer City Dog Biscuits and Circle Tail to support communities and promote pet adoption.

Fifth Third Bancorp (Nasdaq: FITB) has announced its participation in the 2024 Barclays Global Financial Services Conference on September 11, 2024, at approximately 7:30 AM ET. The company will be represented by Tim Spence, chairman, CEO, and president, along with Bryan Preston, executive vice president and CFO.

Investors and interested parties can access the audio webcast and presentation slides live and for about 14 days after the conference through Fifth Third's Investor Relations website. The bank, known for its innovation and history dating back to 1858, has been recognized among Ethisphere's World's Most Ethical Companies for several years. Fifth Third aims to be the highest performing regional bank and the most valued and trusted by its stakeholders.