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Fifth Third Bancorp (symbol: FITB) is a diversified financial-services company headquartered in Cincinnati, Ohio. With over $200 billion in assets, the company operates an extensive network of full-service banking branches and ATMs across Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia, and North Carolina. Fifth Third Bancorp is dedicated to providing a wide range of financial services, including commercial banking, consumer lending, and investment advisory services.
Fifth Third Bank, a core subsidiary of Fifth Third Bancorp, is committed to innovation and community service. The bank is an affirmative action/equal opportunity employer and prides itself on fostering a diverse and inclusive workplace. Recent achievements include the introduction of new digital banking solutions and strategic partnerships aimed at enhancing customer experience and expanding service offerings.
The company is continually involved in numerous community-building initiatives through the Fifth Third Foundation, which supports various educational, health, and human services programs. Financially, Fifth Third Bancorp maintains a strong balance sheet, with a focus on sustainable growth and shareholder value. The company's commitment to listening to new ideas and responding to customer and community needs underscores its mission to strengthen its service offerings continually.
Stay updated with the latest developments, financial performance, and news related to Fifth Third Bancorp by regularly checking trusted sources like Fifth Third Bank and the Fifth Third Foundation.
Fifth Third Bank has been recognized as a 2024 Leading Disability Employer by the National Organization on Disability (NOD). This award acknowledges Fifth Third's efforts in disability inclusion across various areas, including workforce strategy, talent metrics, sourcing, culture, and workplace accessibility.
Key highlights of Fifth Third's inclusive practices include:
- Nine Business Resource Groups empowering employees to advance inclusion
- Founding partner of Project SEARCH, training over 400 students with disabilities since 2005
- First bank to design a checking account for the Achieving a Better Life Experience (ABLE) program
- Received a top score of 100 on the Disability Equality Index® for the fourth consecutive year
The bank's commitment to creating an inclusive environment is emphasized by its leadership, aiming to provide a workplace where employees feel valued, respected, and understood.
Fifth Third Bank has announced that Melissa Stevens, chief marketing officer, has been named to the 2024 Most Powerful Women to Watch list by American Banker for the sixth consecutive year. This annual list recognizes influential leaders in top banks and financial institutions.
Stevens oversees marketing, communications, and workplace services at Fifth Third Bank. Her teams play a important role in the Bank's Southeastern US market expansion, which has seen the construction of over 100 de novo branches since 2018. These new branches are exceeding expectations for household growth.
The American Banker's recognition process involves a rigorous nomination procedure to select top-performing female executives in banking. The publication also recognizes Most Powerful Women in Banking, Most Powerful Women in Banking Top Teams, and Most Powerful Women in Banking: Next.
Fifth Third New Markets Development Company has received a $50 million allocation in New Markets Tax Credits from the U.S. Department of the Treasury's Community Development Financial Institutions Fund. This allocation is part of a $5 billion Treasury fund distributed among 104 community development entities across the U.S.
The New Markets Tax Credit Program aims to attract private investment capital to economically distressed communities. Fifth Third's Community Development Company (CDC) invests in real estate developments across the Bank's 11-state footprint, focusing on affordable housing, small business spaces, and community facilities.
This allocation enhances Fifth Third's ability to drive capital into communities and support its Neighborhood Program, which has already exceeded its initial $180 million commitment, reaching $187 million in just two years. The program focuses on implementing innovative place-based strategies in nine historically disinvested neighborhoods.
Fifth Third has been recognized by USA Today as one of America's Climate Leaders 2024 for its significant reduction in greenhouse gas emissions. The bank has achieved a 48% reduction in GHG emissions since 2014 through efforts in building operations, corporate transport, and business travel. Fifth Third has also celebrated five years of 100% renewable power, with solar power generation in 2023 equating to emissions from over 29,000 passenger vehicles. The bank has committed to reducing energy usage by 40% by 2030 and has already surpassed this goal by achieving a 45% reduction. Additionally, Fifth Third aims to provide $100 billion in environmental and social finance by 2030, having already provided $37.6 billion. The bank's sustainability data is published in its 2023 Sustainability Report.
Fifth Third Bank announces that Bridgit Chayt, head of commercial payments and treasury management, has been named to American Banker's 2024 Most Powerful Women in Banking list for the second consecutive year. Chayt will participate in a panel discussion at the conference on October 23, sharing insights on leadership and organizational culture.
Under Chayt's leadership, Fifth Third's commercial payments business ranks sixth largest in the U.S. by revenue, with a top-five market share in six payment categories, processing $17 trillion in annual payments volume. CEO Tim Spence praised Chayt's role in building the Commercial Payments division and her strategic vision in acquisitions and implementations.
The American Banker's Most Powerful Women in Banking list, running for over 20 years, recognizes top-performing female executives in banking through a rigorous nomination process.
Fifth Third's Newline™ has been awarded the Best New Embedded Finance Platform by Tearsheet as part of its 2024 Big Bank Theory Awards. This recognition celebrates innovation in banking and embedded finance. Recently, Newline™ has expanded its capabilities through partnerships with Trustly and Stripe, powering Stripe Treasury and expanding embedded financial services for platform users and their customers.
Fifth Third's commercial payments business currently processes $17 trillion in annual payments volume. The Bank has a long history of delivering innovative payment strategies and scalable technology solutions for businesses worldwide, including some of the earliest e-commerce companies.
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.
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