Fifth Third Bancorp - FITB STOCK NEWS

Fifth Third announced it exceeded its community and environmental commitments in 2023, as detailed in its latest Sustainability Report. The bank surpassed its $2.8 billion pledge to the Accelerating Racial Equity, Equality, and Inclusion (AREEI) initiative, providing funding, access to capital, and financial education for underserved communities. It also delivered $199.1 million through its Neighborhood Investment Program, exceeding its three-year $180 million commitment in just two years.

Fifth Third achieved 160% of its Community Development Banking goal, funding $734 million in loans and investments to create affordable housing. The bank's spending with diverse suppliers reached $189.2 million, a 1,500% increase since 2014. It reached 37.6% of its $100 billion environmental and social finance target, including $1.3 billion for renewable energy projects in 2023.

Fifth Third also invested $35.3 million in philanthropic efforts and employees volunteered 110,697 hours. Its sustainability efforts earned recognition from several organizations, including Ethisphere and Newsweek.

Fifth Third Bancorp (Nasdaq: FITB) has announced its preliminary stress capital buffer requirement following the Federal Reserve Board's annual stress test. The buffer is set at 3.2%, effective October 1, 2024. Fifth Third's Common Equity Tier 1 (CET1) ratio as of March 31, 2024, is 10.5%, far exceeding the regulatory minimum of 4.5% plus the stress capital buffer.

Fifth Third plans to recommend a 2-cent increase in its quarterly cash dividend per share and may repurchase shares, aligning with its CET1 target. Future capital actions will depend on various factors, including company performance and economic conditions.

According to Tim Spence, CEO of Fifth Third, the results underscore the company's strong capital levels and diversified business model, allowing for potential dividend increases, share repurchases, and capital growth to support investments and lending.

Fifth Third Bank has received a 2024 CSO Award from Foundry's CSO, recognizing their innovative security projects and initiatives. The award highlights the Bank’s significant contributions in delivering security-enabled value through its Identity Centric Security program, which is intelligence-driven and supports Bank modernization.

Lori Anello, chief information security officer at Fifth Third, emphasized that this achievement showcases their approach to enabling business transformation at scale. Beth Kormanik, content director for the CSO Conference & Awards, noted the importance of these efforts in addressing the expanding threat landscape, including AI threats and zero trust.

The award will be celebrated at the CSO Conference & Awards this fall.

Fifth Third Bank has been recognized as one of the Nation's Best and Brightest in Wellness for 2024 by the National Association for Business Resources (NABR). This accolade highlights companies that excel in prioritizing employee health, well-being, and workplace culture. Nancy Pinckney, Fifth Third's chief human resources officer, emphasized the Bank's commitment to supporting employees' holistic well-being by implementing innovative programs based on employee feedback. Recent enhancements include improved adoption reimbursement, bereavement leave, and an updated employee stock purchase plan. Additionally, the Bank offers various support services such as virtual and maternity concierges, on-site concierges, and subsidized care for children and elder adults. This recognition is based on a detailed assessment by a leading wellness research firm, evaluating outcomes, participation, and overall program effectiveness.

Fifth Third Bank has announced the opening of its sixth commercial banking office in California, located in Bakersfield. This new office expands Fifth Third's presence into the Central Valley, covering Fresno, Kern, Kings, Madera, Mariposa, Merced, and Tulare counties. The Bakersfield team, led by Geraud Smith, Don Unruh, and Sarah Watkins, boasts a combined 71 years of commercial banking experience. Fifth Third has been part of the California community since 2012 and continues to invest in the region, with recent office openings in Orange County, Los Angeles, Inland Empire, San Francisco, and San Diego. The new office will offer a range of services including credit, deposit products, treasury management, asset-based lending, business credit, and equipment financing.

Fifth Third Bank has been honored with the 2024 Enterprise Identity Management Project of the Year award by the Identity Defined Security Alliance (IDSA). This recognition highlights the Bank's commitment to enhancing identity security for both customers and employees. Over the past four years, Fifth Third has implemented key security measures such as multi-factor authentication for employees and seamless login experiences for customers using its mobile banking app. This international award underscores the Bank’s leadership in identity management and sets a benchmark for the industry according to IDSA’s executive director, Jeff Reich.

Fifth Third Private Bank, a division of Fifth Third Bank, has been named Best Private Bank for High Net Worth Clients by The Digital Banker and Global Private Banker for the third consecutive year. Additionally, it received the Best Private Bank for Succession Planning for 2024 award.

These accolades were part of the Global Private Banking Innovation Awards, which recognize top Private Banks, Family Offices, and Wealth Managers based on digital innovation, client experience, engagement, financial performance, and corporate strategy.

In May, Fifth Third Private Bank also won the Best Bank ESG Communication Strategy for the Americas for the third consecutive year as part of WealthBriefing's Wealth for Good Awards, celebrating ethical wealth management practices.

Fifth Third Bancorp (Nasdaq: FITB) is set to participate in the 2024 Morgan Stanley US Financials, Payments & CRE Conference on June 11, 2024, at 7:25 AM ET. Bryan Preston, the CFO, will represent the company. The audio webcast and presentation slides will be available live and for 14 days post-event via the Investor Relations section on their website.

The company, established in 1858, aims to be the top-performing regional bank in the U.S. and has been recognized by Ethisphere as one of the World's Most Ethical Companies. Fifth Third Bancorp trades on the NASDAQ under the ticker FITB.

Fifth Third Bank has been named one of America's Greatest Workplaces for LGBTQ+ 2024 by Newsweek and Plant-A Insights Group. This recognition highlights the bank's commitment to creating an inclusive and supportive environment for its employees. Chief Human Resources Officer Nancy Pinckney emphasized the importance of inclusion in the workplace for the company's success. The award is based on an extensive study that included public data, HR discussions, and large-scale confidential employee surveys among U.S. companies with more than 500 employees in 2023 and more than 1,000 employees in 2022. Chief Inclusion Officer Stephanie A. Smith noted that the award reflects Fifth Third's dedication to fostering a diverse and respectful workplace. Newsweek's Global Editor in Chief Nancy Cooper added that inclusivity is important for business innovation and growth.