Fifth Third Bank

{{short description|American bank holding company}} {{Use American English|date = October 2022}} {{Use mdy dates|date = October 2022}} {{Infobox company | name = Fifth Third Bancorp | logo = Fifth Third Bank.svg | logo_size = 270px | type = Public | trade_name = Fifth Third Bank | traded_as = {{ubl|{{NASDAQ|FITB}}|S&P 500 component}} | predecessor = Bank of the Ohio Valley, Third National Bank, Fifth National Bank | founded = {{start date and age|1858|6|17}}, in Cincinnati, Ohio, U.S. (as Bank of the Ohio Valley) | image = Fifth Third Bank Headquarters.jpg | image_caption = The Fifth Third Center headquarters of Fifth Third Bancorp in Cincinnati, Ohio | hq_location = Fifth Third Center | hq_location_city = Cincinnati, Ohio | location_country = U.S. | locations = 1,087 branches and 2,400 automated teller machines<ref>{{cite web|title=Other Banking FAQ |url=https://www.53.com/content/fifth-third/en/customer-service/other-banking-faqs.html#:~:text=How%20many%20branch%20and%20ATM,is%20Fifth%20Third%20stock%20traded%3F|access-date=2024-10-04|website=53.com}}</ref> | area_served = Regional | key_people = Timothy N. Spence (chairman, CEO and president)<BR>Bryan D. Preston (CFO) | industry = {{hlist|Banking|Investment banking|Financial services}} | products = Consumer banking, corporate banking, private banking, financial analysis, insurance, investment banking, mortgage loans, private equity, wealth management, credit cards | net_income = {{decrease}} US$2.212 billion (2023) | assets = {{increase}} US$214.574 billion (2023) | equity = {{increase}} US$19.172 billion (2023) | num_employees = 18,724 (December 2023) | homepage = {{URL|https://53.com/}} | footnotes = <ref name=10K>{{cite web |url=https://www.sec.gov/ix?doc=/Archives/edgar/data/35527/000003552724000088/fitb-20231231.htm | title=Fifth Third Bancorp 2022 Annual Report (Form 10-K) |publisher=U.S. Securities and Exchange Commission | date=February 27, 2024}}</ref> }} [[File:Fairborn Fifth Third Bank.jpg|thumb|Fifth Third Bank branch located in Fairborn, Ohio]]

'''Fifth Third Bancorp''' is a bank holding company headquartered in Cincinnati, Ohio. It is the parent company of '''Fifth Third Bank''' ('''5/3 Bank'''), which operates 1,087 branches and 2,400 automated teller machines,<ref>{{Cite web |date=October 4, 2024 |title=Other Banking FAQs {{!}} Fifth Third Bank |url=https://www.53.com/content/fifth-third/en/customer-service/other-banking-faqs.html#:~:text=How%20many%20branch%20and%20ATM,is%20Fifth%20Third%20stock%20traded%3F |access-date=October 4, 2024 |website=Fifth Third Bank}}</ref> across 12 states: Ohio, Alabama, Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, South Carolina, Tennessee, and West Virginia.<ref name=10K/> One of the largest banks in the United States, it is ranked 321st on the ''Fortune'' 500.<ref>{{Cite web | url=https://fortune.com/company/fifth-third-bancorp/ | title=Fifth Third Bancorp | website=Fortune }}</ref> The name "Fifth Third" is derived from the names of the bank's two predecessor companies, '''Fifth National Bank''' and '''Third National Bank''', which merged in 1908.

==History== ===Pre-merger (1858-1908)=== On June 17, 1858, the '''Bank of the Ohio Valley''', founded by William W. Scarborough, opened in Cincinnati, Ohio. On June 23, 1863, the Third National Bank was organized. On April 29, 1871, Third National Bank acquired Bank of the Ohio Valley. In 1888, '''Queen City National Bank''' changed its name to Fifth National Bank.<ref>{{Cite web | url=https://columbus.org/fifth-third-bank-celebrates-165-yearsof-service-innovation-impact/ | title=Fifth Third Bank Celebrates 165 Years of Service, Innovation, Impact | work=Columbus Chamber of Commerce | date=June 22, 2023}}</ref>

===Merger of Third National Bank and Fifth National Bank (1908)=== On June 1, 1908, Third National Bank and Fifth National Bank merged to become the Fifth-Third National Bank of Cincinnati; the hyphen was later dropped. The merger took place when prohibitionist ideas were gaining popularity, and it is a legend that "Fifth Third" was better than "Third Fifth", which could have been construed as a reference to three fifths of alcohol.<ref>{{cite web | url=https://cbonds.com/company/74763/ | title=Organization: Fifth Third Bank | work=Cbonds | access-date=May 1, 2024}}</ref> The name went through several changes{{Em dash}}the most recent being Fifth Third Union Trust Company<ref>{{cite news | url=http://www.toledoblade.com/Opinion/2002/04/02/That-funny-name-for-a-bank-has-grown-on-us.html | title=That funny name for a bank has grown on us | first=Homer | last=Brickey | work=The Blade | date=April 2, 2002}}</ref>{{Em dash}}until March 24, 1969, when it was changed to Fifth Third Bank.

===Post-merger=== thumb|left|Fifth Third Center atrium at the headquarters in Cincinnati. In 1999, the bank acquired Emerald Financial for $204 million.<ref>{{Cite news | url=https://www.bizjournals.com/dayton/stories/1999/03/01/daily3.html | title=Fifth Third to acquire Emerald Financial; become Ohio's | date=March 1, 1999}}</ref>

In November 2008, the United States Department of the Treasury invested $3.4 billion in the company as part of the Troubled Asset Relief Program and in February 2011, the company repurchased the investment from the Treasury.<ref>{{cite news | url=https://archive.nytimes.com/dealbook.nytimes.com/2011/02/02/fifth-third-repays-bailout-funds/ | title=Fifth Third Repays Bailout Funds | first=Ben | last=Protess | work=The New York Times | date=February 2, 2011 | url-access=limited}}</ref><ref>{{cite news | url=https://www.bizjournals.com/dayton/news/2011/02/02/fifth-third-bancorp-repays-tarp-debt.html | title=Fifth Third Bancorp repays TARP debt | work=American City Business Journals | date=February 2, 2011}}</ref>

In 2009, Fifth Third completed the corporate spin-off of Fifth Third Processing Solutions, which was acquired by Worldpay, Inc. in 2012.<ref>{{Cite web |url=https://corporate.worldpay.com/static-files/4408356f-6de5-428e-b6f2-e635f8a3736a | title=Welcome to the new Worldpay | publisher=Worldpay, Inc.}}</ref>

In May 2018, Fifth Third acquired MB Financial in a $4.7 billion transaction.<ref>{{Cite news |url=https://www.usatoday.com/story/money/nation-now/2018/05/21/fifth-third-buys-mb-financial-bank/627904002/ | title=Fifth Third spends $4.7 billion for Chicago's MB Financial | first=Alexander | last=Coolidge | agency=The Cincinnati Enquirer |website=USA Today | date=May 21, 2018}}</ref>

In August 2020, the bank partnered with Trust & Will.<ref>{{Cite news | title=Fifth Third Bank and Trust & Will Announce Strategic Relationship to Help Customers Protect and Secure Their Families' |work=Bloomberg News | url=https://www.bloomberg.com/press-releases/2020-07-16/fifth-third-bank-and-trust-will-announce-strategic-relationship-to-help-customers-protect-and-secure-their-families | date=July 16, 2020}}</ref>

In May 2022, Fifth Third acquired Dividend Finance, a San Francisco{{En dash}}based residential solar power lender.<ref>{{Cite news | url=https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/fifth-third-bancorp-completes-acquisition-of-dividend-finance-70268586 | title=Fifth Third Bancorp completes acquisition of Dividend Finance | first=Jasmine | last=Castroverde | work=S&P Global | date=11 May 2022}}</ref><ref>{{Cite press release | url=https://www.53.com/content/fifth-third/en/media-center/press-releases/2022/press-release-2022-05-10.html | title=Fifth Third Completes Acquisition of Dividend Finance, Leading Lender in High Growth Solar, Sustainable Solutions | publisher=Business Wire | date=May 10, 2022}}</ref>

In May 2023, the bank acquired Rize Money.<ref>{{Cite news | url=https://www.americanbanker.com/news/fifth-third-targets-payments-expansion-with-rize-money-acquisition | title=Fifth Third targets payments expansion with Rize Money acquisition | first=Jordan | last=Stutts | work=American Banker | date=May 22, 2023 | url-access=subscription}}</ref> Also in May 2023, the bank acquired Big Data Healthcare.<ref>{{Cite news | url=https://www.bizjournals.com/cincinnati/news/2023/05/16/fifth-third-big-data-healthcare-done-deal.html | title=Fifth Third Bank completes acquisition of Big Data Healthcare | work=American City Business Journals | date=May 16, 2023 | url-access=subscription}}</ref>

In 2025, Fifth Third was ranked as offering the best mobile banking app experience in a J.D. Power survey.<ref>{{Cite web |title=Fifth Third takes ‘intentionally unsexy’ approach to mobile app improvements {{!}} Banking Dive |url=https://www.bankingdive.com/news/fifth-third-bank-mobile-app-improvements-ai-strategy-jeanie/749973/ |access-date=2025-06-17 |website=www.bankingdive.com |language=en-US}}</ref>

=== Merger with Comerica === On October{{nbsp}}6, 2025, Fifth Third announced that it signed a definitive agreement to acquire Comerica Bank for $10.9{{nbsp}}billion.<ref name=":2">{{Cite web |last=Wethington |first=Paula |date=2025-10-06 |title=Fifth Third Bank to buy Comerica in $10.9 billion stock transaction |url=https://www.cbsnews.com/detroit/news/fifth-third-bank-to-buy-comerica-in-10-9-billion-stock-transaction/ |access-date=2025-10-07 |website=CBS News Detroit |language=en-US}}</ref> If approved by regulators, the all-stock deal is expected to close in March 2026;<ref>{{cite news |last=Chapman |first=Michelle |date=October 6, 2025 |title=Fifth Third Bancorp to buy Comerica for $10.9 billion in tie-up of big regional banks |url=https://www.wcpo.com/news/local-news/fifth-third-bancorp-to-buy-comerica-for-10-9-billion-in-tie-up-of-big-regional-banks |work=WCPO-TV |via=Associated Press}}</ref> existing Fifth Third shareholders would own about 73% of the combined company, and existing Comerica shareholders would own about 27%. The combined entity would be the ninth-largest bank in the United States,<ref>{{Cite web |last=Hart |first=Gina Heeb and Connor |date=2025-10-06 |title=Fifth Third to Acquire Comerica in $10.9 Billion Deal |url=https://www.wsj.com/finance/banking/fifth-third-to-acquire-comerica-in-10-9-billion-stock-deal-46d29205 |access-date=2025-10-06 |website=The Wall Street Journal |language=en-US}}</ref> and is reportedly expected to phase out the Comerica brand by 2027.<ref name=":4">{{Cite web |last=Reindl |first=JC |last2=Tompor |first2=Susan |date=2025-10-06 |title=Fifth Third, Comerica enter $10.9B deal, will likely rename Tigers' home |url=https://www.freep.com/story/money/business/2025/10/06/fifth-third-comerica-us-bank/86545223007/ |access-date=2025-10-07 |website=Detroit Free Press |language=en-US}}</ref><ref>{{Cite web |date=January 13, 2026 |title=Fifth Third and Comerica Announce Receipt of All Material Approvals to Combine |url=https://insurancenewsnet.com/oarticle/fifth-third-and-comerica-announce-receipt-of-all-material-approvals-to-combine |website=InsuranceNewsNet}}</ref>

In December 2025, ''Crain's Detroit Business'' reported that 30 Fifth Third locations, primarily in Michigan, are expected to close in 2026 if the acquisition is completed.<ref>{{Cite web |last=Fifelski |first=Anna |date=2025-12-17 |title=Comerica's sale to Fifth Third would lead to 76 branch closures across Michigan |url=https://www.crainsdetroit.com/banking-finance/fifth-third-comerica-deal-would-bring-michigan-branch-closures |url-access=subscription |access-date=2025-12-28 |website=Crain's Detroit Business |language=en}}</ref>

In October 2025, Fifth Third announced an agreement to purchase Comerica Bank for $10.9 billion, making it the largest U.S. bank deal of the year. This merger would combine both banks under the Fifth Third name, with nearly $300 billion in assets.<ref>{{Cite web |last=Johnson |first=Myesha |title=Comerica employees laid off as merger with Fifth Third progresses |url=https://www.detroitnews.com/story/business/2026/01/21/comerica-employees-laid-off-as-merger-with-fifth-third-progresses/88281771007/ |access-date=2026-01-22 |website=The Detroit News |language=en-US}}</ref>

On February 1, 2026, Fifth Third and Comerica Bank merged and created the ninth-largest U.S. Bank with about $294 billion in assets. Fifth Third will now operate in 17 of the 20 fastest-growing large markets in the country, including key regions in the Southeast, Texas and California, while solidifying its leadership in the Midwest, the company said in a news release.<ref>{{Cite news | title=Fifth Third completes merger with Comerica to form 9th largest U.S. bank |work= Cleveland19.com | url=https://www.cleveland19.com/2026/02/02/fifth-third-completes-merger-with-comerica-form-9th-largest-us-bank/ | date=February 1, 2026}}</ref>

==Lawsuits== In September 2015, the U.S. Department of Justice and the Consumer Financial Protection Bureau announced an $18 million settlement to resolve allegations that Fifth Third Bank engaged in a pattern or practice of discrimination against African{{En dash}}American and Hispanic borrowers in its indirect auto lending business.<ref>{{cite web |url=https://www.justice.gov/opa/pr/justice-department-and-consumer-financial-protection-bureau-reach-settlement-resolve |title=Justice Department and Consumer Financial Protection Bureau Reach Settlement to Resolve Allegations of Auto Lending Discrimination by Fifth Third Bank | work=United States Department of Justice | date=September 28, 2015}}</ref>

In December 2016, small business owners sued Fifth Third, along with Vantiv and National Processing Company, for violating telemarketing laws. On August 4, 2022, a $50 million settlement was finalized.<ref>{{cite web |url=https://cookcountyrecord.com/stories/630039661-judge-finalizes-50m-settlement-with-fifth-third-vantiv-over-recorded-telemarketing-calls| title=Judge finalizes $50M settlement with Fifth Third, Vantiv over recorded telemarketing calls | first=Scott | last=Holland | work=Cook County Record | date=August 10, 2022}}</ref>

On March 9, 2020, the Consumer Financial Protection Bureau (CFPB) charged Fifth Third with illegal cross-selling; the suit was resolved in 2024 with the bank paying $20 million and taking remedial actions.<ref>{{cite web | url=https://www.consumerfinance.gov/about-us/newsroom/cfpb-takes-action-against-fifth-third-for-wrongfully-triggering-auto-repossessions-and-opening-fake-bank-accounts/ |title=CFPB Takes Action Against Fifth Third for Wrongfully Triggering Auto Repossessions and Opening Fake Bank Accounts |website=Consumer Financial Protection Bureau | date=July 9, 2024}}</ref> A class action suit was filed on behalf of former MB Financial shareholders, alleging that the cross-selling strategy artificially inflated Fifth Third's stock price and thus MB Financial's shareholders were not honestly compensated when the purchase occurred. The case was settled on September 14, 2023, with Fifth Third paying former MB Financial shareholders $5.5 million.<ref>{{cite web | url=https://www.labaton.com/fox-v-fifth-third-bancorp |access-date=March 1, 2024 |title=Fox v. Fifth Third Bancorp}}</ref>

On April 27, 2023, a jury ruled Fifth Third breached its Early Access loan program, but customers were not awarded damages because they had been fully informed of the terms. Fifth Third listed the APR estimate of 120%, the actual number was higher if the loan was paid off early due to the fee structure.<ref>{{cite news |url=https://www.wcpo.com/news/local-news/i-team/federal-jury-awards-zero-damages-in-fifth-third-loan-case |title=Federal jury awards zero damages in Fifth Third loan case | first=Dan | last=Monk | work=WCPO | date=April 28, 2023 }}</ref>

On March 8, 2024, the Minnesota Attorney General filed suit against Fifth Third subsidiary Dividend Finance and three other lending companies (GoodLeap, Sunlight Financial, and Solar Mosaic), following an investigation that uncovered they charged Minnesotans $35 million in hidden fees on nearly 5,000 loans to finance sales of residential solar panels. The lawsuit alleges the lenders violated Minnesota state laws against deceptive trade practices, deceptive lending, and illegally high rates of interest.<ref>{{cite press release |title=Attorney General Ellison sues solar lenders over $35M in deceptive hidden fees |publisher=Office of the Attorney General of Minnesota |date=March 8, 2024 |url=https://www.ag.state.mn.us/Office/Communications/2024/03/08_SolarLending.asp |access-date=May 27, 2024 |url-status=live |archive-url=https://web.archive.org/web/20240520083259/www.ag.state.mn.us/Office/Communications/2024/03/08_SolarLending.asp |archive-date=20 May 2024}}</ref><ref>{{cite web |url=https://www.ag.state.mn.us/Office/Communications/2024/docs/SolarLending_Complaint.pdf |title=Minnesota v. GoodLeap LLC, Sunlight Financial LLC, Solar Mosaic LLC, and Dividend Solar Finance LLC |author=Office of the Attorney General of Minnesota |date=5 April 2024 |access-date=27 May 2024 |publisher=US District Court for the District of Minnesota |url-status=live | archive-url=https://web.archive.org/web/20240527081147/https://www.ag.state.mn.us/Office/Communications/2024/docs/SolarLending_Complaint.pdf| archive-date=27 May 2024}}</ref><ref>{{cite web |last=Weaver| first=John Fitzgerald |url=https://pv-magazine-usa.com/2024/04/26/minnesota-sues-goodleap-sunlight-mosaic-and-dividend-over-dealer-fees/ |title=Minnesota sues GoodLeap, Sunlight, Mosaic and Dividend over dealer fees |publisher=PV Magazine |date=26 April 2024 |access-date=27 May 2024 |url-status=live| archive-url=https://web.archive.org/web/20240430093355/https://pv-magazine-usa.com/2024/04/26/minnesota-sues-goodleap-sunlight-mosaic-and-dividend-over-dealer-fees/ |archive-date=30 April 2024}}</ref><ref name="WYPR2024SolarFraud">{{cite news |last=Chang |first=Jill |date=2024-08-14 |title=Rooftop solar has a fraud problem. The industry is working to build back trust |work=WYPR |url=https://www.wypr.org/2024-08-14/rooftop-solar-has-a-fraud-problem-the-industry-is-working-to-build-back-trust |access-date=2025-07-12 |archive-url=https://web.archive.org/web/20240814204843/https://www.wypr.org/2024-08-14/rooftop-solar-has-a-fraud-problem-the-industry-is-working-to-build-back-trust |archive-date=2024-08-14 |url-status=live}}</ref><ref name="StarTrbFees2024">{{cite news |last=Orenstein |first=Walker |date=2024-11-08 |title=Minnesota homeowners say they were hit with massive hidden fees when going solar |newspaper=Minnesota Star Tribune |url=https://www.startribune.com/minnesota-homeowners-say-they-were-hit-with-massive-hidden-fees-when-going-solar/601177876 |access-date=2025-07-12 |archive-url=https://web.archive.org/web/20250613204013/https://www.startribune.com/minnesota-homeowners-say-they-were-hit-with-massive-hidden-fees-when-going-solar/601177876 |archive-date=2025-06-13 |url-status=live}}</ref>

==Notable corporate buildings== {{div col}} * Fifth Third Center in Grand Rapids, Michigan * Fifth Third Center in Charlotte, North Carolina * Fifth Third Center in Cincinnati, Ohio * Fifth Third Center in Cleveland, Ohio * Fifth Third Center in Columbus, Ohio * Fifth Third Center at One SeaGate in Toledo, Ohio * Fifth Third Center in Dayton, Ohio * Fifth Third Center in Nashville, Tennessee * Fifth Third Center in Tampa, Florida

{{div col end}}

==Naming rights and sponsorships== {{div col}} Fifth Third owns corporate naming rights to the following: * Fifth Third Field, a ballpark in Toledo, Ohio, home of the Toledo Mud Hens, the Triple-A minor league baseball Affiliate of the Detroit Tigers. * Fifth Third Arena, an indoor arena on the campus of the University of Cincinnati, home of the Cincinnati Bearcats Athletics. * Fifth Third Arena, an indoor arena in Chicago, Illinois, practice facility and Community Ice Rink of the Chicago Blackhawks. * Fifth Third Bank Stadium, a football stadium in Kennesaw, Georgia, home of the Kennesaw State Owls Athletics. * Fifth Third Park, a ballpark in Spartanburg, South Carolina, home of the Hub City Spartanburgers, the High-A minor league baseball Affiliate of the Texas Rangers.

{{div col end}}

Fifth Third Bank is a sponsor of the following:

{{div col}} * Cincinnati Bengals {{En dash}} Official Bank of the Cincinnati Bengals. * Chicago Blackhawks {{En dash}} Official Partner of the Chicago Blackhawks. * Tampa Bay Buccaneers {{En dash}} Official Bank of the Tampa Bay Buccaneers. * Cincinnati Open {{En dash}} Official Partner of the Cincinnati Open. * Los Angeles Lakers {{En dash}} Official Partner of the Los Angeles Lakers. * Kennesaw State University {{En dash}} Official Bank of the Kennesaw State Athletics. * University of Cincinnati {{En dash}} Official Partner of the University of Cincinnati. * University of Dayton {{En dash}} Official Bank of University of Dayton Athletics. * Xavier University {{En dash}} Official Partner of Xavier Athletics. * Toledo Mud Hens {{En dash}} Official Bank of the Toledo Mud Hens. * Columbus Zoo {{En dash}} Official Bank of the Columbus Zoo. * Gary SouthShore RailCats {{En dash}} Official Bank of the Gary SouthShore RailCats. * Hub City Spartanburgers {{En dash}} Official Bank of the Hub City Spartanburgers.<ref>{{Cite news |url=https://www.bizjournals.com/cincinnati/news/2024/04/04/fifth-third-naming-rights-new-stadium-spartanburg.html | title=Fifth Third Bank lands naming rights to new stadium, tennis | work=American City Business Journals | date=April 4, 2024 | url-access=subscription}}</ref> * RFK Racing {{En dash}} Primary Sponsor of the No. 17 Ford Mustang Dark Horse for Chris Buescher in the NASCAR Cup Series. * Rahal Letterman Lanigan Racing {{En dash}} Official Sponsor of the No. 15 Honda for Graham Rahal in the NTT IndyCar Series.<ref>{{cite news|title= Fifth Third Bank Extends Sponsorship of RLL through 2025|publisher=Indycar.com|url=https://www.indycar.com/news/2022/08/08-07-rll-fifththird|access-date=2023-03-27|date=2022-08-07}}</ref> {{div col end}}

==See also== {{Portal|Banks}} * {{Portal-inline|Banks}}

==References== {{Reflist}}

==External links== {{commons category}} * {{Official website|https://www.53.com}} {{Finance links | name = Fifth Third Bank | bloomberg = FITB:US | google = FITB:NASDAQ | reuters = FITB | sec_cik = 35527 | yahoo = FITB }}

{{NASDAQ Financial-100}} {{S&P 500 companies}} {{Authority control}}

Category:1858 establishments in Ohio Category:American companies established in 1858 Category:Banks based in Ohio Category:Banks established in 1858 Category:Companies based in Cincinnati Category:Companies listed on the Nasdaq Category:Economy of the Midwestern United States Category:Economy of the Southeastern United States Category:Investment banks in the United States Category:Mortgage lenders of the United States Category:Online brokerages Category:Primary dealers Category:Rogue trading banks Category:Subprime mortgage lenders Category:Systemically important financial institutions