Fifth Third Bank (5/3 Bank) is a bank headquartered in Cincinnati, Ohio at Fifth Third Center. It is the principal subsidiary of Fifth Third Bancorp, a bank holding company. The bank operates 1,154 branches and 2,469 automated teller machines in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia, and North Carolina. It also owns 4.9% of Worldpay Inc.
The company is ranked 389th on the Fortune 500. It is on the list of largest banks in the United States.
The name "Fifth Third" is derived from the names of both of the bank's two predecessor companies: Third National Bank and Fifth National Bank, which merged in 1908.
History
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On June 17, 1858, the Bank of the Ohio Valley opened in Cincinnati. On June 23, 1863, the Third National Bank was organized. On April 29, 1871, the banks merged.
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 legend that "Fifth Third" was better than "Third Fifth", which could have been construed as a reference to three fifths of alcohol. The name went through several changes until March 24, 1969, when it was changed to Fifth Third Bank.
In 1994, the bank acquired Cumberland Federal Bancorp for $149 million in stock.
In 1995, the bank acquired 12 branches in Dayton, Ohio from PNC Financial Services. The bank also acquired Kentucky Enterprise Bancorp.
In 1998, the company acquired W. Lyman Case & Company, an originator of commercial real estate loans.
In 1999, the company acquired Enterprise Federal Bancorp, one of the biggest thrifts in the Cincinnati area with 11 branches, for $96.3 million.
In March 1999, the company acquired Emerald Financial of Strongsville, Ohio, which owned 15 branches in Cleveland, Ohio, for $204 million.
In April 1999, the bank acquired Ashland Bankshares and its subsidiary Bank of Ashland, both based in Kentucky, for $80 million.
In June 1999, the bank acquired South Florida Bank Holding, which owned 4 branches.
In July 1999, the company acquired Peoples Bank Corporation of Indianapolis for $228 million in stock.
In April 2001, the company acquired Old Kent Bank, which owned over 300 branches in Indiana, Illinois, and Michigan.
In 2002, the company acquired Franklin Financial for $240 million.
In 2004, the company acquired First National Bankshares of naples, Florida.
In November 2007, the bank acquired R-G Crown Bank of Casselberry, Florida, which owned 30 branches in Florida and 3 branches in Georgia, for $288 million.
On June 2008, the bank acquired First Charter Bank of Charlotte, North Carolina, with 57 branches in North Carolina and 2 branches in Atlanta.
On May 5, 2008, Fifth Third acquired 9 branches in Atlanta, Georgia from First Horizon National Corporation.
On October 31, 2008, the bank acquired the assets of Florida-based Freedom Bank, which suffered from bank failure, from the Federal Deposit Insurance Corporation.
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.
On March 30, 2009, the company sold 51% of its credit card processing business to Advent International, a private equity firm. In 2011, the joint venture changed its name to Vantiv and in 2018, it merged with to Worldpay Inc.
In March 2009, the bank was rumored to be one of the front runners alongside Huntington Bancshares to buy the National City Corp. branches in the Pittsburgh and Erie, Pennsylvania regions that were being sold by PNC Financial Services as part of the National City acquisition by PNC. However, PNC sold the branches to First Niagara Bank.
On October 28, 2014, the company announced plans to move its Michigan regional headquarters and 150 employees from Southfield, Michigan to 62,000 sq ft (5,800 m2) in One Woodward Avenue in downtown Detroit.
In April 2016, the bank sold 17 branches in the Pittsburgh area to FNB Corporation.
In November 2017, the company acquired Epic Insurance Solutions Agency and Integrity HR.
In February 2018, the company acquired Coker Capital Advisors, a mergers and acquisitions advisory firm.
Controversies
2007 data breach at TJX Companies
In January 2007, the bank was noted as the processor of credit card transactions for TJX Companies, which suffered a data breach. It was later found that potentially 45.7 million credit card numbers were compromised.
2014 discrimination settlement
In August 2014, the company settled with the United States Department of Justice, resolving allegations that the bank engaged in a pattern of discrimination on the basis of disability and receipt of public assistance, in violation of the Equal Credit Opportunity Act. The company was required to pay $1.5 million to eligible mortgage loan applicants who were asked to provide a letter from their doctor to document the income they received from Social Security Disability Insurance.
Naming rights
Fifth Third owns the naming rights to:
- Fifth Third Field, a baseball stadium in Toledo, Ohio and home of the Toledo Mud Hens, the Triple-A minor league baseball affiliate of the Detroit Tigers.
- Fifth Third Field, a baseball stadium in Dayton, Ohio and home of the Dayton Dragons, a Class A minor league baseball team playing in the Midwest League, affiliated with the Cincinnati Reds.
- Fifth Third Ballpark, a baseball stadium in Comstock Park, Michigan and home of the West Michigan Whitecaps, a Class A minor league baseball team playing in the Midwest League, affiliated with the Detroit Tigers.
- Fifth Third Arena, an indoor arena on the campus of the University of Cincinnati, used by that school's basketball program
- Fifth Third Bank Stadium, home of the Kennesaw State University (Georgia) Owls and home of the Kennesaw State Owls football team.
- The company owned the naming rights to the Camping World Stadium in Orlando, Florida for Orlando City Soccer Club games in 2013.
References
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