Fifth Third Bank
Fifth Third Bancorp is a diversified bank holding company headquartered in Cincinnati, Ohio, serving as the parent entity for Fifth Third Bank, which provides commercial banking, consumer banking, leasing, and investment services across 11 states in the Midwestern and Southeastern United States.[1][2] As of June 2025, the institution manages total assets of approximately $210 billion, operates over 1,100 branches, and employs more than 20,000 associates.[3][4] The bank's origins trace back to 1858 with the founding of the Bank of the Ohio Valley in Cincinnati, evolving through mergers including the 1909 consolidation of the Fifth National Bank and Third National Bank, which originated its distinctive name.[5] Over the decades, Fifth Third has expanded via acquisitions and organic growth, establishing itself as a prominent regional player focused on community banking and financial innovation, while maintaining a commitment to serving local markets where its employees reside.[6][7] Notable for steady asset growth and profitability amid economic cycles, Fifth Third has encountered regulatory scrutiny, including a $20 million penalty in 2024 from the Consumer Financial Protection Bureau for unauthorized account openings by employees and improper auto loan servicing practices affecting nearly 1,000 customers.[8][9] In 2025, the company disclosed a $170-200 million impairment related to fraud in a subprime auto loan portfolio, described by management as an isolated incident.[10][11] These events underscore ongoing challenges in sales practices and risk management within the banking sector.[12]History
Origins and Pre-Merger Period (1858–1907)
The origins of Fifth Third Bank trace to the Bank of the Ohio Valley, established on June 17, 1858, in Cincinnati, Ohio, by William W. Scarborough and a group of local businessmen responding to the city's expanding commercial needs following the Panic of 1857.[5][13] This institution operated as a state-chartered bank, focusing on deposits, loans, and trade financing in the Ohio River Valley region, where Cincinnati served as a key hub for pork packing, manufacturing, and steamboat commerce.[7] Five years later, on June 23, 1863, the Third National Bank was organized in Cincinnati under the National Currency Act, which authorized federally chartered national banks to issue uniform currency backed by U.S. government bonds.[14][13] As one of the early national banks (charter number approximately 20), it emphasized conservative lending practices and served wholesale clients, including wholesalers, manufacturers, and railroads, amid post-Civil War economic recovery.[15] On April 29, 1871, the Third National Bank acquired the Bank of the Ohio Valley, integrating its operations and customer base to strengthen its position in local deposit gathering and short-term credit extension.[13] Concurrently, the Fifth National Bank operated as an independent national bank in Cincinnati, chartered under similar federal legislation and catering to commercial interests in the city's burgeoning economy, though specific founding details remain less documented in primary records.[7] From 1871 to 1907, the Third National Bank, now encompassing the Ohio Valley assets, expanded its capital and loan portfolio amid Cincinnati's industrialization, while adhering to national banking regulations that required reserves against deposits and restricted real estate loans to maintain stability.[7] Both institutions navigated periodic financial strains, such as the Panic of 1873 and 1893, by prioritizing liquidity and correspondent banking relationships with larger New York institutions, reflecting the era's emphasis on sound monetary practices over speculative ventures.[7] By 1907, these banks had established themselves as pillars of Cincinnati's financial infrastructure, setting the stage for their consolidation.Formation via Merger (1908)
On June 1, 1908, the Third National Bank, chartered in Cincinnati, Ohio, in 1863, merged with the Fifth National Bank, which traced its origins to the Bank of the Ohio Valley established in 1858 and renamed in 1888.[7][14][16] The combined institution adopted the name Fifth-Third National Bank of Cincinnati, preserving the ordinal numbers from both predecessors to reflect their historical significance rather than prioritizing one over the other.[7][17] This naming convention arose from the banks' established numerical identities in Cincinnati's competitive financial landscape, where such designations denoted order of chartering or prominence among national banks.[18] The merger resulted in a capitalized entity with $2.5 million in capital stock and approximately $12.1 million in deposits, enhancing its scale amid Cincinnati's industrial expansion in the Progressive Era.[7] Both banks had operated from central locations in downtown Cincinnati, with the Third National Bank occupying premises at Third and Walnut streets, facilitating a seamless integration of operations into the Third National Bank's building at 14-18 West Third Street.[19][20] The consolidation positioned the new bank as a key regional lender, supporting commerce in a city pivotal to Ohio River trade and manufacturing.[21] Over time, the hyphenated name was dropped, simplifying to Fifth Third National Bank, a change that occurred without altering the core identity derived from the 1908 union.[7] This foundational merger laid the groundwork for subsequent growth, enabling the bank to navigate early 20th-century economic challenges through unified resources and retained customer trust from both legacy institutions.[18]Early Expansion and Mergers (1909–1960)
Following its formation in 1908 as The Fifth Third National Bank of Cincinnati, with $2.5 million in capital and $12.1 million in deposits, the institution pursued growth within the Cincinnati market through targeted acquisitions and affiliations. In 1910, it acquired American National Bank and the private banking firm S. Kuhn & Sons, increasing its capital to $3 million and enhancing its deposit base amid regional economic activity.[7] By the late 1910s, Fifth Third expanded its physical presence by establishing a network of full-service branches, becoming the first bank in Cincinnati to do so; this was facilitated through a merger or affiliation with Union Savings Bank and Trust Company around 1917–1919, which enabled state-chartered branch operations previously restricted for national banks. In 1919, it assumed control of several local institutions, converting Market National Bank, Security Savings Bank and Safe Deposit Company, Mohawk State Bank, and Walnut Hills Savings Bank into branches to broaden accessibility in underserved Cincinnati neighborhoods.[5][7] The 1920s saw further consolidation when, in 1927, Fifth Third merged with The Union Trust Company, forming The Fifth Third Union Trust Company and diversifying into trust services while solidifying its position as a leading Cincinnati institution. During the Great Depression (1930–1933), amid widespread bank failures, Fifth Third assumed control of three additional local banks, stabilizing the regional financial system by integrating their operations without specified acquisition costs, reflecting a strategy of opportunistic expansion during economic distress.[7] Post-Depression recovery emphasized innovation and infrastructure. In 1948, Fifth Third established one of the earliest corporate foundations in U.S. banking, the Fifth Third Foundation, to support community initiatives and build goodwill. By 1954, it pioneered retail banking accessibility as the first U.S. bank to open branches in shopping malls, adapting to suburbanization trends and increasing deposit mobilization in high-traffic locations. These moves, confined largely to greater Cincinnati, positioned Fifth Third for broader interstate growth in subsequent decades, with total assets reaching approximately $200 million by 1960 through organic branching and these consolidations.[5][22][7]Modern Growth and Acquisitions (1961–Present)
In 1975, Fifth Third Bancorp was incorporated as a bank holding company, enabling structured expansion beyond its Ohio roots.[7] This facilitated initial focus on organic growth in the Midwest during the late 1960s and 1970s, including a 1969 renaming from Fifth Third Union Trust Company to Fifth Third Bank.[7] The 1980s marked the onset of interstate acquisitions, beginning with the 1985 purchase of American National Bank in Newport, Kentucky, which extended operations across state lines for the first time.[7] The 1990s represented a period of accelerated acquisition-driven expansion, transforming Fifth Third into a multi-state regional powerhouse. Key deals included the 1994 acquisitions of Cumberland Federal Bancorporation (adding $1.1 billion in assets and 45 offices in Kentucky) and Falls Financial Inc. ($581 million in assets in Ohio), which collectively boosted total assets by 22 percent.[7] Subsequent purchases in 1995 encompassed Bank of Naples in Florida, Mutual Federal Savings Bank in Dayton, Ohio, Bank One's Lebanon branch, PNC Bank's Dayton division (12 offices), and seven Bank One offices in Cincinnati.[7] In 1996, Fifth Third acquired the Ohio branches of 1st Nationwide Bank, the Ohio operations of First Chicago NBD Bank, and Kentucky Enterprise Bancorp.[7] The pace continued in 1997 with Gateway Leasing Corporation ($2.2 million), Suburban Bancorporation, Heartland Capital Management in Indiana, and Great Lakes National Bank's eight Ohio branches; and in 1998 with CitFed Bancorp ($661 million, 35 Ohio offices), State Savings Company in Arizona, The Ohio Company, and W. Lyman Case & Company.[7] By 1999, acquisitions such as Enterprise Federal Bancorp (Cincinnati), Ashland Bankshares (Kentucky), South Florida Bank Holding Corp. (four Florida branches), Emerald Financial Corp. (Cleveland), Vanguard Financial Corporation, CNB Bancshares ($2.4 billion, 145 Indiana offices), and Peoples Bank & Trust Co. (nine Indiana offices) propelled branch count to 495 across multiple states and assets to $38 billion.[7] Into the 2000s, Fifth Third continued consolidation amid industry deregulation and competition, notably acquiring Old Kent Financial Corporation in a $5.7 billion stock deal completed in 2001, which added significant market share in Michigan and Illinois. In 2008, it purchased First Charter Bank for $1.1 billion, establishing a foothold in North Carolina. These moves supported asset growth to $101 billion by 2006.[23] The 2010s emphasized urban market penetration and diversification, highlighted by the 2018 acquisition of MB Financial for $4.7 billion (completed 2019), enhancing presence in Chicago with added commercial banking capabilities.[24] Acquisitions peaked that year with five deals per industry tracking.[25] Recent years have shifted toward fintech and payments integration alongside core banking expansion. In 2022, Fifth Third acquired Dividend Finance, a residential solar lender; in 2023, Rize Money for payments infrastructure and Big Data Healthcare for analytics; and in August 2025, DTS Connex for cash management solutions.[25] On October 6, 2025, it announced an all-stock $10.9 billion acquisition of Comerica, expected to close in Q1 2026 pending approvals, combining footprints in Texas, California, Florida, Michigan, and Arizona to form the ninth-largest U.S. bank by assets.[26][27] This strategy has driven assets to approximately $213 billion by 2024, with over 1,100 branches across 11 states.[28]Operations
Business Segments and Services
Fifth Third Bancorp structures its operations into four primary business segments: Commercial Banking, Business Banking, Consumer Banking, and Wealth & Asset Management.[29] This segmentation, as reported in the company's SEC filings, reflects a focus on serving diverse client bases from large corporations to individual consumers, with adjustments made in 2025 to separate Business Banking from Commercial Banking for clearer reporting of small and medium-sized business activities.[30] The Commercial Banking segment targets middle-market companies with annual revenues exceeding $10 million and larger corporate clients, providing customized lending, cash management, risk mitigation, and capital markets services. Offerings include treasury management tools for receivables, payables, and data analytics; equipment financing; and industry-specific solutions in sectors such as energy, financial institutions, consumer and retail, and healthcare. In October 2024, Fifth Third reorganized its Corporate & Investment Banking division to enhance support for these verticals, incorporating merger and acquisition advisory, debt and equity capital raising, and structured finance.[31][32] Business Banking caters to small businesses and startups, emphasizing operational efficiency with products like checking and savings accounts, lines of credit, term loans, and merchant payment processing. Services also encompass expense management, corporate cards, and quick-access capital through programs like Fifth Third Fast Capital, designed to address daily cash flow and growth needs without the complexity of larger commercial arrangements.[33] In the Consumer Banking segment, Fifth Third delivers retail-oriented products including deposit accounts, personal loans, mortgages, home equity lines, auto financing, and credit cards, primarily through its branch network and digital platforms. This segment supports individual and small household financial needs, with an emphasis on deposit growth and lending to drive net interest income.[34] The Wealth & Asset Management segment provides high-net-worth individuals, families, and institutions with investment management, private banking, retirement plan advisory, trust and custody services, and comprehensive wealth planning. Institutional solutions include liquidity management and alternative investments, while private client services focus on portfolio construction, tax-efficient strategies, and intergenerational transfer planning.[35][36]Geographic Presence and Branch Network
Fifth Third Bank operates a network of 1,087 full-service banking centers across 12 states in the Midwestern and Southeastern United States, supplemented by more than 2,400 automated teller machines.[2][4] The bank's footprint includes Ohio (headquarters in Cincinnati), Alabama, Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, South Carolina, Tennessee, and West Virginia, with concentrations in urban and suburban markets reflecting historical growth in the Midwest and recent pushes into the Southeast.[2] Traditionally anchored in the Midwest, where it holds significant market share in states like Ohio and Indiana, Fifth Third has accelerated expansion in the Southeast to capture demographic shifts and economic opportunities, including entry into Alabama in August 2025 with plans for 15 financial centers in Huntsville and Birmingham.[37][38] This strategy aims to open more than 200 new branches by 2028, targeting 50 to 60 annually in Southeastern markets such as Florida, Georgia, and the Carolinas, driven by data analytics on population growth, competitor density, and consumer mobility patterns.[39][40] The branch network supports retail banking, commercial services, and community engagement, with locations selected to optimize accessibility in high-potential areas while integrating digital tools for hybrid customer experiences.[39] As of early 2025, ongoing openings, such as those in Florida (37 added in the prior three years, with 72 more planned by 2028), underscore the bank's commitment to physical expansion amid evolving banking preferences.[41]Digital Banking and Innovation
Fifth Third Bank has prioritized digital transformation through investments in mobile applications, API platforms, and cloud infrastructure to enhance customer access and operational efficiency. The bank's mobile banking app, launched in its current form with enhancements in November 2022, allows users to check balances, transfer funds, deposit checks remotely, pay bills, and manage alerts without branch visits.[42] Optimized for its Momentum Banking product, the app includes goal-based savings tools and statement management for up to 24 months of history.[43] In 2024, new features such as early paycheck access and real-time person-to-person payments were added, providing users greater control over cash flow.[44] The mobile app received the highest satisfaction score among regional banks in the J.D. Power 2025 U.S. Banking Mobile App Satisfaction Study, attributed to its intuitive design and security features like SmartShield, which employs gamified alerts for fraud detection and card controls.[44] [45] App store ratings reflect strong user adoption, with 4.7 stars on Google Play from nearly 194,000 reviews and 4.8 stars on the Apple App Store from over 564,000 reviews as of mid-2025.[46] Additional functionalities include direct deposit switching and PIN management directly within the app, reducing reliance on customer service calls.[47] In embedded finance, Fifth Third introduced Newline, an API-first platform in 2024 enabling enterprises to integrate payment, card, and deposit products without traditional banking intermediaries.[48] Newline earned recognition as the most innovative financial services platform by a U.S. bank in December 2024, facilitating partnerships such as with Trustly for open banking solutions in September 2024.[49] [48] This platform supports fintech integrations, contributing to loan growth amid slower market conditions in 2025.[50] Technological infrastructure upgrades include migration to Amazon Web Services (AWS) cloud for core banking modernization, announced in late 2024, to accelerate software development and scalability.[51] Fifth Third Ventures, the bank's investment arm, funds non-controlling stakes in fintech firms aligned with priorities like payments and data analytics, maintaining about a dozen active partnerships as of 2022 with ongoing expansions.[52] [53] These efforts integrate AI for customer-centric features, such as predictive tools in the mobile app, while data from digital channels informs physical branch strategies.[54] [39]Financial Performance
Key Metrics and Historical Trends
As of September 30, 2025, Fifth Third Bancorp reported total assets of $212.9 billion, total deposits of $166.6 billion, and total loans of $120.9 billion.[55][56] For the third quarter of 2025, the bank achieved net income available to common shareholders of $608 million and diluted earnings per share of $0.91, reflecting a return on average assets of approximately 1.2%.[30][57] Net interest margin stood at around 3.0% in recent quarters, supported by higher interest rates, while the efficiency ratio hovered near 55%, indicating moderate control over operating expenses relative to revenue.[30][58] Historically, total assets have expanded steadily from $111.0 billion in 2010 to $212.9 billion by mid-2025, driven by organic loan growth, deposit accumulation, and strategic acquisitions such as MB Financial in 2019, which added scale in key markets.[28] This growth moderated during the 2020 COVID-19 downturn, with assets dipping to $204.7 billion before rebounding, and showed resilience post-2008 financial crisis, where assets had contracted amid mortgage-related losses.[28] Deposits followed a parallel trajectory, increasing from lower bases in the early 2010s to exceed $160 billion by 2025, bolstered by retail and commercial banking expansion in the Midwest and Southeast.[56] Net income trends illustrate cyclical profitability tied to economic conditions and interest rate environments. From a post-crisis low of $500 million in 2010, annual net income climbed to $2.659 billion by 2021, before a pandemic-induced drop to $1.323 billion in 2020; it stabilized around $2.1-2.3 billion in subsequent years, reaching $2.155 billion in 2024.[59] Revenue, primarily from net interest income and fees, surged from approximately $7-8 billion in the mid-2010s to $12.641 billion in 2023, reflecting higher yields and diversified non-interest income streams like wealth management.[60]| Year | Total Assets ($B) | Net Income ($M) |
|---|---|---|
| 2010 | 111.0 | 500 |
| 2015 | 141.0 | 1,622 |
| 2020 | 204.7 | 1,323 |
| 2023 | 214.6 | 2,212 |
| 2024 | 212.9 | 2,155 |
Recent Earnings and Strategic Initiatives
In the third quarter of 2025, Fifth Third Bancorp reported diluted earnings per share of $0.91, or $0.93 excluding certain items such as a $178 million fraud-related charge, with adjusted revenue increasing 6% year-over-year to $2.30 billion.[30][61] Pre-provision net revenue rose 11% from the prior year, supported by diversified loan originations and recurring fee income, though net interest margin contracted slightly due to deposit mix shifts.[30] In the second quarter of 2025, the bank achieved diluted earnings per share of $0.88, with accelerating revenue growth driven by loan expansion and a 6% year-over-year increase in adjusted revenues.[62][63] Strategically, Fifth Third has pursued geographic expansion, announcing in December 2024 plans to open over 200 new retail branches across the Southeast over four years, targeting 50 to 60 annually through 2028, with an emphasis on data-driven site selection and digital integration.[39][38] This includes entry into Alabama in August 2025 via de novo branches, aiming for $15 billion to $20 billion in deposit inflows from high-quality sources.[37][64] The bank has also advanced sustainability efforts, progressing 45% toward a $100 billion environmental and social finance target by end-2024, with reductions including 60% in location-based greenhouse gas emissions since 2014.[65][66] These initiatives prioritize operating efficiency, diversified revenue streams, and community-focused lending amid competitive pressures in regional banking.[30]Leadership and Governance
Executive Team
Timothy N. Spence serves as chairman, president, and chief executive officer of Fifth Third Bancorp and its banking subsidiary, Fifth Third Bank, having been appointed CEO effective July 4, 2022, and elevated to chairman in December 2023.[67][68] Prior to these roles, Spence held positions including president of commercial banking and held various leadership roles since joining the bank in 2009.[69] Bryan D. Preston is executive vice president and chief financial officer, overseeing financial strategy, planning, and reporting.[70] Preston, aged 48 as of recent filings, joined Fifth Third in 2019 from KeyCorp, where he served in senior finance roles.[70][71] James (Jamie) Leonard acts as executive vice president and chief operating officer, a position he assumed on January 1, 2024, managing day-to-day operations and enterprise-wide efficiency initiatives.[68] Leonard, 55, previously served as head of payments and commerce solutions at the bank.[70] Other senior executives include Jude A. Schramm, executive vice president and chief information officer, responsible for technology strategy and digital transformation; Robert P. Shaffer, executive vice president and chief risk officer, handling enterprise risk management; and Christian Gonzalez, executive vice president and chief legal officer, appointed effective July 7, 2025, succeeding the prior incumbent.[72][73] Darren King was named executive vice president and head of regional banking in April 2025, reporting directly to Spence and joining the enterprise management team.[74]| Executive | Position | Key Responsibilities |
|---|---|---|
| Timothy N. Spence | Chairman, President, CEO | Overall leadership and strategic direction[71] |
| Bryan D. Preston | EVP, CFO | Financial operations and investor relations[75] |
| James Leonard | EVP, COO | Operational execution and process optimization[68] |
| Jude A. Schramm | EVP, CIO | IT infrastructure and innovation[72] |
| Robert P. Shaffer | EVP, Chief Risk Officer | Risk assessment and compliance[72] |
| Christian Gonzalez | EVP, Chief Legal Officer | Legal affairs and regulatory matters (effective July 2025)[73] |