Fifth Third Bancorp
America’s Fifth Third Bancorp
(NASDAQ: FITB) is a regional provider of financial services, headquartered in Cincinnati, Ohio. The company is headed by Mr. Kevin T. Kabat, CEO, who leads a team of 22,000 devoted officials, working in Fifth Third’s eighteen affiliates, as well as over 1,200 full-service banking centers across the USA. The history of the company’s name is quite interesting. The bank was founded in 1908, after a merger of two national banks - The Fifth and The Third, and became The Fifth Third National Bank. The merger came at the wakening of the Prohibition in the USA, the bank’s management decided that it would be wise to name the newborn company “Fifth Third" instead of "Third Fifth". The latter could be stigmatized as a secret code for alcohol distribution. Over the years, the name underwent several changes until in 1969, the firm was branded as Fifth Third Bank. The company’s business activities include personal and commercial banking
, consumer lending, along with investment consulting, processing and insurance solutions.
To their individual clients, the experts of Fifth Third offer a wide range of banking and financial services such as checking and savings accounts, including health savings accounts, credit and debit cards issuance, an online banking service with an option for bill payment, as well as mobile and telephone banking. The bank’s loan portfolio encompasses mortgage plans, home equity loans, financing for the purchase of motor vehicles, student and consumer loans. The clients of Fifth Third may also take advantage of a set of investment options including certificates of deposit, individual retirement accounts, as well as investment advisory and wealth management services.
The business clients of Fifth Third Bank are offered a set of flexible banking and financing solutions including checking and savings accounts, credit and debit cards with lucrative reward programs and without annual service fee. Other products include loans for small business administration and long-term financing options including commercial real estate financing and cash flow management. The business banking solutions of Fifth Third also cover retirement services and health savings accounts for employers, as well as payroll services, electronic deposits, and online banking service with bill payment.
The commercial banking
business of the corporation includes, project financing, industrial loans, and leasing solutions for the purchase of equipment and means of production, treasury management and market analyses, asset management, as well as international financial assistance and brokerage services.
Due to the harsh financial conditions on the global market, Fifth Third Bank announced a net loss income of US $97 million end-Q3 2009 ($0.20 per diluted share).
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