Company Profile: Fifth Third Bancorp
By Kasie Baltes
Published on Mi-whi.org
Oxford's Fifth Third Bank branches are located at 455 McGuffey Ave. directly behind the Kroger store, established June 30, 1985, and at 19 N. Poplar St., near Red Brick Properties, established Aug. 16, 2004. Carol Young, the branch manager of both locations, oversees nine employees in Oxford. (All information here was current as of November 2009.)
Published on Mi-whi.org
Oxford's Fifth Third Bank branches are located at 455 McGuffey Ave. directly behind the Kroger store, established June 30, 1985, and at 19 N. Poplar St., near Red Brick Properties, established Aug. 16, 2004. Carol Young, the branch manager of both locations, oversees nine employees in Oxford. (All information here was current as of November 2009.)
- Company headquarters: Cincinnati
- Top executive: Kevin T. Kabat, chairman, president and chief executive officer, who earned $3.1 million in total compensation for the fiscal year ended Dec. 31, 2008.
- Product/service: Offers consumer banking and commercial banking, including deposit accounts, loans and credit cards. It also supports ATMs in thousands of locations nationwide.
- U.S. presence: Operates 1,307 branches in the Midwest and Southeast, with 2,341 ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, Missouri, West Virginia, Pennsylvania, Georgia and North Carolina.
- International presence: None.
- Financial profile: Interest income of $5.6 billion for the fiscal year ended Dec. 31, 2008, up 15 percent from a year earlier, with a net loss of $2.1 billion for the year, nearly double the loss a year earlier. Interest income of $874 million for the quarter ended Sept. 30, down 18 percent compared to a year earlier, with a net loss of $97 million, 74 percent more than a year earlier.
- Company history: Opened as Bank of the Ohio Valley in Cincinnati in 1858. In 1863 the Third National Bank was founded and in 1871, Third Nation Bank acquired The Bank of the Ohio Valley. The Fifth National Bank merged with The Third National Bank in 1908, making it The Fifth Third National Bank of Cincinnati.
- Recent news: On Oct. 27, Fifth Third Bancorp announced the creation of a private equity lending team, Fifth Third Sponsor Leveraged Finance. This new team will offer cash flow financing to private equity clients and businesses which earn anywhere from $10 million to $50 million.
- Fun fact: The bank chose the name Fifth Third, rather than Third Fifth because people feared it would be a reference toward fifths of alcohol during Prohibition.
- Stock: Listed as FITB on NASDAQ, trading between $6.33 and $11.20 in the quarter ended Sept. 30.
- Company information online: Click here
