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Fifth Third Bank

From Alfawiki
Fifth Third Bancorp
Company typePublic
IndustryBanking, Financial services
FoundedJune 17, 1858; 168 years ago (1858-06-17) in Cincinnati, Ohio, United States
Headquarters
Cincinnati, Ohio
,
United States
Area served
11 states in the U.S.: Ohio, Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, South Carolina, Tennessee, West Virginia
ProductsBanking services, Financial services
Website53.com

Fifth Third Bancorp is a bank holding company based in Cincinnati, Ohio. It serves as the parent organization of Fifth Third Bank (commonly known as 5/3 Bank), which maintains a network of 1,100 branches and 2,400 automated teller machines distributed across 11 states: Ohio, Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, South Carolina, Tennessee, and West Virginia. Ranked 321st on the Fortune 500 list, it ranks among the largest U.S. banking institutions by market share. The bank's distinctive name, "Fifth Third," traces back to the 1908 consolidation of its forerunners, Third National Bank and Fifth National Bank.

Before the merger (1858–1908)

The Bank of the Ohio Valley, established by William W. Scarborough, commenced operations in Cincinnati, Ohio on June 17, 1858. Subsequently, on June 23, 1863, Third National Bank was founded. On April 29, 1871, Third National Bank absorbed the Bank of the Ohio Valley. In 1888, the institution formerly known as Queen City National Bank adopted the name Fifth National Bank.

Union of Third National Bank and Fifth National Bank (1908)

On June 1, 1908, the merger between Third National Bank and Fifth National Bank resulted in the creation of FifthThird National Bank of Cincinnati; the hyphen was later removed from the name. This merger occurred amid growing prohibitionist movements, influencing the choice of "Fifth Third" over "Third Fifth" to avoid associations with alcoholic beverages. The bank’s name underwent several changes until settling on Fifth Third Bank on March 24, 1969.

After the merger

In 1999, Fifth Third expanded its market reach by acquiring Emerald Financial for $204 million.

During the financial crisis of 2008, Fifth Third received a $3.4 billion capital injection from the United States Department of the Treasury through the Troubled Asset Relief Program, which was completely repaid by February 2011.

In 2009, Fifth Third executed a corporate spin-off of Fifth Third Processing Solutions; this entity was subsequently purchased by Worldpay, Inc. in 2012.

In May 2018, Fifth Third significantly bolstered its Midwest presence by acquiring Chicago-based MB Financial in a transaction valued at $4.7 billion.

A strategic alliance was formed in August 2020 with Trust & Will to broaden estate planning services offered to customers.

In May 2022, Fifth Third acquired Dividend Finance, a residential solar financing firm based in San Francisco, aligning with trends toward sustainable finance.

Further digital expansion occurred in May 2023 through acquisitions of Rize Money and Big Data Healthcare.

In recognition of its commitment to digital innovation and customer service, Fifth Third earned top honors in a J.D. Power survey in 2025 for providing the best mobile banking app experience.

Lawsuits

In September 2015, an $18 million settlement was reached following allegations from the US Department of Justice and Consumer Financial Protection Bureau that Fifth Third Bank engaged in discriminatory lending practices against African-American and Hispanic borrowers within its indirect auto loan operations.

December 2016 saw small business owners initiate litigation against Fifth Third, Vantiv, and National Processing Company for violations of telemarketing regulations; this case culminated in a $50 million settlement finalized in August 2022.

On March 9, 2020, the Consumer Financial Protection Bureau accused Fifth Third of unlawful cross-selling practices; resolution came in 2024 with a $20 million settlement accompanied by mandated corrective measures. Additionally, a class action suit filed on behalf of former MB Financial shareholders contended that these cross-selling tactics artificially inflated Fifth Third’s stock price; this lawsuit concluded with a $5.5 million settlement in September 2023.

In April 2023, a jury determined that Fifth Third breached terms related to its Early Access loan program but awarded no damages since customers had been informed about high APR estimates and associated fees.

In March 2024, the Minnesota Attorney General filed suit against Dividend Finance—a subsidiary of Fifth Third—and three other lenders for imposing approximately $35 million in undisclosed fees on nearly 5,000 residential solar loans. The complaint alleges violations of state laws concerning deceptive trade practices and lending regulations, highlighting regulatory challenges within Fifth Third’s renewable energy financing segment.

Distinguished Corporate Properties

Sponsorships and Naming Rights

Fifth Third possesses naming rights for several prominent venues such as:

In addition to venue sponsorships, Fifth Third Bank supports numerous sports teams and organizations as official partners or banks:

See also

External links

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