Posted September 6, 200618 yr Fifth Third Processing adds three national clients Cincinnati Business Courier September 6, 2006 CINCINNATI - Fifth Third Processing Solutions said Wednesday that it has added three national retailers to the slate of clients for which it does credit- and debit-card processing. The company said in a news release that it has signed contracts with Cincinnati-based Federated Department Stores, Indianapolis-based HHGregg and Pine Bluff, Ark.-based USA Drug. http://cincinnati.bizjournals.com/cincinnati/stories/2006/09/04/daily16.html?b=1157342400^1341178
October 6, 200618 yr Author Fifth Third seeks criminal probe THE ASSOCIATED PRESS October 6, 2006 SOUTHFIELD, Mich. - Fifth Third Bancorp has asked for a criminal investigation into allegations of a conspiracy among some bank employees, appraisers, title companies and others involved in mortgages in affluent Detroit suburbs...Several employees have been fired or have resigned, The Detroit News reported today. In August, the company filed an amended lawsuit seeking $10.8 million in damages from 44 people it said were involved in seven real estate transactions. Fifth Third "recently discovered that it has been the victim of an extensive fraudulent mortgage loan scheme,’’ it said in documents filed in Oakland Circuit Court. http://news.enquirer.com/apps/pbcs.dll/article?AID=/20061006/BIZ01/310060017/1076/BIZ
October 24, 200618 yr Author Fifth Third merges Ohio, Ky. operations BY JON NEWBERRY | ENQUIRER STAFF WRITER October 24, 2006 CINCINNATI - Fifth Third Bancorp has recognized that the Ohio River is mostly just a line on the map and no longer a cultural divide. The Cincinnati-based regional bank, which maintained a separate organization in Northern Kentucky for decades, has now consolidated it with its local banking operations. Managers for the Northern Kentucky market now report to department heads in Cincinnati. The Michigan charter comprises all of Fifth Third's local affiliates outside of Ohio, with the exception of its Tennessee affiliate, which operates under a national charter. E-mail [email protected] http://news.enquirer.com/apps/pbcs.dll/article?AID=/20061024/BIZ01/610240328/1076/BIZ
November 21, 200618 yr Author 5/3 expects $500M pretax loss Reporting changes declared at bank BY JON NEWBERRY | ENQUIRER STAFF WRITER November 21, 2006 CINCINNATI - Fifth Third Bancorp expects a pretax loss of 58 cents a share in the current fourth quarter as a result of a balance sheet restructuring, the company said Monday. The Cincinnati-based regional bank said it plans to sell about $11.5 billion of securities in its investment portfolio that are delivering a weighted average annual yield of 4.30 percent. It will also reduce, by about $8.7 billion, wholesale borrowings on which it's paying a weighted average rate of 5.30 percent. The company expects its overall interest-rate sensitivity to be relatively neutral after the latest actions. Fifth Third's stock price, which had been rising in recent weeks, fell 51 cents, to $40.35, in trading this morning. E-mail [email protected] http://news.enquirer.com/apps/pbcs.dll/article?AID=/20061121/BIZ01/611210330/1076/BIZ
January 17, 200718 yr Author Fifth Third names new CEO Kevin Kabat to replace longtime chief Schaefer BY JON NEWBERRY | [email protected] January 17, 2007 CINCINNATI - Fifth Third Bancorp Tuesday named Kevin Kabat as its new chief executive, replacing long-time CEO George Schaefer Jr., effective at the company's annual shareholders meeting April 17. Kabat came to Fifth Third in 2001 when it acquired Old Kent Financial, of which he was vice chairman, and its subsidiary Old Kent Bank, of which he was president. He was named president of Fifth Third in June, at the same time Schaefer was named to the long-vacant post of chairman. Bruce Lee, who previously reported to Sullivan, will continue to serve as executive vice president of commercial banking and report directly to Kabat. http://news.enquirer.com/apps/pbcs.dll/article?AID=/20070117/BIZ01/701170331/1002/COL02
January 17, 200718 yr Schaefer, who has served as the bank's CEO since 1991, will remain chairman of its board of directors and chairman of the board's executive committee in a non-executive capacity. This is the [George] Schaefer who chaired the blue ribbon task force that recommended the elmination of the Cincinnati City Planning Department a few years back...good riddance. :clap: Bruce Lee, who previously reported to Sullivan, will continue to serve as executive vice president of commercial banking and report directly to Kabat. Not the same guy who kicked ass in "Fist of Fury" :-D
February 9, 200718 yr Author Fifth Third gets new look BY JON NEWBERRY | [email protected] February 9, 2007 PHOTO: Rob Deller (foreground) and Brian England install the new Fifth Third logo Thursday at the bank's downtown headquarters. The Enquirer/Cara Owsley CINCINNATI - Fifth Third Bank unveiled a blue-and-green corporate logo Thursday as it launched a rebranding initiative in a crowded marketplace. Magnesen said the new brand is much more than advertising or a logo, though. Within 30 days, retail branches also will be adopting a new sales process that better identifies customers' individual financial needs, and introducing new products and services. He didn't want to disclose too much in advance, but said they'll include "disciplined savings" programs that allow customers to set goals and then build balances through automatic deposits from payroll and checking accounts. The Fifth Third logo incorporates the familiar 5/3 shield on a horizon-like curved line, which represents the relationship between today and tomorrow, she said. As for the colors, the blue is meant to inspire trust and confidence; while the green evokes renewal and growth, she said. http://news.enquirer.com/apps/pbcs.dll/article?AID=/20070209/BIZ01/702090345/1076/BIZ
February 9, 200718 yr Copperplate Gothic in small caps with a swoosh? Ugh... amateurish at best. I shudder to think of the money invested (design by committee) to come up with that crap. clevelandskyscrapers.com Cleveland Skyscrapers on Instagram
February 10, 200718 yr It does not look like there is much change in the logo itself - I think the new color scheme is a little bolder. The integration will be interesting as it sounds like they are going to roll it out slowly - does this mean all the downtown buildings that have will remain the same for a long time?
February 10, 200718 yr As someone who works in financial services marketing (and been through a logo/name/brand change), the green is definatley a bolder color. And the change in blue will finanlly end the "black/blue" debate. I agree with MayDay though, font choice for their name is boring. Personally, I hate their new tagline as well. I think its a big waste of money though.
February 10, 200718 yr i hate it when people gripe and anquish over "how much" must have been spent to come up with a new logo. obviously a second grader could have come up with something "more interesting" but this is what they wanted because there is tradition and equity built into they old one. paying "all that" money is a necessary evil and everybody does it.
February 10, 200718 yr ^^^ If there was so much equity built in the old one, they wouldn't be changing it. From my perspective from what I've read, they failed to make a solid case for the change. If there was a solid case for the change, it would be money well spent. 5/3 is still relatively new in my market and most people you talk to think 5/3 is stupid name. The "5" and the "3" represent the merger between Fifth National Bank and Third National Bank, I explain. But 3/5 just wouldn't sound or look right (less than 100%??) 5/3=167% You think they would have tried to capitalize on that in their tagline. First Financial Bank (Hamilton) just when through a rebranding process last year. It was the second in less than 5 years. Their look is completely modern.
February 10, 200718 yr First Financial is a pretty small bank so I imagine the cost for a complete makeover is not that expensive, relatively speaking. From the story it sounds like they were purposely doing something so a phased changeover could be done, thus no complete overhaul while allowing a change in the message. It is funny you mention 167%, I have been calling them 1 and two thirds for years although I usually have to explain it. Of course the Fifth Third name requires some history to those new to the bank - I suppose they could go for something completely innovative like naming it after the country in which it exists, specifically or in general (e.g. the US, America, National). Sure it's different, but maybe they could be North American Bank or Continental Bank or Bank of the States - that says cutting edge to me. :wink: They should probably get their money back from Deskey, and ask P&G how well their work on Tide and Crest did over the years. I guess ultimately I am fine with this based on the fact that this is a bank, and I expect they have done some homework on this.
February 11, 200718 yr It is funny you mention 167%, I have been calling them 1 and two thirds for years although I usually have to explain it. Back in college, I knew a few people who worked at 5/3 part time. They always called it either the fraction or the improper fraction. One day, one of these guys got on the elavator with some other people, and he mentioned, "Does it bother anyone else that our logo is an improper fraction?" People weren't too amused by this comment!
February 11, 200718 yr Math humor is fun - good to see some employees get the joke. It is funny you mention 167%, I have been calling them 1 and two thirds for years although I usually have to explain it. Back in college, I knew a few people who worked at 5/3 part time. They always called it either the fraction or the improper fraction. One day, one of these guys got on the elavator with some other people, and he mentioned, "Does it bother anyone else that our logo is an improper fraction?" People weren't too amused by this comment!
February 16, 200718 yr Author Fifth Third Bank workers share $31.3 million windfall BY JON NEWBERRY | ENQUIRER STAFF WRITER February 16, 2007 CINCINNATI - Fifth Third Bancorp will distribute $31.3 million in profit-sharing to its 22,000 employees this year, the bank said Thursday. This year marks the 52nd consecutive year it has made annual distributions to employees. The bank says it has paid out more than $509 million since establishing its profit-sharing program in 1955. The trend in profit-sharing roughly parallels the bank's stock price, which fell steadily from early 2002 and has been trending upward since mid-2006. http://news.enquirer.com/apps/pbcs.dll/article?AID=/20070216/BIZ01/702160321/1076/BIZ
March 7, 200718 yr Not really about 5/3 ... but could they take the same attitude towards Cincinnati and SW Ohio has Comerica has taken on Detroit? Comerica to move headquarters to Dallas WORKFORCE: For now, 200 to head south; 7,300 to stay in Michigan. INCENTIVES: Sunbelt is booming; Texas offers $4-million deal. SHOCK: There's anger, too, as leaders, others caught off guard. March 7, 2007 BY JOHN GALLAGHER FREE PRESS BUSINESS WRITER First Pfizer, now Comerica. For the second time this year, Michiganders bracing for automotive layoffs have instead been dealt an economic blow from an unexpected source. Comerica Inc.'s decision to move its headquarters to Dallas severs a 158-year hometown relationship with Detroit, and raises anew the scary question about Michigan's economy: What next? Just six weeks ago, pharmaceutical giant Pfizer Inc. stunned Michigan with its decision to close research facilities in Ann Arbor and Kalamazoo and lay off 2,400 Michigan workers. Now DaimlerChrysler is shopping around its Chrysler Group. And if last month's published speculation of potential buyout interest is true, Midland-based Dow Chemical Co. also may be in play. The decision, while amounting to the loss of only 200 jobs for now, strikes at the state's downtrodden morale. It caught Gov. Jennifer Granholm and Detroit Mayor Kwame Kilpatrick off guard, with Kilpatrick suggesting the city might find a new bank. Comerica said it is moving its headquarters to where its business is growing and to where it could attract "talented employees." Many metro Detroiters were stunned and offended. "What's happening to Michigan?" asked Maureen Michaels, 38, of Novi, who was having lunch downtown Tuesday, citing the Pfizer and recent automotive layoffs as part of a domino effect of bad news. "We need some big companies to invest in Michigan." Others were angry. Mike McDonald, who runs a Quiznos sandwich shop at 3999 Centerpoint Parkway in Pontiac, said he would give a free small sandwich to anyone who by Friday brings in proof of canceling a Comerica account and opening a one in a locally based bank or credit union. "I think that people in this area really need to take some action here. Hopefully others would follow," he said. Comerica Chairman and Chief Executive Officer Ralph W. Babb Jr. said that 200 high-level staffers would make the move to the new headquarters in Dallas, leaving 7,300 employees based in Michigan. The relocation is expected to occur by the end of the third quarter of 2007. For now, the Comerica Tower downtown will still house employees and bear that name. Babb promised no branches would close as a result of the move, and said customers should notice no change in day-to-day banking. The move will not affect the Comerica Park name on the Detroit Tigers' stadium. The bank's purchase of naming rights is good through the 2029 season. But the blow to Detroit's prestige is nonetheless severe. Comerica employees got the news in mass voice mails and e-mails Tuesday, or in meetings with supervisors. Banking business declines As bitter as it may be for Michigan to swallow, Comerica's departure was based on solid business logic. At the end of 2006, Michigan and the Midwest market still provided about half of all Comerica's outstanding loans. But growth in the Sunbelt loomed as more important. For all of 2006, Comerica reported that growth in new loans was up 15% in its western U.S. market centering on California and Arizona, up 19% in its Texas market, up 25% in its Florida market -- but up just 1% in its Midwest market. "From their point of view, it's all about growth," said Brian Pollice, leader of the banking practice for the Plante & Moran accounting firm in Auburn Hills. "I think Comerica made a decision that the outlook for the Michigan economy is under stress at the moment," said Richard Bove, financial strategist for Punk Ziegel & Co. in New York. "Other banks have argued that Detroit and southeast Michigan is perhaps the weakest in the nation and has a clouded outlook." The loss of Comerica's headquarters continues a years-long process of diminishing Michigan's importance in the banking world. With $58 billion in assets at the end of the year, Comerica ranked 24th among the biggest U.S. banks and savings institutions at mid-2006, according to the American Banker Web site. Michigan's next biggest bank or thrift was Troy-based Flagstar Bancorp, at No. 61. Moreover, since the 1990s, several once-important banking names in Michigan have disappeared, including NBD Corp., now part of New York-based JPMorgan Chase, and Standard Federal Bank, now part of Chicago-based LaSalle Bank, which is part of Netherlands-based ABN AMRO. Longtime Michigan banking consultant Justin Moran of Grosse Pointe said Tuesday that for many years, he thought Michigan was a state that would end up with major bank headquarters. "I was wrong," he said. "One by one, all of our big banks went away, and the principal economic decisions that have the most affect on Michigan are now made in New York and Cleveland and Charlotte, N.C., and even Cincinnati." Patrick Anderson, an East Lansing-based economist, said Comerica's move reflects Michigan's diminished economic clout. "This is the indirect effect of a bad business climate that discourages companies from expanding here." What makes the Comerica and Pfizer moves so debilitating is that these losses have come not from the older manufacturing sector, which has been in decline for years, but in the newer industries of finance and life sciences. Those sectors are where Michigan hopes to find the knowledge-based jobs of the future. Impact for Michigan, Texas In announcing the move, Babb tried to assure Detroit that Michigan remained a key market, and he named a longtime executive, Tom Ogden, to serve as president of Comerica's Michigan market. But those reassurances already are being greeted with skepticism in a state battered by bad economic news. "If they report 200 job losses, in a couple of years, it's going to be significantly more than that," Pollice predicted. There also were fears Comerica -- the fourth-largest giver to the local United Way campaign, behind General Motors Corp., Ford Motor Co. and Chrysler -- might over time lessen its philanthropic support here. The company denied that. Michael Brennan, chief executive officer of the United Way for Southeastern Michigan, said he received a phone call from Comerica on Tuesday assuring him that the bank's support -- $2.4 million in 2006 -- would continue. "They've been a stellar, A-plus supporter of the community, and I received clear indications that they intend to stay an A-plus supporter of the community and United Way," Brennan said. Granholm, who learned of Comerica's departure Monday night in a phone call from Babb, admitted the sting but held out hope for the future. "I wish it were not happening," she told reporters Tuesday. "But on the flip side of it, it's an opportunity to attract banks who want to headquarter here." The move angered Kilpatrick, who said the city would look for new opportunities with a different bank. Comerica has long served as the city's bank, conducting economic forecasting, providing financial advice and managing the city's cash. "In one respect, it's a blow," he said. "In another respect, it gives us the opportunity to be as competitive as they are trying to be." The State of Texas and the City of Dallas contributed economic incentives to help the bank relocate it headquarters. Texas Gov. Rick Perry said in a statement Tuesday that the state awarded Comerica a $3.5-million grant. In addition to creating the 200 jobs, Comerica is expected to generate $47 million in capital investments in the state, he said. "Relocating a major banking institution like Comerica, and creating new banking centers, spreads investment throughout the entire state," Perry said. The package also includes a grant and tax incentives valued at about $500,000, subject to Dallas City Council approval, said Karl Zavitkovsky, Dallas economic development director. Comerica is expected to lease office space in downtown Dallas and not build a new headquarters, he said. Perhaps more important, though, Babb said Dallas is more centrally located to its markets. He also said hiring key personnel will be easier in Dallas than in Detroit -- a statement that echoes years of complaints across a range of industries on the difficulty of getting people to move to, or remain in, the Detroit area. "The vibrant and diversified economies of Dallas, Houston and Austin will be particularly helpful to Comerica as we seek to continue attracting and retaining talented employees," Babb said. The Detroit Regional Chamber called the departure a shock to the local business system. "While we understand the business decision to move a corporate headquarters closer to key growth markets and customers, such a loss is never easy for a community," said Richard E. Blouse Jr., president and chief executive officer of the chamber. Contact JOHN GALLAGHER at 313-222-5173 or [email protected]. Staff writers Jewel Gopwani, Patricia Anstett, Marisol Bello, Katie Merx and Chris Christoff contributed to this report. For more info visit: http://comerica.mediaroom.com/index.php?s=press_releases&item=780
March 7, 200718 yr I recongize that it is not directly related to 5/3. However, both Comerica and 5/3 are about the same size. Both are based out of declining or slow growing markets. Most of 5/3's growth, like Comerica's growth, has been outside of Cincinnati and Ohio. Look at their aquisitions. Several in the south. I was putting this out there because: 1.) It could be an opportunity for 5/3 in SE Michigan, where they have been opening branches after their acquisition of Old Kent. 2.) Could this happen in Cincinnati? 5/3's stock has suffered in the past 1-2 years. Cincinnati is not viewed as a growth market. It is in an historically industrial market.
March 7, 200718 yr Author It really doesn't matter what kind of market your corporate HQ is in. NYC is technically a 'slow growth' market, but that doesn't seem to hurt their financial institutions (might be an extreme example but hopefully you get the idea). Yes, Cincinnati is a slow growth market...but it is not declining by any stretch of the imagination. If you take this logic you could make the same statement for Cleveland and Pittsburgh. But I don't see the financial institutions packing up and leaving those places any time soon either. Now with that said, I am still concerned about a possible takeover of 5/3...but it is VERY costly to relocate a corporate HQ. Especially one with as much ties to downtown as 5/3. Yes this is bad news for Detroit, but Cincy and Detroit are VERY different places...I wouldn't draw comparisons such as these. As for their size, there is some notable difference between 5/3 and Comerica: -There are only 2 banks that are larger in the midwest than 5/3 (U.S. Bancorp and National City)...5 ahead of Comerica (U.S. Bancorp, National City, 5/3, PNC, and KeyCorp) -5/3 is the 13th largest bank in the nation...whereas Comerica is 24th -5/3 has $69 billion in deposits....Comerica $45 billion http://www.onlinebankingreport.com/resources/100.html My opion would be that the reason they are relocating from Detroit is because of the financial clout that both Cleveland and Pittsburgh hold. They are close by, and have more control of the regional market than Comerica and the Detroit institutions. Like I said, I don't think that 5/3 is going anywhere...unless they get bought out. Buying a company the size of 5/3 is a difficult task for any company so I feel secure with 5/3 staying put.
March 7, 200718 yr This is quite frightening to me. I heard from a 5/3 employee that new CEO Kevin Kabat "hates cincinnati" and had mentioned the possibility of moving the HQ to Chicago. When he said this an instant quiver went through my body and I wanted to knock the guy out. I hope to god almighty that this guy doesnt have his way if in fact he wants this to happen.
March 12, 200718 yr Author Michigan fertile ground for Fifth Third expansion March 12, 2007 | CINCINNATI BUSINESS COURIER CINCINNATI - Fifth Third Bank is putting $100 million into a southeastern Michigan expansion that will create up to 40 new branches, the Detroit Free Press reported Monday. The Cincinnati-based bank said it will open two new branches in Detroit this month and in April, and more over the next several months in Ann Arbor and several other towns in the region, the paper reported. It expects to create about 350 new jobs. http://cincinnati.bizjournals.com/cincinnati/stories/2007/03/12/daily8.html?surround=lfn
March 14, 200718 yr If I was running a bank, Michigan would be the last place I'd look to expand to. Honestly, 5/3's latest move leaves me dumbfounded.
March 14, 200718 yr If I was running a bank, Michigan would be the last place I'd look to expand to. Honestly, 5/3's latest move leaves me dumbfounded. as far as i can tell, its a moderate expansion completely politically motivated (city of detroit and other large firms have pulled their assets from Comerica and are looking around for a new bank)
March 14, 200718 yr If I was running a bank, Michigan would be the last place I'd look to expand to. Honestly, 5/3's latest move leaves me dumbfounded. What makes you say that?
March 14, 200718 yr Author If I was running a bank, Michigan would be the last place I'd look to expand to. Honestly, 5/3's latest move leaves me dumbfounded. as far as i can tell, its a moderate expansion completely politically motivated (city of detroit and other large firms have pulled their assets from Comerica and are looking around for a new bank) If thats the case...then it sounds like a pretty smart move to me!
March 23, 200718 yr Author Fifth Third plants seeds for growth in Midwest networks Potential is large for expansion in Pittsburgh, St. Louis markets BY STEVE WATKINS | [email protected] March 23, 2007 CINCINNATI - Fifth Third executives typically discuss the Southeast and mid-Atlantic regions when they talk to analysts about key growth areas. But a lot of Fifth Third's expansion is also coming on the edges of its Midwest turf. Fifth Third plans to expand its fledgling Pittsburgh and St. Louis bank branch networks by about 50 percent this year, said bank spokeswoman Stephanie Honan. http://cincinnati.bizjournals.com/cincinnati/stories/2007/03/26/newscolumn3.html
March 28, 200718 yr Author Fifth Third could be buyer or seller, analyst says March 28, 2007 | CINCINNATI BUSINESS COURIER CINCINNATI - A Canadian money manager said Fifth Third Bancorp would be a good buyout target, but he expects the bank to look for buying opportunities of its own... http://cincinnati.bizjournals.com/cincinnati/stories/2007/03/26/daily28.html
March 28, 200718 yr There's a Fifth/Third location opening up 1 block down the street from me in the historic Gordon's Shoes building!
March 29, 200718 yr There's a Fifth/Third location opening up 1 block down the street from me in the historic Gordon's Shoes building! We're taking this thang to the next level ... WORLD WIDE beotches! ...
May 21, 200718 yr Author 5/3 buys banks in Fla., Ga. BY JON NEWBERRY | CINCINNATI ENQUIRER May 21, 2007 CINCINNATI - Fifth Third Bancorp today agreed to acquire R-G Crown Bank, which operates 33 branches in central and northern Florida and Augusta, Ga., for $288 million and the assumption of $50 million of trust preferred securities. Cincinnati-based Fifth Third will add about $3 billion in assets and $1.8 billion in deposits in Florida, bringing its state totals to $10.4 billion and $7.1 billion, respectively. It will also move from 10th to seventh in Florida market share, with 128 branches and 142 automated teller machines. Buyback OK'd Fifth Third Bancorp said today that its board has approved the repurchase of up to 30 million shares of common stock. The company said there are about 200,000 shares remaining under a previous authorization. The company had approximately 550 million common shares outstanding as of March 31.
May 24, 200718 yr Author Buyout rumors kick up Fifth Third's stock BY STEVE WATKINS | CINCINNATI BUSINESS COURIER May 23, 2007 CINCINNATI - Buyout speculation is the likely driver of a surge in Fifth Third Bancorp's stock price on Wednesday. The stock jumped 3.4 percent to $42.83 Wednesday, hitting a 21-month high. More than 8.8 million shares changed hands, more than four times the usual volume. Click title for full text.
May 25, 200718 yr Author 5/3 stock cools down BY JON NEWBERRY | CINCINNATI ENQUIRER May 25, 2007 CINCINNATI - Shares of Fifth Third Bancorp retreated a bit Thursday after a run-up the day before that was apparently fueled by buyout speculation. The stock dropped below $42 shortly after the markets opened, then rebounded and closed at $42.59, down 24 cents. Volume again was heavier than normal. At current levels, Fifth Third's stock trades for 15.5 times analysts' forecast earnings of about $2.75 per share in 2007, a higher earnings multiple than most other banks. By contrast, Chase stock trades for just 11.5 times its projected earnings of $4.50 per share in 2007. Click Title for Full Text.
June 15, 200717 yr Author One analyst lifts Fifth Third view, but others aren't convinced BY STEVE WATKINS | CINCINNATI BUSINESS COURIER June 15, 2007 CINCINNATI - They haven't been enough yet to merit a rating upgrade, but Fifth Third Bancorp's results and outlook prompted one analyst to lift his price target on the bank holding company's stock. Improving net interest margin and first-quarter earnings that came in slightly ahead of its estimates caused Chicago-based Zacks Investment Research Inc. to boost its six-month price target by $1 to $40 a share. Fifth Third's fourth-quarter balance sheet restructuring, its second one in two years, helped boost its weak net interest margin from 2.99 percent in the third quarter to 3.16 percent in the fourth quarter and 3.44 percent last quarter. Click title for full text!
July 8, 200717 yr Author Walgreen Co. selects Fifth Third Processing Solutions July 6, 2007 | CINCINNATI BUSINESS COURIER CINCINNATI - Drugstore chain Walgreens has signed a multi-year contract for credit card processing services with Fifth Third Processing Solutions for all of its retail locations throughout the United States.
July 10, 200717 yr news about the 5/3 in my neighborhood :drunk: Bloomfield gears up for several new business improvement projects [/img]http://www.popcitymedia.com/galleries/Default/Dev%20News/Issue%2068/fifth_third_bank_300.jpg] By: Jennifer Baron Bloomfield’s Liberty Ave. corridor is gearing up for several new business improvement projects. On July 30th, Bloomfield's central business district will welcome Fifth Third Bank at 4724 Liberty Ave. The bank is creating an adjacent 600 square-foot park that will feature brick walkways, bushes and small trees. The new green space will be augmented by benches, wrought iron fencing and a clock tower.... For full article click: http://www.popcitymedia.com/developmentnews/pittsburghpark0711.aspx ... 5/3 knocked down a perfectly good 3-story historic commercial structure for a flippin' 600 sq. ft. "pocket park"! ughhh...
July 19, 200717 yr Fifth Third's profit drops slightly Posted by Plain Dealer Business staff July 19, 2007 11:41AM Categories: Breaking News Fifth Third Bancorp's (NSDQ: FITB) profit for the second quarter fell just under 2 percent as it boosted reserves because of anticipated increases in loan and lease losses, the Cincinnati-based financial services company said today. Earnings for the three months ended June 30 were $376 million, or 69 cents a share, compared with $382 million, also 69 cents a share, for the same period in 2006. http://blog.cleveland.com/business/2007/07/fifth_thirds_profit_drops_slig.html
July 24, 200717 yr Author Fifth Third signs processing deal with City of Chicago July 24, 2007 | CINCINNATI BUSINESS COURIER CINCINNATI - Fifth Third Bancorp has won a processing solutions contract to provide banking and credit card authorization services to the city of Chicago.
August 16, 200717 yr Author Fantastic...the larger 5/3 gets, the more unlikely it is that they will be acquired. Fifth Third buys N.C. bank August 16, 2007 | CINCINNATI ENQUIRER CINCINNATI - Cincinnati-based Fifth Third Bancorp announced today that it will buy First Charter Corp., a Charlotte-based bank, for $1.09 billion or $31 a share in a cash-stock deal. The deal is expected to close in the first quarter of 2008 and reduce 2008 per-share earnings by 2 percent but bring a savings of about $22 million in annual costs over the next two years, Fifth Third projected. And here is a much more in-depth article from the Business Courier... Fifth Third to acquire North Carolina bank August 16, 2007 | CINCINNATI BUSINESS COURIER CINCINNATI - In a move to expand its East Coast presence, Fifth Third Bancorp is making its second acquisition in three months. First Charter (NASDAQ: FCTR) operates 57 branches in North Carolina and two in suburban Atlanta. It has about $4.9 billion in assets and $3.2 billion in deposits. "The addition of First Charter provides us with an entry into the attractive North Carolina market and further diversifies our footprint into new, higher growth markets," said Kevin Kabat, president and CEO of Fifth Third, in a news release. With the First Charter acquisition, Fifth Third will be the fourth-largest bank in Charlotte, based on deposits, and will add $366 million in deposits in the Atlanta market.
August 16, 200717 yr isn't there a smug sense of satisfaction when your hometown bank buys up others?
August 17, 200717 yr Author Fifth Third cuts jobs Facing weak revenue growth, rising costs, bank tightens reins BY STEVE WATKINS | CINCINNATI BUSINESS COURIER August 17, 2007 CINCINNATI - Fifth Third Bancorp has slashed 650 jobs over the last few months in an effort to hold down expense growth. Four hundred people lost their jobs. In addition, Fifth Third Bancorp, the parent of Fifth Third Bank, decided not to fill 250 jobs that were open and due to be filled by year-end, said spokeswoman Stephanie Honan. At least some were high-level positions. Former head of consumer banking Winston Wilkinson left Fifth Third in July and returned to Charlotte, N.C.-based Wachovia Corp. after his position at Fifth Third was eliminated. Wilkinson had left Wachovia a little more than a year ago to join Fifth Third. The job cuts were the result of rising expenses coupled with weaker revenue growth, CFO Chris Marshall said in a recent conference call. In April, following first-quarter earnings results, Fifth Third said it would cut expenses. Fifth Third has been no different. Its net income has been flat in each of the past two quarters, and it hasn't posted a year-over-year earnings gain in any of the past six quarters.
August 31, 200717 yr Author First Charter buy gives Fifth Third hold in South BY WILL BOYE | CINCINNATI BUSINESS COURIER August 31, 2007 CINCINNATI - "Is it too late to build a third tower?" Kevin Kabat asks jokingly. The chief executive of Fifth Third Bancorp is discussing his company's plans for Charlotte and North Carolina. And, no, the Cincinnati-based bank won't be building a Fifth Third Center in downtown Charlotte to rival the towers of industry giants Bank of America Corp. and Wachovia Corp. But Fifth Third doesn't plan to stand pat, either, with the planned $1.1 billion purchase of First Charter Corp. First Charter, a $4.9 billion bank based in Charlotte, will give Fifth Third 57 branches in North Carolina. But Kabat wants more - and he's keeping his eyes open for additional deals.
August 31, 200717 yr Nice! ... Now we just need to 'acquire' Key, National City, and Huntington!!! MUAHAHAHA ... HA HA
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