October 27, 200816 yr Author 5/3 and BB&T would be a merger of equals. Yes, but as they merge it would essentially be 5/3 taking over control as the CEO of BB&T is looking to ride off into the sunset after building the company to what it is now. So while it would certainly be a merger, 5/3 would maintain its name, headquarters, and probably much of its corporate staff.
October 28, 200816 yr Author 5/3 seeks $3.4B from bailout Selling preferred shares would prop up reserves http://news.cincinnati.com/article/20081028/BIZ01/810280313/1076/NEWS Fifth Third Bancorp, Greater Cincinnati and Northern Kentucky's biggest bank, has applied for a $3.4 billion infusion from the federal government as part of the $700 billion financial rescue plan. Treasury Secretary Henry Paulson is doling out cash to recapitalize struggling lenders and jump-start takeovers in an industry suffering from the worst housing crisis since the Great Depression. Many analysts think that the investments are going to the strongest financial institutions, with the aim of spurring consolidation among banks and protecting the government from having to salvage some of the industry's weak players.
October 28, 200816 yr Fifth Third Bancorp to get about $3.45 bln from Treasury By Sue Chang Last update: 12:37 p.m. EDT Oct. 28, 2008 Fifth Third Bancorp (FITB) said Tuesday it will get about $3.45 billion as part of the Treasury Department's plan to invest in the nation's leading banks. Under the deal, the Treasury will get Fifth Third senior preferred stock with a 5% annual dividend for the first five years and 9% thereafter, unless the shares are redeemed. The shares are callable at par after three years and may be repurchased at any time under certain conditions. The Treasury will also get 10-year warrants for common stock. The financial firm said it will continue to evaluate its business but as a result of the the additional funds, sale of non-core assets is no longer a part of its near-term capital planning. http://www.marketwatch.com/news/story/fifth-third-bancorp-get-about/story.aspx?guid={04E51E6A-79FA-40C9-B0D6-D8877A64A6F0}&dist=TQP_Mod_mktwN
October 28, 200816 yr Author Expanded article... US invests $3.4B in 5/3 http://news.cincinnati.com/apps/pbcs.dll/article?AID=/AB/20081028/BIZ01/310280031/ Fifth Third Bancorp said today it has received word from the U.S. Treasury its will invest nearly $3.5 billion in the regional bank . As a result, the company officially pulled the plug on plans to sell off a non-core business to raise capital - and hinted it might be looking for acquisitions. Shares in the Cincinnati-based regional bank rose sharply on the news, jumping $1.03 or 12.2 percent to $9.50 by mid-afternoon.
November 3, 200816 yr Author I'm just glad a bank named "Freedom Bank" will now no longer be in existence. Freedom Bank offices now Fifth Third http://cincinnati.bizjournals.com/cincinnati/stories/2008/11/03/daily6.html Fifth Third Bancorp opened four Freedom Bank bank branches as Fifth Third locations in Florida on Monday after it took them over through bank regulators after business closed on Friday. The deal bumps Fifth Third up to the fourth-largest bank in the market from eighth, with $675 million in local deposits and a little more than 4 percent of that area’s market share, according to FDIC figures as of June 30.
November 3, 200816 yr I saw 5th/3rd in Fort Myers when i was down there last month. I was very suprised
December 3, 200816 yr Author The headline and first sentence of this article make this seem like really bad news when in all reality it isn't a big deal at all. Fifth Third moving Dayton headquarters http://cincinnati.bizjournals.com/cincinnati/stories/2008/12/01/daily31.html Fifth Third Bank of Western Ohio is abandoning the Fifth Third Center in downtown Dayton and will relocate its Dayton headquarters to One Dayton Centre at the corner of Third and Main streets in late 2009. The bank, the largest in the Dayton area, will move its commercial banking, Fifth Third Private Bank, business banking, human resources, mortgage operations and retail operations to the new office. The location of the downtown Fifth Third banking center is still to be determined.
December 12, 200816 yr Author Fifth Third says it’s not liable for client’s card mistakes Dispute one of handful of recent lawsuits involving bank http://cincinnati.bizjournals.com/cincinnati/stories/2008/12/15/story12.html Cincinnati-based Fifth Third just filed a complaint in federal court here, seeking a declaratory judgment absolving it of liability in a Chicago lawsuit filed against the operator of the Sears Tower Skydeck. Fifth Third processes credit card transactions for the Skydeck, and the operator was recently sued for failing to remove expiration dates from its credit card receipts. That’s a violation of federal law that could subject the operating entity, 233 Skydeck LLC, to fines of as much as $73 million. In a letter to Fifth Third’s Chicago headquarters, Skydeck’s lawyer said it issued more than 73,000 receipts that included expiration dates between June and the end of September. Each conceivably could trigger a fine of up to $1,000, he said, and Skydeck’s management blames Fifth Third for giving it wrong information about what was required under a new federal law that took effect June 3.
January 16, 200916 yr Fifth Third consolidating Dayton, Cincinnati regional operations Courier of Cincinnati - by Tom Demeropolis http://cincinnati.bizjournals.com/cincinnati/stories/2009/01/12/daily78.html Fifth Third Bancorp is consolidating its Dayton and Cincinnati regional operations, and has named a new leader in charge of the Dayton region. The move is part of a larger effort that consolidates four of its affiliates into two.
February 13, 200916 yr Author Fifth Third’s precipitous decline raises questions With shares off 80%, investors wonder about survival http://cincinnati.bizjournals.com/cincinnati/stories/2009/02/16/story6.html How low is too low for Fifth Third Bancorp stock? After a brutal 2008, Fifth Third’s shares have plunged from $8.26 at the beginning of this year to below $2 a share, an 80 percent decline. That price drop doesn’t just hurt stockholders, it hurts the bank, too, signaling that investors have an extremely negative outlook for Fifth Third’s long-term prospects. “It means people are saying there’s a fairly good chance they’re not going to survive,” said Jason Kiss, director of research at downtown money management firm Bartlett & Co., which owns Wells Fargo & Co. and U.S. Bancorp stock in the banking segment.
February 13, 200916 yr F! I just bought a CD with them. Am I insured up to $250k still or is it back down to $100k?
February 13, 200916 yr F! I just bought a CD with them. Am I insured up to $250k still or is it back down to $100k? I'm talking stock. I believe CD's are protected, but dunno for sure.
February 13, 200916 yr CD's are protected. Basically 5/3 just needs to spin-off Old Kent into a bad bank and everything would be hunky-dory.
February 13, 200916 yr Author Analyst: Fifth Third "uninvestable" pending stress test http://cincinnati.bizjournals.com/cincinnati/stories/2009/02/09/daily75.html Fifth Third Bancorp will likely need another infusion of federal money, a Bernstein Research analyst said Friday. The Associated Press reported that senior analyst Kevin St. Pierre said in a note to clients that the Cincinnati-based bank is “uninvestable” until the government releases the details of its “stress test.” The test would be way of determining if banks have the minimum capital levels the feds think they need to make loans, or whether they need more capital from the U.S Treasury.
April 17, 200916 yr Author Fifth Third peeking through clouds Rising stock price, confidence a break from gloom http://cincinnati.bizjournals.com/cincinnati/stories/2009/04/20/story1.html Two months ago, shares of Fifth Third Bancorp were hovering around a dollar and analysts wondered if the Cincinnati-based bank would be able to survive on its own. But renewed investor confidence in the U.S. banking industry helped Fifth Third roar to a heady $4.55 on April 13. That was great news for investors who got in below $2. But it still has a long way to go to get back to even its 2008 year-end level of $8.26, let alone its 2007 closing price above $25.
August 4, 200915 yr Author Jim Cramer likes Fifth Third http://cincinnati.bizjournals.com/cincinnati/blog/2009/08/jim_cramer_likes_fifth_third.html The talkingest of CNBC’s talking heads, Mad Money host Jim Cramer, Monday night discussed Fifth Third Bank. On the “Stop Trading” segment, Cramer called Cincinnati-based Fifth Third and Cleveland-based Key Bank “cyclical plays.” “They’re the Caterpillar and Deere of the banking industry,” he said. “People want to be in those.” Watch the video here, and forward to the 1:40 mark if you don’t care about anything else Cramer has to say. Fifth Third stock is trading at about $9.50 a share as of late morning Tuesday.
August 5, 200915 yr Isn't that the same Jim Cramer who was telling everybody to invest in Lehman Brothers just before that company went belly-up?
August 7, 200915 yr Fifth Third Bank lost $4.3 million in Dynus scandal http://www.western-star.com/news/lebanon-oh-news/fifth-third-bank-lost-43-million-in-dynus-scandal-239645.html CINCINNATI — A Fifth Third Bank official testified this morning, Aug. 7, on how his bank relied on purported business deals that didn’t exist to loan Dynus Corp. $13.8 million in 2004 and 2005. Fifth Third employee David Hummel testified that Dynus owner Orlando Carter personally applied for the loans and lines of credit, including $5 million to purchase the company’s Bond Hill headquarters. Carter also had help from prominent Cincinnati businessman Ross Love, who lost more than $1 million invested in Dynus. Carter has pleaded not guilty to an 11-count indictment, including charges of bank fraud.
August 10, 200915 yr Jim Cramer likes Fifth Third http://cincinnati.bizjournals.com/cincinnati/blog/2009/08/jim_cramer_likes_fifth_third.html The talkingest of CNBC’s talking heads, Mad Money host Jim Cramer, Monday night discussed Fifth Third Bank. On the “Stop Trading” segment, Cramer called Cincinnati-based Fifth Third and Cleveland-based Key Bank “cyclical plays.” “They’re the Caterpillar and Deere of the banking industry,” he said. “People want to be in those.” Watch the video here, and forward to the 1:40 mark if you don’t care about anything else Cramer has to say. Fifth Third stock is trading at about $9.50 a share as of late morning Tuesday. So says the guy that two months ago was saying that FirstMerit (a $11B bank) might be an acquirer of a distressed Ohio bank like 5/3 (a $100B+ Bank). This is also the same guy that said Lenny Dykstra was one of the 'greats'...not ball players, but money managers.
June 11, 20214 yr Fifth Third completes massive remodel of HQ lobby Fifth Third Bank has changed the face of Fountain Square now that it has opened its dramatically revamped atrium and lobby at its headquarters on the historic central gathering place. It’s the biggest renovation in the building’s 52-year history. Fifth Third (Nasdaq: FITB), the largest locally based bank and the ninth-largest U.S.-based consumer bank, has wrapped up construction on its long-awaited Project Connect. It began planning the revamped space three years ago and started construction a little more than two years ago. Officials declined to share the project's total cost. “When I walked in and saw this, and when I saw it at night, I was just amazed at what they accomplished,” Fifth Third CEO Greg Carmichael told me, speaking of the team who designed and built the space. “It far exceeded my expectations. It just came out phenomenal. Cont. "It's just fate, as usual, keeping its bargain and screwing us in the fine print..." - John Crichton
June 11, 20214 yr While I hate that they got rid of the breezeway, they essentially needed to do this to keep the building from becoming functionally obsolete. By modern tower standards the lobby was small and cramped and it did not offer a good layout for security and even a modern atrium that is common in most office towers today. It was very utilitarian in design in that regard, i.e. enter through the doors and the main elevator is right there. It had low ceilings for an atrium area of an office and definitely was a bit dated for what office tenants want today. Contrast that with the Great American Tower and it is a huge difference. Even 1980s and 90s buildings offer a lot more openness (US Bank, First Financial, Scripps). The other building that reminds me most of 5/3 is the Macy's building.
March 19, 20232 yr Speaking of The Banks, and in the absence of a thread dedicated to Fifth Third Bank, it's worth mentioning that various prominent online commentators are predicting the demise of Fifth Third as part of the 2023 banking crisis. People are predicting that the Fed is taking advantage of current conditions to pick-and-choose who survives, with regional banks falling en masse. Edited March 19, 20232 yr by Lazarus
March 19, 20232 yr 7 hours ago, Lazarus said: Speaking of The Banks, and in the absence of a thread dedicated to Fifth Third Bank, it's worth mentioning that various prominent online commentators are predicting the demise of Fifth Third as part of the 2023 banking crisis. People are predicting that the Fed is taking advantage of current conditions to pick-and-choose who survives, with regional banks falling en masse. ??? Huh??? None Sense. Definitely the wrong place for this kind of discussion and I have not heard no such thing at all, that bank is very well run and rock solid. If a bank like 5/3rd goes down everyone better run for the hills the entire economy must be in collapse. Edited March 19, 20232 yr by 646empire
March 20, 20232 yr I’ve been looking through 10-Ks, and there are some spectacularly precarious balance sheets out there. Huntington and Fifth Third look pretty good relatively, with Key somewhat worse. So I absolutely agree that if Fifth Third fails it means we’re in big doo doo, because there’s a lot of banks lower down on the totem pole. That being said, what’s going on in the bond market the last few days is pretty spectacular (in a bad way). There are big losses out there that are coming.
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