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The Fifth Third Bank is the name for a bank that was ranked 389th in the Fortune 500. It has 1154 branches and operates in the United States.
The bank’s headquarters is located in the fifth-third center of Cincinnati-Ohio. It also owns 4.9% Worldpay Inc.
It is true. The bank’s name contains the terminologies “Fifth”, and “Third”. This often raises curiosity among the general public. It’s true.
It has a history that dates back to 1908, when the “Third National Bank”, originally the “Bank of the Ohio Vally”, was renamed the “Fifth National Bank”. The “Fifth National Bank”, which was originally the “Bank of the Ohio Vally”, was merged with the “Fifth National Bank” on the 1st of June 1908. After a number of name changes, the bank adopted the name “Fifth Third Bank”, on the 24th of March 1969.
In numerical numbers, the bank can be identified as 53 banks. This article aims to provide information and education about 53 banks.
53 Bank’s Origins in Your Area
The bank was established on June 17, 1858. It was originally known as The Bank of Ohio Valley. The merger of Fifth Bank and Third Bank in 1908 led to the creation of Fifth Third Bank.
The name itself has undergone many changes over the years. The original name was Third Fifth Bank. However, it was misunderstood to be third fifths. It finally changed to Fifth Third Bank. This was March 24, 1969.
Fifth Third Center in Cincinnati, Ohio is the headquarters of Fifth Third Bank. Fifth Third Bancorp’s principal subsidiary is located at this back. It also registers 1,154 branches across the country and 2,469 automated bank teller machines in various regions, including Ohio, Michigan, Illinois and Tennessee.
It is a public company in its own right and is listed as NASDAQ:FITB S&P500 Component. Fifth Third Bank holds 4.9% of Worldpay Inc. It falls under the Banking and Financial Services sector. The bank’s chairman is Grey D. Carmichael, and its CEO is Lars C. Anderson. This bank ranks 389th in Fortune 500.
Its net income is $2.1946 trillion, its total assets are $142.1936, and its equity is $16.3856. These are huge numbers that could be explained by its 160-year history in the industry. The total staff of Fifth Third Bank is 18,125. The bank can be found online at www.53.com
The bank has made several acquisitions over the years that have contributed to its overall growth. One example is the 1994 acquisition of Cumberland Federal, a Kentucky Bancorp subsidiary. Enterprise Federal Bancorp was also acquired in 1995. It recently acquired Epic Insurance Solutions Agency and Coker Capital Advisors, which were both acquired in November 2017.
International Controversies That Made The Bank Famous
Because of its 2018 shooting incident and controversies, the Fifth Third bank gained worldwide attention. Two controversies were the main reasons that the bank was drawn to it: (1) Data Breach at TJX 2007 and (2) Discrimination Settlement in 2014.
TJX Companies was the primary processor of credit cards and suffered a data breach in 2007. This compromised 45.7 million credit card accounts. Fifth Third Bank was the primary credit card processor near you, and this led to a massive scandal that damaged its reputation.
In 2014, the United States Department of Justice reached a settlement with the bank that was accused of discriminating on the basis of disability. This allegation was against the bank for discrimination based on disability and receipts of public assistance. This is a clear violation of Equal Credit Opportunity Act. The bank was required to pay $1.5 million to applicants who are eligible for mortgage loans.
A doctor’s note was required in order to verify the amount they received from Social Security Disability Insurance.
A mass shooting took place at the Cincinnati-Ohio head office on the 6th of September 2018. This was the third and most horrific incident. Omar Santa Perez, a man claiming to be Omar Santa Perez, entered the bank at 9.10 am on September 6th. He opened fire with a Taurus PT-809E 9mm gun and killed three people. Two of them were killed by the University of Cincinnati Medical Center. The other two were severely injured. The police later shot the perpetrator through a glass pane.
The Bank holds the naming rights for Fifth Third Arena of Basketball of the University of Cincinnati, amongst the Camping World Stadium in Orlando Florida to Orlando City for soccer club matches.
A mobile app is available from the bank for convenient access to banking services.
Despite its controversy and unfortunate shooting incidents, the Fifth Third bank has provided world-class service since 17 June 1858, when it was called the “Bank of Ohio Valley”.
Three innocent victims died in the 2018 bank shooting. The incident was deeply condemned by all people around the globe.
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