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More info of Fifth Third Bank
The financial history of the United States, like that of other countries that have been at the forefront of world economic progress, is full of success stories.
Among them is the Fifth Third Bank, whose name is both memorable and curious. It is precisely this American institution that we will deal with here.
Fifth Third Bank today
Founded after the industrial revolution of the 19th century (1858), Fifth Third Bank is headquartered in a building that bears its name in the city of Cincinnati (OH).
It is considered one of the largest banks in the country with more than 1,000 branches located in Georgia, Indiana, Illinois, Kentucky, Florida, Michigan, North Carolina, Ohio, South Carolina, Tennessee and West Virginia.
Listed in Fortune's top 500, this century-old institution offers financial services 7 days a week at more than 100 Bank Mart locations, including TOPS and Krogers markets.
Its customer portfolio includes personal banking, personal lending, commercial finance, advisory, credit cards, brokerage, leasing and other widely used banking products.
Birth of Fifth Third Bank
A product of the Federal Banking Act of 1863, Fifth Third Bank first emerged as the Bank of the Ohio Valley, which would be absorbed by Third National Bank in 1871.
Then, in the midst of the "Prohibition" era, and as a result of Civil War concerns, Third National joined forces with Fifth National to form this renowned entity in 1907.
Development and expansion between 1920 and 1970
The post-World War I era marked the consolidation of U.S. banking in several respects. Through its alliance with the Union Savings and Trust Company, Fifth Third Bank began to establish its first offices by acquiring several entities: Market National Bank, Security Savings Bank and Safe Deposit Company, Mohawk State Bank, and Walnut Hills Savings Bank.
Although the 1920s saw the weakening of many financial institutions, Fifth Third Bank continued its expansion with the purchase of four more banks and its merger with the Union Trust Co. to create the Fifth Third Union Trust Company in 1927.
Despite the effects of the Great Depression, this entity did not slow down and acquired 3 more banks.
During the 1950s and 1960s, the entity focused on offering personal banking services, incorporating a travel department to promote tours and issue travelers' checks.
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These were also times of internal evolution, promoting its logo with a shield, branches with extended hours and the expansion of commercial loans to personal financing.
With the advancement of computers in 1970, the first ATMs of this brand also appeared. This increased automation meant the appearance of its home banking system, characterized by a very user-friendly service and the possibility of accessing it from any dial-up telephone.
In 1975, Third Fifth Bancorp appeared in response to strict government regulations.
Fifth Third Bank consolidation from 1980 to the 21st century
One of the reasons for Fifth Third Bank's national expansion was the easing of banking restrictions in Ohio.
As a financial holding company, they were able to expand beyond their state's borders with the acquisition of American National Bank (1985) in Newport, KY, becoming an interstate bank.
This was followed by more acquisitions and the implementation of successful strategies during the most critical moments:
- In the early 90s they prioritized secure financing and personal banking, avoiding problems such as state loans, Third World debt and other operations that affected many institutions.
- In 1994 they acquired Cumberland Federal Corporation (KY) and Falls Financial Inc. increasing their assets by 22% and giving them supremacy in supermarket locations, with 81.
- After 20 consecutive profitable years, in 1995 Fifth Third Bank acquired Bank of Naples (FL), Mutual Federal Savings Bank in Dayton (OH), 7 branches of Bank One in Cincinnati, among other businesses.
- Rated as a solid company with reliable stock, in 1998 they integrated CitFed Bancorp Inc, State Savings Co, Ohio Company brokerage and W. Lyman Case & Company mortgage. Lyman Case & Company mortgage company.
After another series of acquisitions in the new century, Fifth Third Bank is one of the largest banks in the Midwest, 16th in size by assets and designated by the Ethispeher Institute as one of the most ethical banks in 2019.
All of this makes Fifth Third a brand recognized by the financial world and valued by its customers.
Contact info
Social denomination:
Fifth Third Bank, National Association
Address:
Cincinnati, Ohio, USA