Fifth third bank

The corporate history of Fifth Third Bank began on June 17, 1858, when the Bank of the Ohio Valley opened in Cincinnati. Five years later, on June 23, 1863, Third National Bank was organized. On April 29, 1871, Third National Bank acquired Bank of the Ohio Valley and began a long history of acquisitions and mergers. ^[3]

Fifth Third Name

The unusual name Fifth Third is the result of the merger of Third National Bank and Fifth National Bank, which occurred on June 1, 1908. ^[3] The name was replaced on March 24, 1969, after which the name was finally fixed. ^[3]

Acquisitions and mergers

In 1999, the company completed the acquisition of Enterprise Federal Bancorp Inc., which had major savings in Cincinnati. The purchase, valued at $ 96.4 million, resulted in the addition of 11 branches to Fifth Third in Cincinnati. Fifth Third also acquired Ashland Bankshares, Inc. and its subsidiary Bank of Ashland, both based in Kentucky , the purchase of $ 80 million gave Fifth Third four more branches and $ 160 million in assets. Fifth Third also began implementing plans for further expansion in Florida and acquired in
South Florida Bank Holding Corp., adding four more branches to Florida. Additional expansion in Cleveland came with the acquisition of Emerald Financial Corp. for $ 204 million, Fifth Third also acquired a subsidiary of Emerald Financial Corp. - Strongsville Savings Bank.

In November 2000, Fifth Third announced the purchase of Old Kent Bank from Western Michigan. This has added banking centers in Indiana , Illinois, and Michigan . ^[four]

In May 2007, Fifth Third announced the acquisition of RG Crown Bank from Kasselberry, Florida, the transaction was closed in the fourth quarter of 2007 and added 30 branches in Florida and three in Georgia .

On August 16, 2007, Fifth Third announced the purchase of First Charter Bank from Charlotte , North Carolina . ^[5] As part of this deal, Fifth Third entered the North Carolina market with 57 subsidiaries and the Atlanta market with two
branches. ^[6] Federal Reserve Board Approves Fifth Third Bank's Transaction
Acquisition of First Charter Bank, April 16, 2008. ^{[7] The} acquisition was completed in June 2008 . ^[eight]

On September 25, 2007, Fifth Third announced the acquisition of nine subsidiaries in Atlanta, Georgia, from First Horizon National Corporation. ^[9] First Horizon canceled the sale on February 7, 2008, and the sale price suddenly became unacceptable to FHN. Then, news agencies reported that the sale was restored on March 25, 2008. ^[ten]

On October 31, 2008, the Federal Deposit Insurance Corporation (USA) announced that Fifth Third Bank would take all the deposits of the discontinued Freedom Bank in Florida. ^[eleven]

March 30, 2009, Fifth Third announced a joint venture with Advent International, in which Advent acquired 51% of Fifth Third Processing Solutions, processing credit business cards. The new company, Fifth Third Processing Solutions LLC, began operations in June 2009. ^[12]

In 2015, Fifth Third announced its intention to enter the Pittsburgh market by selling its retail outlets to FNB Corporation, and in return Fifth Third will conduct commercial banking operations in Pittsburgh. ^[13]

On October 28, 2014, Fifth Third announced plans to move its regional Michigan headquarters from Southfield to downtown Detroit . ^[14]

Violations in 2007

In January 2007, The New York Times published an article entitled "Data breach can affect millions," it was found that potentially 45.7 million credit card numbers were compromised by hacking . ^[15]

2014 Discrimination Settlement

In August 2014, the Department of Justice accused Fifth Third of disability discrimination and government assistance in violation of the Equal Credit Opportunity Act. Under the terms of the agreement, Fifth Third was required to create a settlement fund of $ 1.5 million in order to compensate for the right of mortgage applicants. ^[sixteen]

• Company official website