The Third Fifth Bank ( 5/3 Bank ) is a bank headquartered in Cincinnati, Ohio at the Fifth Third Center. This is a major subsidiary of Fifth Third Bancorp, the parent company of the bank. The Bank operates 1,154 branches and 2,469 automated teller machines in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia and North Carolina. It also owns 4.9% of Worldpay Inc.
The company is ranked 389 in the Fortune 500. It's on the list of the largest banks in the United States.
The name "Fifth Third" comes from the names of the two predecessor companies: the Third National Bank and the Fifth National Bank, which merged in 1908.
Video Fifth Third Bank
History
On June 17, 1858, the Bank of Ohio Valley opened in Cincinnati. On June 23, 1863, the Third National Bank was held. On April 29, 1871, the banks joined.
On June 1, 1908, the Third National Bank and the Fifth National Bank merged into the Cincinnati Fifth National Bank - the hyphen was later revoked. This merger occurs when the banning ideas gain popularity, and it is a legend that "Fifth Third" is better than "Third Fifth", which can be interpreted as a reference to three-fifths of alcohol. The name underwent several changes until March 24, 1969, when it was changed to Fifth Third Bank.
In 1994, the bank acquired Cumberland Federal Bancorp for $ 149 million in stock.
In 1995, the bank acquired 12 branches in Dayton, Ohio from PNC Financial Services. The bank also acquired Kentucky Enterprise Bancorp.
In 1998, the company acquired W. Lyman Case & amp; The company, the originator of commercial real estate lending.
In 1999, the company acquired Enterprise Federal Bancorp, one of the largest projects in the Cincinnati region with 11 branches, for $ 96.3 million.
In March 1999, the company acquired Emerald Financial of Strongsville, Ohio, which has 15 branches in Cleveland, Ohio, for $ 204 million.
In April 1999, the bank acquired Ashland Bankshares and a subsidiary of Bank of Ashland, both based in Kentucky, for $ 80 million.
In June 1999, the bank acquired South Florida Bank Holding, which has 4 branches.
In July 1999, the company acquired Peoples Bank Corporation of Indianapolis for $ 228 million.
In April 2001, the company acquired Old Kent Bank, which has more than 300 branches in Indiana, Illinois and Michigan.
In 2002, the company acquired Franklin Financial for $ 240 million.
In 2004, the company acquired First National Bankshares of naples, Florida.
In November 2007, the bank acquired R-G Crown Bank of Casselberry, Florida, which has 30 branches in Florida and 3 branches in Georgia, for $ 288 million.
In June 2008, the bank acquired First Charter Bank of Charlotte, North Carolina, with 57 branches in North Carolina and 2 branches in Atlanta.
On May 5, 2008, Fifth Third acquired nine branches in Atlanta, Georgia from First Horizon National Corporation.
On October 31, 2008, the bank acquired Florida-based Freedom Bank assets, which suffered bank failures, from the Federal Deposit Insurance Corporation.
In November 2008, the US Treasury invested $ 3.4 billion in the company as part of the Troubled Assets Assistance Program and in February 2011, the company bought back investments from the Treasury Department.
On March 30, 2009, the company sold 51% of its credit card processing business to Advent International, a private equity firm. In 2011, the joint venture changed its name to Vantiv and in 2018, it joined Worldpay Inc.
In March 2009, the bank reportedly became one of the front runners alongside Huntington Bancshares to buy the National City Corp. branch. in Pittsburgh and Erie, the Pennsylvania area sold by PNC Financial Services as part of PNC's National City acquisition. However, PNC sells branches to First Niagara Bank.
On October 28, 2014, the company announced plans to move its Michigan regional headquarters and its 150 employees from Southfield, Michigan to 62,000 square feet (5,800 m 2 ) at One Woodward Avenue in downtown Detroit.
In April 2016, the bank sold 17 branches in the Pittsburgh area to the FNB Corporation.
In November 2017, the company acquired Epic Insurance Solutions Agency and Integrity HR.
In February 2018, the company acquired Coker Capital Advisors, a merger and acquisition advisory firm.
Maps Fifth Third Bank
Controversy
2007 data breach at TJX Company
In January 2007, the bank was listed as a credit card transaction processor for the TJX Company, which encountered data breaches. Later it was found that potentially 45.7 million credit card numbers were compromised.
2014 discrimination resolution
In August 2014, the company settled in the US Department of Justice, resolving allegations that the bank was engaged in a pattern of discrimination on the basis of disability and acceptance of public assistance, which violated the Equal Credit Opportunity Act. Companies are required to pay $ 1.5 million for eligible mortgage loan applicants who are required to deliver a letter from their doctor to document the income they receive from Social Security Insurance Losses.
Name rights
The Third Fifth has naming rights to:
- Fifth Third Field, a baseball stadium in Toledo, Ohio, and the home of Toledo Mud Hens, a Triple-A league baseball league affiliate of the Detroit Tigers.
- Third Fifth Field, baseball stadium in Dayton, Ohio, and home of Dayton Dragons, a small league A League teams playing in the Midwest League, affiliated with Reds Cincinnati.
- Fifth Third Ballpark, a baseball stadium in Comstock Park, Michigan, and home of West Michigan Whitecaps, a small league A League teams playing in the Midwest League, affiliated with the Detroit Tigers.
- The Fifth Third Arena, an indoor arena on the campus of the University of Cincinnati, is used by the school's basketball program
- Third Fifth Bank Stadium, home of Kennesaw State University (Georgia) Owls and home of the Kennesaw State Owls football team.
- The company has the naming rights to Camping World Stadium in Orlando, Florida for the Orlando City Soccer Club game in 2013.
References
External links
Source of the article : Wikipedia
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