FIFTH THIRD BANCORP company profile

Overview

Fifth Third Bancorp is a U.S. diversified financial services company and bank holding company headquartered in Cincinnati, Ohio, operating primarily through banking and related financial-services businesses. Its core activities span Commercial Banking, Consumer and Small Business Banking, and Wealth & Asset Management, making it a regional banking franchise with a broad retail, commercial, and advisory offering. The company provides deposit products such as checking, savings, and money market accounts, along with commercial loans and leases, mortgages, credit cards, installment lending, wealth management, payments and commerce solutions, securities services, and insurance services. Fifth Third says its purpose is “to improve the lives of our customers and the well-being of our communities.” [1]

The company’s footprint is concentrated in the United States, stretching from the upper Midwest to the lower Southeast, and as of year-end 2024 it operated in 11 states: Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia, North Carolina, and South Carolina. At that date, Fifth Third had 1,089 full-service banking centers and 2,080 branded ATMs, and it employed 18,616 full-time equivalent employees. Based on its 2024 reported net interest income of $5.630 billion and total noninterest income of $2.849 billion, the company generated about $8.5 billion of revenue for the year.

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Products & services

Fifth Third’s retail product lineup includes named checking products such as Fifth Third Momentum® Checking, Fifth Third Preferred Checking®, and Fifth Third Express Banking®, alongside savings and money market accounts [3][8]. Momentum Checking is positioned as a no-monthly-fee account, while Express Banking is a Bank On-certified account with a $5 monthly fee and no overdraft risk; both are marketed with Early Pay, which can make eligible direct deposits available up to two days early [9]. Preferred Checking is presented as a higher-tier, high-yield checking product tied to Preferred Banking benefits [12]. Fifth Third also offers the Fifth Third Mobile Banking app, which supports mobile check deposit, transfers, bill pay, Zelle®, alerts, statements, and ATM/branch lookup [13][14].

Its consumer credit products include mortgage loans, credit cards, installment loans and other lending products, while disclosed consumer loan categories include home equity, indirect secured consumer, credit card, solar energy installation and other consumer loans [3][15]. Named card products include the 1.67% Cash/Back Card, with unlimited 1.67% cash back, no annual fee and no international transaction fees, and the 1% Cash/Back Card, which offers 0% intro APR for 15 months on purchases and balance transfers before reverting to a 19.24%-29.99% variable APR, with no annual fee and 1% cash back on purchases [16][17]. Personal loans are described as unsecured fixed-rate loans with APRs of 7.99%-19.74%, terms of 12 to 60 months, amounts of $2,000 to $50,000, digital applications up to $25,000, and no closing costs or prepayment fee [18]. Mortgage offerings include fixed-rate mortgages with predictable payments over the life of the loan, and auto lending covers new- and used-vehicle financing as well as refinancing [19][20].

For businesses, Fifth Third offers commercial loans and leases, with disclosed commercial categories including commercial and industrial loans, commercial mortgage loans, commercial construction loans and commercial leases [3][15]. Its Treasury Management Services are delivered through Fifth Third Direct®, a secure portal for payments, reporting and information management that is designed to integrate with client systems [21][22]. Specific treasury products include Integrated Receivables, which includes ACH Collections and Retail Lockbox to speed collections and improve remittance visibility; Expert AR, which uses machine learning and inline matching to automate payment posting; Instant Payments, which supports RTP® and FedNow® networks plus Request for Payment, with settlement in seconds and 24/7 availability; Currency Processing Solutions® for cash-intensive businesses; and merchant services powered by Worldpay [23]. In wealth and asset management, Fifth Third offers Private Bank, Institutional Services, institutional investment management, trust and custody, retirement plan advisory, and the Passageway Managed Account Portfolio+ managed-account product; the company reported $634 billion of assets under care and $69 billion under management [29].

Geographic presence

Fifth Third Bancorp is headquartered in Cincinnati, Ohio, with principal executive offices at 38 Fountain Square Plaza, Cincinnati, Ohio 45263.[1] Its principal lending, deposit gathering, transaction processing and service advisory activities are conducted through banking centers located throughout the Midwestern and Southeastern United States, as well as through other offices, telephone sales, the internet and mobile applications.[35] As of December 31, 2024, the company operated 1,089 full-service banking centers and 2,080 Fifth Third-branded ATMs across 11 states: Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia, North Carolina and South Carolina.[1] The filing also states that its 1,089 banking centers were located in those states, with 716 owned, 186 leased and 187 in owned buildings on leased land.[36]

The company’s revenue base is primarily domestic: it states that the majority of its revenues are derived within the United States from customers domiciled in the U.S.[37] Fifth Third also describes itself as among the largest money managers in the Midwest, underscoring the importance of that region within its franchise.[1] As of December 31, 2024, the company had 18,616 full-time equivalent employees, although no employee geography breakdown is provided in the cited disclosures.

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Business segments

Fifth Third Bancorp reports three official business segments: Commercial Banking, Consumer and Small Business Banking, and Wealth and Asset Management; it also separately shows General Corporate and Other, but that is a reconciliation category rather than a reportable segment.[39][40] Commercial Banking is focused on credit intermediation, cash management, and related financial services for large and middle-market businesses, as well as government and professional customers.[41] Consumer and Small Business Banking covers deposit and loan products for individuals and small businesses delivered through banking centers and indirect/correspondent channels, and includes residential mortgage, home equity, credit cards, automobile and other indirect lending, solar lending, and small-business cash management.[42] Wealth and Asset Management provides wealth planning, investment management, banking, insurance, trust and estate services, along with retail brokerage, institutional advisory, and high-net-worth and ultra-high-net-worth offerings.[43]

Using 2024 reported segment figures and excluding General Corporate and Other, Consumer and Small Business Banking represented about 53% of reportable-segment revenue, Commercial Banking about 41%, and Wealth and Asset Management about 6%.[44][40] On the same basis for reportable-segment income before income taxes (FTE), the mix was approximately 55% for Consumer and Small Business Banking, 40% for Commercial Banking, and 5% for Wealth and Asset Management.

Company history

Fifth Third traces its roots to The Bank of the Ohio Valley, which was organized on June 17, 1858 by William W. Scarborough and 11 other entrepreneurs. In 1888, Queen City National Bank adopted the name The Fifth National Bank, and in 1908 Fifth National Bank merged with Third National Bank to form Fifth Third National, creating the origin of the modern name. In 1927, Fifth Third National merged with Union Savings Bank & Trust Co., a major early milestone in building its branch banking system in Cincinnati.[45]

Fifth Third Bancorp itself was organized as an Ohio corporation in 1975, establishing the bank holding company structure for the franchise. The company later expanded through acquisitions, including the 2001 purchase of Old Kent Financial Corporation. Another important expansion came with MB Financial: Fifth Third announced that merger in 2018 and completed it on March 22, 2019.

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