Fifth Third Bancorp Stock Price, News & Analysis

Fifth Third Bancorp (FITB) has announced the redemption of its outstanding senior notes. The Bank will redeem all 3.350% fixed rate notes totaling $500 million and floating rate notes amounting to $300 million, both due July 26, 2021. The redemption is set for June 28, 2021, at 100% of the principal plus accrued interest. As of March 31, 2021, Fifth Third Bancorp boasts $207 billion in assets, with a comprehensive network of 1,098 Banking Centers and 2,383 ATMs across multiple states.

Fifth Third Bank launches Fifth Third Momentum Banking, combining digital banking features with local support. This innovative banking solution aims to assist customers in managing cash shortfalls and achieving savings goals. Key features include Early Pay for early payroll access, MyAdvance for fund advances, and tools for setting savings goals. The service incurs no monthly maintenance fees and offers a wide range of customer support options. In addition, customers enjoy fraud protection and cash back rewards, enhancing their banking experience.

Fifth Third Bancorp (NASDAQ: FITB) reported a strong performance in 1Q21, returning $180 million to shareholders through stock repurchases and having the capacity for an additional $347 million in 2Q21. The bank achieved a ROTCE of 16.8%, with adjusted ROTCE rising to 19.8%, and recorded commercial banking revenue. Improvements in credit quality were evident with a decreasing NCO ratio and a positive NPA ratio. Nevertheless, net interest income (NII) dipped 1%, although the net interest margin (NIM) saw a slight increase.

Fifth Third Bank announced Jay Plum as the new executive vice president and head of mortgage, aiming to enhance its digital mortgage initiative and growth strategy.

Plum brings extensive banking experience, previously holding consumer finance leadership roles. His onboarding is expected to improve customer experience, as evidenced by rising digital application submissions and increased customer satisfaction since the launch of the new digital platform.

The bank is focused on further digitizing the homebuying process, ensuring transparency and collaboration with mortgage loan originators.

Fifth Third Bancorp (Nasdaq: FITB) held its Annual Shareholders Meeting, where directors were re-elected, including CEO Greg D. Carmichael. Shareholders approved Deloitte & Touche LLP as the external audit firm for 2021, along with the 2021 Incentive Compensation Plan. A significant amendment to eliminate supermajority voting requirements and cumulative voting was also ratified. Final voting results will be filed in a Form 8-K within four business days. Fifth Third Bancorp, based in Cincinnati, has $205 billion in assets and operates 1,134 banking centers.

Fifth Third Bank has launched the NMSDC Centers of Excellence Certificate Program to empower minority-owned businesses. This nine-month initiative targets NMSDC-certified Class II businesses with annual sales between $1 million and $10 million. The program, supported by regional MSDC councils, aims to enhance supplier selection processes and enable minority entrepreneurs to compete globally. Funded by Fifth Third’s $2.8 billion commitment to racial equity, it includes mentorship, coaching, and seminars to foster business growth and strengthen supply chains.

Fifth Third Bank has surpassed its five-year Community Commitment goal, achieving $41.6 billion in lending and investments, which is 130% of its $32 billion target set with the National Community Reinvestment Coalition. The commitment, originally announced in 2016, focused on mortgage lending, small business loans, and community development investments. Key achievements include $16.2 billion in mortgage lending, $12.7 billion for small businesses, and $11.5 billion for community development. Additionally, the bank delivered $378 million in impact programming, exceeding its original pledge of $213.2 million.

Fifth Third Bank collaborates with Operation Hope to offer four free virtual financial education events in April, aligning with National Financial Capability Month. The webinars will cover critical topics such as budgeting, saving, rebuilding credit, and debt management. These events, aiming for financial empowerment, reflect Fifth Third's ongoing commitment to financial education, impacting over 2.6 million individuals since 2004. The programs are provided at no cost and include resources like the Young Bankers Club and Finance Academy for various age groups.