Fifth Third Bancorp Stock Price, News & Analysis

In 2020, eight private family foundations managed by The Foundation Office at Fifth Third Bank announced grants exceeding $6.6 million. These funds target key areas such as education, arts, community services, and health for low-to-moderate income families and businesses. Notable recipients include Bethany House Services, receiving $4.302 million for a family shelter, and American Legacy Theatre, awarded $140,000 for innovative theatre programs. The foundations accept grant inquiries annually from Oct. 1 to Dec. 31.

On December 17, 2020, Fifth Third Bank announced a partnership with Blend to enhance its mortgage process amid rising home purchase demand. This collaboration aims to provide a seamless online mortgage experience, addressing customer preferences for digital solutions, especially post-pandemic. The new application has been deployed in 11 states, resulting in higher customer satisfaction and reduced loan funding times. Blend's technology allows applicants to use familiar credentials, streamlining documentation and interaction with mortgage specialists.

Fifth Third Bancorp (Nasdaq: FITB) has declared cash dividends for its common and preferred shares. The common share dividend is $0.27 per share for Q4 2020, payable January 15, 2021, to shareholders of record as of December 31, 2020. Additionally, dividends were announced for several preferred shares, including Series H at $637.50, Series I at $414.06, Series J at $213.90, Series K at $309.375, Series L at $281.25, and Class B Series A at $15.00, all payable on December 31, 2020. Shareholders of record for preferred shares must be on the books by December 29, 2020.

Fifth Third Bank has launched the Greater Cincinnati COVID-19 Small Business Response and Recovery Initiative, aiming to support small businesses with fewer than 25 employees in Hamilton County. An initial investment of $700,000 from Fifth Third, along with $250,000 from Greater Cincinnati Foundation and $100,000 from JPMorgan Chase, will fund loan and grant programs. The initiative targets small businesses impacted by the pandemic, with technical assistance provided by partner organizations. This effort aims to mitigate the economic toll COVID-19 has had on minority and women-owned businesses.

Fifth Third Bancorp (Nasdaq: FITB) has announced its intention to acquire Hammond Hanlon Camp LLC (H2C), an investment banking firm specializing in healthcare. This strategic acquisition aims to enhance Fifth Third's healthcare services and strengthen its investment banking capabilities. Founded in 2011, H2C has extensive expertise in mergers, acquisitions, and capital markets within the healthcare sector. The deal is expected to close in Q4 2020, subject to regulatory approval, and will add significant talent and resources to Fifth Third's existing healthcare platform.

Fifth Third Bancorp (Nasdaq: FITB) will participate in the 2020 Goldman Sachs U.S. Financial Services Conference on December 8, 2020, at around 12:00 PM ET. CEO Greg D. Carmichael, President Tim Spence, and CFO Jamie Leonard will represent the company. A live audio webcast and presentation slides will be available for 14 days post-conference on the investor relations section of www.53.com. As of September 30, 2020, Fifth Third managed $422 billion in assets and operated 1,122 Banking Centers and 2,414 ATMs across multiple states.

Fifth Third Bank has appointed Kala Gibson as chief enterprise corporate responsibility officer and head of Business Banking, expanding his role to include community and economic development. With over 30 years in financial services, Gibson has been pivotal in executing the Small Business Administration’s PPP for over 40,000 clients and leading the Bank’s $32 billion Community Commitment. The Bank also promoted Stefanie Steward-Young to chief corporate social responsibility officer and Jada Grandy-Mock to chief corporate community and economic development officer, both enhancing their community engagement strategies.

Fifth Third Bank has launched its new flagship rewards credit card, the Fifth Third Cash/Back Credit Card, offering 1.67% cash back on all purchases with no limitations or categories. The card, featuring a contactless payment option, comes with no annual fee and no expiration on rewards. Additionally, customers with a Preferred or Private Bank relationship can earn 2% cash back. This initiative aims to simplify the cash rewards process for consumers while enhancing their banking experience.

Fifth Third Bancorp (Nasdaq: FITB) has announced the appointment of Jamie Leonard as chief financial officer, effective immediately. Leonard, who has been with the company since 1999, succeeds Tayfun Tuzun, who is moving to BMO Financial Group. Additionally, Bob Shaffer will serve as chief risk officer, and Peg Jula steps in as chief human resources officer. The changes aim to leverage Leonard's extensive experience in financial performance and risk management to benefit shareholders and strengthen leadership.