Fifth Third Bancorp reports news as a U.S. bank holding company and the indirect parent of Fifth Third Bank, National Association, a federally chartered bank. Company updates cover earnings, loan and deposit trends, net interest income and margin, balance-sheet management, and integration following the completed Comerica merger into Fifth Third Financial Corporation, a wholly owned subsidiary.
Recurring developments also include branch expansion, commercial real estate and multifamily lending through the Fannie Mae DUS program, debt exchange activity, annual meeting results, Community Reinvestment Act performance, community-development programs, financial access initiatives, and service activities across the bank's footprint.
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Fifth Third Bancorp (NASDAQ: FITB) announced that its subsidiary, Fifth Third Bank, has submitted a notice for the redemption of $300 million in floating rate senior notes due February 1, 2022. The redemption will occur on January 3, 2022, at 100% of the principal amount, plus accrued interest. As of September 30, 2021, Fifth Third Bancorp held $208 billion in assets and managed $541 billion in assets under care. The bank operates extensively with 1,100 full-service banking centers and 52,000 fee-free ATMs across the U.S.
Fifth Third Bank has appointed Craig Harter as the new head of auto lending, succeeding Peter Kidd, who is retiring in spring 2022. Harter returns with over 30 years of experience in banking and automotive lending, including previous roles at Fifth Third from 2004 to 2010 and most recently as head of indirect lending at a regional bank. Fifth Third is one of the leading bank originators of indirect auto loans in the U.S., with a strong dealer network across 40 states.
Fifth Third Bank announced a special payment of $1,250 for full-time employees providing essential banking services during the pandemic, marking the second recognition of its kind. Over 7,500 employees are eligible, with part-time workers receiving $625. The Bank has maintained 99% of its financial centers open and introduced competitive benefits including additional vacation days and improved time-off policies. As of Sept. 30, 2021, Fifth Third had $208 billion in assets and operates over 1,000 banking centers across the U.S.
Fifth Third Bank announced 13 technology grants of $10,000 each to various schools and nonprofit organizations participating in its digital Young Bankers Club program. This initiative aims to enhance financial education for fifth-grade students. The Young Bankers Club, redesigned for digital delivery, includes a comprehensive curriculum meeting national standards. As of Sept. 30, 2021, Fifth ThirdBank had $208 billion in assets. The grants will help organizations incorporate more technology into their curricula, improving access to financial literacy.
Fifth Third Bancorp has successfully issued its inaugural Green Bond worth $500 million, committing to fund projects aligned with its sustainability objectives. This milestone makes it the first U.S. financial institution with assets under $250 billion to launch an ESG bond. Proceeds from the bond will support initiatives in green buildings, renewable energy, and clean transportation. The issuance aligns with the Green Bond Principles and aims to enhance liquidity for customers transitioning towards sustainability.
Fifth Third Bancorp (NASDAQ: FITB) will participate in the 2021 BancAnalysts Association of Boston Conference on November 5, 2021, at 8:50 AM ET. The company will be represented by Tim Spence, President, and Jamie Leonard, CFO. The conference will be webcast live, accessible via the Fifth Third Investor Relations website. As of September 30, 2021, Fifth Third Bancorp had $208 billion in assets and operates over 1,100 banking centers, providing access to approximately 52,000 fee-free ATMs across the U.S.
3BL Media has awarded Greg D. Carmichael, chairman and CEO of Fifth Third Bank, the 2021 Responsible CEO of the Year for Community Impact. Under Carmichael's leadership, the bank exceeded its five-year commitment to invest $32 billion in communities, delivering $41.6 billion in support. Fifth Third achieved carbon neutrality in 2020 and aims for $8 billion in sustainable financing by 2025. The bank also initiated a $2.8 billion Racial Equality, Equity and Inclusion initiative, pledging $180 million for revitalizing majority-Black communities.
Fifth Third Bancorp (NASDAQ: FITB) reported a 3% increase in diluted earnings per share to $0.97 for Q3 2021, supported by a $60 million pre-tax gain from an HSA deposit sale. The bank's net income reached $684 million, a 22% year-over-year rise. Key financial metrics include a Return on Tangible Common Equity (ROTCE) of 16.9% and a historically low net charge-off (NCO) ratio of 0.08%. The company also closed the acquisition of fintech firm Provide, boosting its healthcare offerings. Share repurchases totaled $550 million, with ongoing plans to repurchase an additional $300 million in Q4 2021.
Fifth Third Bank and Accion Opportunity Fund (AOF) will host a fireside chat on October 27 to discuss the recovery of small businesses, particularly those owned by people of color, post-pandemic. Key speakers include Kala Gibson, Fifth Third’s head of business banking, and Luz Urrutia, AOF’s CEO. The discussion will focus on resources available to support entrepreneurs during this challenging time.
Fifth Third's partnership with AOF is part of its commitment to providing $41.6 billion in lending and investments aimed at helping small business owners thrive.