Fifth Third Bancorp Stock Price, News & Analysis

Fifth Third Bank announced an immediate decrease in its prime lending rate to 7.50%. This marks the second recent reduction in the prime rate, following a previous decrease from 8.00% to 7.75% on November 7, 2024.

Fifth Third Bank (NASDAQ: FITB) has awarded over $25,000 in grants to small businesses through a social media competition and tipping campaign in November. The initiative included five $5,300 grants awarded to randomly selected businesses from 2,800 entries submitted by bank employees using #Love53. Additionally, employees distributed more than $53,000 in $53 tips at local businesses before Small Business Saturday.

The winning businesses include Kim's Kakes (Rossford, OH), Salon Impressions (Orland Park, IL), Magic Stitches (Raleigh, NC), The Corner Pizza Bar (Orlando, FL), and The Empanada's Box (Cincinnati, OH). The campaign is part of Fifth Third's broader commitment to supporting its 320,000+ small business clients through lending, investments, and technical assistance.

Fifth Third Bank's Newline™ platform has been named Most Innovative Financial Institution at the 2024 This Week in Fintech Awards in New York. Newline™, an API-first platform for embedded payment and deposit solutions, has strengthened its market position through notable partnerships with Trustly and Stripe. The platform was also recognized as Best New Embedded Finance Platform by Tearsheet in September.

Fifth Third's commercial payments business currently handles $17 trillion in annual payments volume, demonstrating its significant presence in the financial technology sector. The Bank has a long history of providing innovative payment strategies and scalable technology solutions, particularly in e-commerce.

Fifth Third Bank (NASDAQ: FITB) announced plans to expand its retail footprint by opening over 200 new branches in the next four years, primarily in Southeast markets. The bank aims to achieve a 50-50 split between Midwest and Southeast presence by 2028, with plans to open 50+ branches annually and enter 11 new Metropolitan Statistical Areas, including two Alabama markets.

The expansion strategy leverages data analytics and proprietary technology, including a Market Strength Index and geospatial heatmap, to optimize branch placement. The bank's new Financial Centers feature an open concept layout, reduced transaction space, and modular meeting areas designed for enhanced customer interactions.

Fifth Third Bancorp (FITB) has announced its participation in the 2024 Goldman Sachs U.S. Financial Services Conference on December 11, 2024, at 8:00 AM ET. Tim Spence, chairman, CEO and president, and Bryan Preston, CFO, will represent the company. The presentation will be accessible via audio webcast through Fifth Third's Investor Relations website for approximately 14 days following the conference.

Founded in 1858, Fifth Third is recognized among Ethisphere's World's Most Ethical Companies®, focusing on tech-driven innovation and community impact. The bank trades on NASDAQ under the symbol 'FITB' and aims to be the nation's highest-performing regional bank while maintaining strong customer and stakeholder trust.

Fifth Third Bank (FITB) and the Kenan Institute of Private Enterprise unveiled their 'Empowering American Cities' initiative's economic data in Chicago. The program, which has hosted events in five cities reaching over 1,000 attendees, provides proprietary economic data and analysis for Extended Metropolitan Areas (EMAs) that represent 90% of U.S. GDP. The initiative offers individually created dashboards and comparative economic health indicators for 150 metropolitan areas. For 2025, the program plans to release new economic data, whitepapers, and host events in seven cities, starting with Los Angeles in February.

Fifth Third Bank directors Laurent Desmangles and Linda W. Clement-Holmes have been named to Savoy Magazine's 2024 Most Influential Corporate Directors list. Desmangles, a retired senior partner from Boston Consulting Group, brings over 30 years of experience in financial services and serves on multiple Fifth Third committees. Clement-Holmes, who was previously recognized in 2021, is a retired chief information officer from Procter & Gamble with expertise in IT and diversity leadership. She serves on Fifth Third's audit, human capital, compensation, and technology committees. Both directors are recognized for their significant contributions to corporate leadership and governance.

Fifth Third Bank (Nasdaq: FITB) has appointed Matt Nipper as Northern Ohio region president, succeeding Tom Partridge who becomes group regional president. Nipper, who joined Fifth Third in April as Cleveland market president, brings 26 years of banking experience and will oversee the growth and strategic alignment of the Bank's commercial, wealth & asset management, and treasury management businesses in Northern Ohio. The region encompasses 92 full-service banking centers and over 1,000 employees. Previously, Nipper spent 25 years at KeyBank in various leadership roles including commercial relationship manager productivity leader.

Fifth Third has launched its second annual 'Swap, Snap, Share' campaign to support small businesses during the holiday shopping season. Through December 1, bank employees can enter local small businesses in a sweepstakes to win one of five $5,300 microgrants. The campaign includes employees leaving $53 tips as random acts of kindness before Small Business Saturday. To participate, employees visit local businesses to swap Fifth Third pens, take photos, and share on social media. Eligible businesses must have 100 or fewer employees, $1 million or less in annual revenue, and be locally owned. Fifth Third serves over 320,000 small business clients across its 11-state footprint.