Welcome to our dedicated page for Fifth Third Bancorp news (Ticker: FITB), a resource for investors and traders seeking the latest updates and insights on Fifth Third Bancorp stock.
Fifth Third Bancorp (FITB) is a leading regional financial institution providing banking, wealth management, and corporate finance solutions across 11 states. This dedicated news hub offers investors and stakeholders centralized access to official announcements and material developments.
Our curated collection serves as a primary resource for tracking FITB's financial performance, regulatory filings, and community initiatives. Users will find press releases covering quarterly earnings, strategic acquisitions, leadership updates, and digital banking innovations, alongside analysis of regulatory compliance milestones and community reinvestment programs.
The archive features multiple content categories including financial results disclosures, product launch announcements, and corporate responsibility initiatives. As an FDIC-insured institution with $214 billion in assets (2023), Fifth Third's news flow reflects its dual focus on regional banking excellence and national-scale financial services.
Bookmark this page for real-time updates on FITB's operational developments, dividend declarations, and market positioning within the competitive banking sector. Verify time-sensitive information directly through SEC filings and official company communications.
Fifth Third Bancorp (NASDAQ: FITB) reported third quarter 2024 diluted earnings per share of $0.78. Key highlights include:
- Net income available to common shareholders was $532 million, down from $561 million in the previous quarter and $623 million a year ago.
- Net interest income increased 2% sequentially to $1.427 billion, while noninterest income grew by 2% to $711 million.
- Noninterest expense rose 2% to $1.244 billion.
- Key growth areas included a 12% increase in Wealth & Asset Management revenue and a 10% rise in Commercial Payments revenue year-over-year.
- Common stock dividend was raised by 6%, and a $200 million share repurchase was executed.
Despite these gains, the net charge-off ratio was 0.48%, slightly down from 0.49% in the prior quarter. The CET1 capital ratio improved to 10.75%, and the efficiency ratio was 58.2%, showing disciplined expense management.
The Fifth Third Foundation has announced a $250,000 commitment to support local nonprofit organizations providing disaster relief to communities across Florida impacted by Hurricane Milton. In addition to this financial support, Fifth Third will deploy its Financial Empowerment Mobile (eBus) to Florida communities including Sarasota, Venice, and Wesley Chapel, offering financial access, social services, and financial education resources to those in need.
Kala Gibson, chief corporate responsibility officer for Fifth Third, emphasized the bank's commitment to supporting communities as both a corporate citizen and a neighbor. Regional presidents Cary Putrino and Stephanie Green highlighted the bank's efforts to assist employees and customers during the hurricane recovery process, ensuring financial needs were met and support was provided.
Fifth Third and B!G Art are collaborating to create a unique art installation called 'OPEN on Fountain Square' for Cincinnati's BLINK festival. This installation celebrates the city's changemakers and innovators, transforming the historic Fountain Square into an innovative art and light display.
The installation includes:
- The Arch: A 27-foot-tall archway with over 1.2 million LED pixels
- The Gates: 60 LED bar gateways with programmable lighting
- The Doors: Interactive doors with LED canvases showcasing digital images and animations
- The Tunnel: An overhead net with fluorescent yarn creating a vibrant effect
BLINK, the nation's largest public art and light event, runs from October 17-20. Fifth Third has been a supporter since 2019, and this marks their second partnership with B!G Art. The installation aims to celebrate Cincinnati's entrepreneurial spirit and challenge visitors to think differently about the city's future.
The Foundation Office at Fifth Third Bank has announced that its grant application process for the Cincinnati, Dayton, Northern Kentucky, and Piqua regions will be open from October 1 to November 22, 2024. Grants awarded will be distributed by April 1, 2025. In 2023, ten private family foundations in The Foundation Office awarded grants totaling $6.9 million.
Eligible applicants include 501(c)(3) nonprofit organizations operating in the specified regions. Churches and religious organizations can apply for non-denominational programming. The Foundation Office manages over 300 private and corporate foundations, supporting various causes from education to environmental projects.
New this year, there are two application links: a Regional Application and The Ohio Valley Foundation Application, which funds small equipment, technology, and capital improvement projects up to $25,000.
The Fifth Third Foundation is supporting communities affected by Hurricane Helene in the southeastern U.S. through donations to the American Red Cross and local nonprofits. The foundation has contributed $350,000 to Red Cross Disaster Relief, including $100,000 specifically for aid in the Carolinas. Additionally, $125,000 has been committed to nine community-based nonprofits and food banks across affected states.
As a member of the Red Cross Disaster Responder Program, Fifth Third's donations enable preparation, response, and recovery efforts for various disasters. The Red Cross has deployed over 1,200 disaster workforce volunteers and 60 emergency response vehicles to distribute meals, water, and critical supplies in accessible hard-hit areas.
Fifth Third's regional president for the Carolinas, Lee Fite, emphasized the company's commitment to supporting local recovery efforts, while the Red Cross expressed gratitude for Fifth Third's support in providing comfort and care to those in need.
Fifth Third Bank has announced a new structure within its Commercial Bank, focusing on Corporate & Investment Banking. This reorganization aims to enhance the bank's ability to serve clients with a broader array of services, including more complex financial activities and expert investment advice.
The new structure, led by Kevin Khanna as Head of Corporate & Investment Banking, integrates key sales functions and coverage teams under one umbrella. It supports industry-specific verticals such as Consumer and Retail, Energy, Financial Institutions, Healthcare, and Technology, among others. The division also encompasses Investment Banking, Corporate Finance & Advisory, and Financial Sponsors groups.
According to Kevin P. Lavender, head of Commercial Banking, this reorganization streamlines operations and enables the bank to serve clients' dynamic needs more effectively, positioning the Commercial Bank for future growth and opportunity.
Fifth Third Bank has been recognized as a 2024 Leading Disability Employer by the National Organization on Disability (NOD). This award acknowledges Fifth Third's efforts in disability inclusion across various areas, including workforce strategy, talent metrics, sourcing, culture, and workplace accessibility.
Key highlights of Fifth Third's inclusive practices include:
- Nine Business Resource Groups empowering employees to advance inclusion
- Founding partner of Project SEARCH, training over 400 students with disabilities since 2005
- First bank to design a checking account for the Achieving a Better Life Experience (ABLE) program
- Received a top score of 100 on the Disability Equality Index® for the fourth consecutive year
The bank's commitment to creating an inclusive environment is emphasized by its leadership, aiming to provide a workplace where employees feel valued, respected, and understood.
Fifth Third Bank has announced that Melissa Stevens, chief marketing officer, has been named to the 2024 Most Powerful Women to Watch list by American Banker for the sixth consecutive year. This annual list recognizes influential leaders in top banks and financial institutions.
Stevens oversees marketing, communications, and workplace services at Fifth Third Bank. Her teams play a important role in the Bank's Southeastern US market expansion, which has seen the construction of over 100 de novo branches since 2018. These new branches are exceeding expectations for household growth.
The American Banker's recognition process involves a rigorous nomination procedure to select top-performing female executives in banking. The publication also recognizes Most Powerful Women in Banking, Most Powerful Women in Banking Top Teams, and Most Powerful Women in Banking: Next.
Fifth Third New Markets Development Company has received a $50 million allocation in New Markets Tax Credits from the U.S. Department of the Treasury's Community Development Financial Institutions Fund. This allocation is part of a $5 billion Treasury fund distributed among 104 community development entities across the U.S.
The New Markets Tax Credit Program aims to attract private investment capital to economically distressed communities. Fifth Third's Community Development Company (CDC) invests in real estate developments across the Bank's 11-state footprint, focusing on affordable housing, small business spaces, and community facilities.
This allocation enhances Fifth Third's ability to drive capital into communities and support its Neighborhood Program, which has already exceeded its initial $180 million commitment, reaching $187 million in just two years. The program focuses on implementing innovative place-based strategies in nine historically disinvested neighborhoods.
Fifth Third has been recognized by USA Today as one of America's Climate Leaders 2024 for its significant reduction in greenhouse gas emissions. The bank has achieved a 48% reduction in GHG emissions since 2014 through efforts in building operations, corporate transport, and business travel. Fifth Third has also celebrated five years of 100% renewable power, with solar power generation in 2023 equating to emissions from over 29,000 passenger vehicles. The bank has committed to reducing energy usage by 40% by 2030 and has already surpassed this goal by achieving a 45% reduction. Additionally, Fifth Third aims to provide $100 billion in environmental and social finance by 2030, having already provided $37.6 billion. The bank's sustainability data is published in its 2023 Sustainability Report.
FAQ
What is the current stock price of Fifth Third Bancorp (FITB)?
What is the market cap of Fifth Third Bancorp (FITB)?
