Fifth Third Bank Extends $19.5 Billion in Credit to Business Customers
December 14 2011 - 8:33AM
Business Wire
Fifth Third Bank announced today that the Company has extended
$19.5 billion in new and renewed credit to business customers to
date in 2011.
“We understand the key role that businesses – both small and
large – play in the continued economic recovery, especially as it
relates to job growth,” said John Bultema, executive vice president
and head of Business Banking for Fifth Third Bank. “One critical
way banks can help is by providing these businesses access to
credit. Fifth Third has made a clear commitment to do just
that.”
In August, Fifth Third Bank announced that it had already
extended $10 billion in credit to businesses in 2011 and had the
capacity and dedicated resources to lend an additional $28 billion
in new and renewed credit through July 2012. Since August, Fifth
Third has extended an additional $9.5 billion, bringing the total
amount of credit extended to qualified commercial and small
business customers to $19.5 billion to date in 2011. Companies who
have received loans from Fifth Third Bank include:
- Grandview Pharmacy has been
owned by the Eldridge family since 1969. Starting out as a single
neighborhood pharmacy, the Grandview Pharmacy now operates four
locations in east central Indiana. In 2000 the company transitioned
to include a wholesale channel to service prescription needs for
assisted living facilities, and doubled its assisted living
facility sales by 2008. A loan for capital expenditures and a line
of credit from Fifth Third Bank has enabled Grandview Pharmacy to
increase share and strategically grow this portion of the
business.
- Cleveland-based Nu-Di
Corporation is an original equipment manufacturer (OEM)
supplier of service use diagnostic test equipment, producing
products for the automotive, motorcycle, watercraft, heavy
industrial, agricultural and off-road diagnostic industries.
Experiencing tremendous growth in 2011, the company secured a line
of credit from Fifth Third Bank to continue to grow revenues and
facilitate new orders.
- Located in Paoli, Indiana,
ElectriCom is an independently owned telecommunications and
power construction company. In addition to traditional construction
services, the company specializes in FTTx, premises wiring and
design, right-of-way services, installation and maintenance of Next
Generation telecommunications systems, and the capability to
perform design/build projects to meet customer needs. Through Fifth
Third Bank, ElictriCom increased a working capital line of credit
that will allow the company to expand the business into growth
markets such as Florida and hire additional employees.
- JGJ Management Co. of Chicago
recently purchased nine restaurants from Pizza Hut Inc. with the
help of financing from Fifth Third Bank. The company will maintain
250 Chicago-area jobs and plans to open two new Pizza Hut locations
and hire up to 60 additional employees.
- Michigan Pipe and Valve is a
wholesale distributor of underground piping, valves and other parts
to contractors who install and support private and municipal water
supply, storm and sewer systems throughout Michigan. With
operations in Flint, Traverse City, Lansing, Jackson, and Saginaw,
all with independent management and ownership, the company sought
financing solutions to meet the distinct needs of three of the
companies. Through the Michigan Economic Development Corporation‘s
(MEDC) collateral support program, Fifth Third extended lines of
credit to three of the businesses allowing the Flint, Lansing and
Traverse City companies to continue to grow operations and retain
jobs. Separately, Fifth Third Bank recently announced a 2012 loan
commitment to the state of Michigan, including $2.5 billion to the
MEDC’s Pure Michigan Business Connect program.
“This is just a sampling of the type of loans we’ve made to help
businesses expand, finance equipment and hire new talent,” said
Greg Kosch, executive vice president and head of Commercial Banking
for Fifth Third Bank. “Fifth Third has a strong history of lending
to qualified borrowers – even through the recent economic downturn
– providing comprehensive and flexible solutions to meet the needs
of our clients.”
Fifth Third Bancorp is a diversified financial services company
headquartered in Cincinnati, Ohio. The Company has $115 billion in
assets and operates 15 affiliates with 1,313 full-service Banking
Centers, including 103 Bank Mart® locations open seven days a week
inside select grocery stores and 2,433 ATMs in Ohio, Kentucky,
Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia,
Pennsylvania, Missouri, Georgia and North Carolina. Fifth Third
operates four main businesses: Commercial Banking, Branch Banking,
Consumer Lending, and Investment Advisors. Fifth Third also has a
49% interest in Vantiv, LLC, formerly Fifth Third Processing
Solutions, LLC. Fifth Third is among the largest money managers in
the Midwest and, as of September 30, 2011, had $273 billion in
assets under care, of which it managed $23 billion for individuals,
corporations and not-for-profit organizations. Investor information
and press releases can be viewed at www.53.com. Fifth Third's
common stock is traded on the NASDAQ® National Global Select Market
under the symbol "FITB." Fifth Third Bank, Member FDIC.
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